• Name 5 top reasons why startups fail according to the lecture:

  No market need, no cash, false team, failed market competition, pricing issues. ( ← learn it!)

  • No Market Need
  • Run out of Cash
  • Not the Right Team
  • Got Outcompeted
  • Pricing/Cost Issues

• Give a definition of market, the actors who determine the market according to Homburg (2017):

  A market is the place where a supply of products meets the demand for those products, which creates a price.

  Market activity is determined by the following actors: Buyers, Providers, Partners, State institutions and Interest groups.

• Give a definition of marketing according to the American Marketing Association (2017):

  Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society.

• Name the 4 P’s of the Marketing Mix according to Hisrich & Ramadani (2017). List at least three examples, according to the Lecture:

  • Product: Function & features, quality, brand, design, warranty, packaging,
  • Price: List price, discount, payment terms
  • Promotion: Advertising, personal selling, sales promotion, publicity, direct marketing, events
  • Place: Distribution channels, locations, coverage, direct sales, web channels

• Name the three Key Challenges of New Ventures and the explanation for each:

  • Liability of Newness: new firms have to create new processes, new relationships, and have a lack of reputation and experience.
  • Liability of Smallness: New ventures usually start off with few employees and limited financial resources. Their ability to sustain economic downtrends is limited.
  • Uncertainty and Turbulence: Uncertainty is directly connected to a valuable opportunity.

• What is market segmentation according to Wendell Smith (1956)?:

Market segmentation involves viewing a heterogeneous market as a number of smaller homogeneous markets, in response to differing preferences, attributable to the desires of consumers for more precise satisfaction of their varying wants.

• Name the different categories of customers and list the three mentioned characteristics:

  Categories of customers:

  • B2C: Business to Consumer
  • B2B: Business to Business
  • B2G: Business to Government
  • B2H: Business to Healthcare

  Characteristics:

  • Different facing processes
  • Different product definition, product and pricing
  • Sales processes are different

  

• How is Value and the Value proposition defined in the lecture (inspired by Byers et al. 2011):

  Value is the worth, importance, or usefulness to the customer. (Like the concept of utility)

  A value proposition is a promise of value to be delivered, communicated, and acknowledged. (Expected value)

• What are the five dimensions of value of an offering according to Byers et al. (2011)? Name an example each:

  Value: what is the product? how much does it cost? how can i get it? how smooth is the service? How much joy and utility brings me this product?

  • Product: Performance, quality, features, consistency, safe, self explanatory, easy to use, selection (version), brand, disposal; references and reviews
  • Price: Fair, visible/transparent, reasonable, consistent
  • Access: Convenient, location, nearby/at hand, easy to find in a reasonable time
  • Service: Ordering, delivery, return, warranty, after sales service, technical service, responsiveness
  • Experience: Intimacy, respect, emotion, excitement, fun; experience with supplier

• Give the definition of a ‘job’ and its three characteristics according to the Job to be done theory (Ulwick 2016):

  A job is the progress that the customer seeks in a particular context. As a customer, what do you want to achieve when you “hire” a product or service?

  Characteristics:

  • A job is stable; it doesn’t change over time.
  • A job has no geographical boundaries.
  • A job is solution agnostic. Job can be done in different ways, and the solution should not be confused with the job itself.

  For example, job that customer wants to be done is “listen to music while on the go”. Possible solutions: different players or smartphone apps. All solutions are responses to the job.

• What is a desired outcome according to Ulwick (2016)? Rephrase the three listed descriptions of the lecture:

  Desired Outcome Statements measure the success when getting a job done. They describe in the view of the customer, how it is possible to get the job done in a better wat. It is a statement, that makes a goal more concrete.

  For example, goal (or job, in this context) is to increase the quality of advertising.

  Desired Outcome 1: increase reach in target segments

  Desired Outcome 2: decrease reach in non-target segments

• What are the three steps of the Strategic Marketing Process?:

  • Segmenting: define criteria for segmentation and process market segmentation
  • Targeting: Select target segments
  • Positioning: Develop concepts for the positioning in target segments.

  Split → Chose → Perform

• What are the five stages of innovation diffusion according to Roger (1983) & Moore (1991)?:

  • Innovators
  • Early Adopters
  • Early Majority
  • Late Majority
  • Laggards

  

• What are the three approaches to determine the price of an offering?:

  • Cost-based: determine the costs (production, advertising, sales etc.) and add some margin
  • Competition-based: how much our competitors charging for the similar thing
  • Value-based: what is willingness to pay of the customer. Can be determined with the price surveys. Intersection of too expensive and too cheap graphs.