Week 3.

Entrepreneurial
Marketing & Sales
Clarifying Your Vision, Mission, and Goals

• Clarify the vision statement, mission statement, and goals for

your new venture
• Define and develop a problem-solution narrative that is
compelling
• Define and develop a value proposition that is credible and
appealing to customers and investors
Amazon’s Vision and Mission Statements1

Amazon’s Vision Statement Amazon’s Mission Statement

To be Earth’s most customer-centric company, We strive to offer our customers the lowest
where customers can find and discover possible prices, the best available selection, and
anything they might want to buy online the utmost convenience

Notice the differences in Amazon’s vision and mission statements. The vision statement is
broader than the mission statement and looks to the future.

1. “Amazon Mission and Vision Statement Analysis.” Mission Statement Academy. June 19, 2019.
https://mission-statement.com/amazon/
Example Vision Statements
Entity Vision Statement
Alzheimer’s A world without Alzheimer’s disease
Association

Teach for America One day, all children in this nation will have the opportunity to attain an
excellent education

Creative Commons Realizing the full potential of the Internet—universal access to research and
education, full participation in culture—to drive a new era of development,
growth, and productivity

Warby Parker To offer designer eyewear at a revolutionary price, while leading the way
for socially conscious businesses

IKEA To create a better everyday life for the many people

Strong vision statements are forward-thinking.

This is Coca-Cola’s mission, vision, and values. (attribution: Copyright Rice University, OpenStax,
under CC BY 4.0 license)
This is Coca-Cola’s mission statement. (attribution: Copyright Rice University, OpenStax, under CC BY 4.0 license)
Creating SMART goals can help you realize your vision. (attribution: Copyright Rice University, OpenStax, under CC BY 4.0
license)
Market Research, Market Opportunity Recognition,
and Target Market
• Distinguish between primary and secondary market research

• Define a research goal and the importance of research design

• Understand how to choose a sample, and collect and analyze data

• Identify common sources for secondary market research

• Understand how to identify the target market within the total

available market and serviceable available market
There are six steps in primary market research. (attribution: Copyright Rice University, OpenStax, under CC BY 4.0 license)
 (the total market demand for a
product or service)

(the segment of the TAM targeted by

your products and services which is
within your geographical reach)

(the portion of SAM that you can

capture)

Entrepreneurs must focus on the target market within the TAM and the SAM and allocate resources
to attract customers who can be satisfied by the value proposition. (attribution: Copyright Rice
University, OpenStax, under CC BY 4.0 license)
Startup: Fashion Brand
Startup: Wedding Services
Startup: Telemarketing
Entrepreneurial Marketing and the Marketing Mix
• Distinguish between traditional marketing and
entrepreneurial marketing
• Describe the seven elements of the marketing mix
Traditional versus Entrepreneurial Marketing
Traditional Marketing Entrepreneurial Marketing
Greater amount of resources Few to no resources; founder drives efforts (sweat equity)
Management of an established brand, reminder Must be ingenious, energetic, and persistent to develop
advertising story and brand; leads to trust
Financial and market share goals Satisfaction and awareness goals
Manage existing customers Capture first customers; develop a client base and long-
term relationships
Manage existing products, promotion, pricing, Develop new products, price points, channels (placement),
placement, people, physical environment, and communication, process, training, and design
process (the “7 Ps”)

Continue doing what works Trial and error; market pilots

Communication with customers standardized, one- Communication with customers is more fluid and
directional; more difficult to create one-on-one spontaneous; two-way relationships
relationships
Each P of the marketing mix should
work with the other Ps to create value
for a business and its customers.
Product, promotion, price, and place
relate more to goods, while the people,
physical environment, and process
relate more to services. (attribution:
Copyright Rice University, OpenStax,
under CC BY 4.0 license)
Advantages and Disadvantages of Promotion Types
Promotion Type Examples Advantages Disadvantages
Advertising • TV ads • Can reach a mass • Can be expensive
• Radio spots audience • Access can be limited
• Newspaper and magazine • Great for creating brand • Some targeting is
spreads recognition possible, but it is
• Internet ads • Increased sales impossible to fully control
• Billboards who sees the ad.
Public Relations • Sponsoring community • Develops positive brand • Big events and public
events recognition relations campaigns can
• Charitable and civic • Creates goodwill toward be resource intensive.
involvement company and brand within • Not focused on
• Scholarships and grants the community generating sales
• Press conferences
Advantages and Disadvantages of Promotion Types
Promotion Type Examples Advantages Disadvantages
Social Media • Social networking sites • Pervasive and inexpensive • Many companies use social
• Blogs and vlogs access to massive audiences media, so it is hard to stand
• Influencers (industry • Target markets are highly out from the crowd
experts who act as customizable based on • Can be time-consuming
advocates) available data • Success requires dedicated
• Easy access to young people personnel with special
• Can be used to create expertise.
goodwill and a loyal fan base • It is often difficult to track
conversion (customers taking
a desired action, such as a
purchase) and sales numbers.
• Requires the creation of
unique/engaging content
Advantages and Disadvantages of Promotion Types
Promotion Type Examples Advantages Disadvantages
Direct Mail • Mailed letters, • Subscribers are already • Building an email list of
marketing flyers, interested in your product interested customers can
postcards, and and thus more likely to take time
coupons convert to paying customers. • Direct mail campaigns can be
• Email newsletters • Keeps already interested expensive
consumers up-to-date on • Results cannot be precisely
product news, sales, product tracked
releases • Consumers often discard
• Can target market based on physical and digital “junk
location, average income, mail” without looking at it.
and other census-derived
information
Advantages and Disadvantages of Promotion Types
Promotion Type Examples Advantages Disadvantages
Sales • Sales • Incentivizes buying and • Reduces profits in exchange
Promotions • Limited-time offers encourages consumers to for promotion
• Coupons take action • The promise of future sales
• Free samples • Appeals to consumers’ desire and discounts can discourage
• Rewards programs to “get a deal” regular buying.
• A good way to attract new
and reluctant buyers
Personal Selling • Sales meetings • Personalizes the relationship • Can be resource intensive
between a between the business and • Requires salespeople who are
salesperson and a the customer well-trained and effective
potential customer • Effective salespeople can • Consumers are turned off by
convert reluctant parties into sales tactics they perceive as
paying customers. aggressive.
• Salespeople can customize • Requires constant lead
purchase options for each generation
buyer.
The “P” of “Place” may include
distribution through direct or indirect
channels. (attribution: Copyright Rice
University, OpenStax, under CC BY 4.0
license)
Marketing Techniques and Tools for Entrepreneurs
• Describe effective entrepreneurial marketing techniques
(guerilla, relationship, expeditionary, real-time, viral, digital,
word-of-mouth)
• Discuss the pros and cons of these marketing techniques
Entrepreneurial Marketing Techniques
Marketing Technique Description Example
Guerilla marketing Aims to gain maximum exposure through Events, such as flash mobs
unconventional means
Relationship marketing Creates customer loyalty through personal interaction Personalized
communication to
individual customer
Expeditionary marketing Strives to move established companies and products Pivots that create new
into new markets products or attract new
markets
Real-time marketing Seeks to turn immediately available sales data into Analyzing clicks or “likes”
actionable and timely strategies that target the and modifying
shifting landscape of consumer tastes and trends posts/offerings in response
Entrepreneurial Marketing Techniques
Marketing Technique Description Example
Viral marketing Uses engaging content in the hopes that Subtle branding embedded in
viewers will share it on personal and social stories users want to share
media networks
Digital marketing Uses online marketing strategies Online ads and use of
search engine optimization (SEO)
Word-of-mouth Relies on satisfied customers telling others Online customer reviews
(WOM) marketing about their positive experience
Sales and Customer Service
• Explain the importance of sales strategy and provide an example
• Explain the importance of customer service
The six-step sales
process does not end
with the sale but with a
positive customer
relationship.
(attribution: Copyright
Rice University,
OpenStax, under CC BY
4.0 license)
The quality of customer service can make or break a company. Following a few basic steps can
ensure great customer service. (attribution: Copyright Rice University, OpenStax, under CC BY
4.0 license)
This OpenStax ancillary resource is © Rice University under a CC-BY 4.0 International license; it may
be reproduced or modified but must be attributed to OpenStax, Rice University and any changes
must be noted.
 7th Global Entrepreneurship Bootcamp
@ Asia Hotel Bangkok, Thailand
@ 22-25 July, 2022

7 BILLION DOLLAR QUESTIONS:

How many does your startup say “YES” to?

Nguyen Quang Huy

Founder, Vietnam Social Innovation Challenge

From ZERO to ONE…
Peter Thiel
• A billionaire entrepreneur &
venture capitalist
• A co-founder of PayPal, Palantir
Technologies and Founders Fund
• The first outside investor
in Facebook
Source: Forbes, 2022
 #1: The Engineering Question
Can you create breakthrough technology instead
of incremental improvements?
For example: Messenger RNA vaccines; TikTok recommendation
algorithms; Lithium-metal batteries; Digital contract tracing; Multi-
skilled AI (Source: MIT Technology Review, 2021)
 #2: The Timing Question

Is now the right time to start your particular

business?
For example: Online commerce (Alibaba, China); Social &
environmental problems (Grameen Bank, Bangladesh)
 #3: The Monopoly Question

Are you starting with a big share of a small market?

Start with a niche market, where customers tend to have very specific
wants and needs.

For example: For conscious consumers: Reusable drinking straws; Cruelty-

free cosmetics; Menstrual cups.
 #4: The People Question

Do you have the right people in the right place?

“I am looking for people who are crazy about Apple” (Steve Jobs) –
people who are passionate about innovation.
 #5: The Durability Question

Will your market position be defensible 10 and

20 years into the future?

3 great books by Jim Collins for visionary firms:
• Good to Great
• Build to last
• Great by Choice
 #6: The Distribution Question
Do you have a way not to just create but deliver
your product?

Source: Medium
 #7: The Secret Question

Have you identified a unique opportunity that

others don’t see?
“Every day you have the opportunity to learn and experience
something and someone new. Seize the opportunity. Learn and
experience everything you can, and use it to change the world.”
(Rodney Williams)
From ONE to STAR…

5C Model for
Leadership Traits
(Huy Nguyen, 2022)

Source: Freepik
 #C1: Creativity
“Creativity is just connecting things. When you ask creative people how
they did something, they feel a little guilty because they didn’t really do it,
they just saw something. It seemed obvious to them after a while.”

(Steve Jobs)

Nguyen Du (1766 – 1820)

A celebrated poet writing the epic poem
The Tale of Kiều
Source: Wikipedia
 #C2: Curiosity
“When you’re curious you find lots of interesting things to do.”

(Walt Disney)

Phan Boi Chau (1867 – 1940)

A pioneer of Vietnamese 20th century
nationalism. He formed a revolutionary
organization called Duy Tân
Hội (Modernization Association)
Source: Wikipedia
 #C3: Courage

“Real courage is being afraid but doing it anyway.”

(Oprah Winfrey)

Ho Chi Minh (1890 – 1969)

A revolutionary and statesman
“Father of the Vietnamese people”

Source: Wikipedia
 #C4: Confidence
“Confidence comes from discipline and training”

(Robert Kyosaki)

Vo Nguyen Giap (1911 – 2013)

Nicknamed “Red Napoleon”
A Vietnamese general who is regarded as
having been one of the greatest military
strategists of the 20th century.
Source: Wikipedia
 #C5: Compassion
“True compassion means not only feeling another's pain but also being
moved to help relieve it.”

(Daniel Goleman)

Thich Nhat Hanh (1926 – 2022)

A Buddhist monk, peace activist
Founder of the Plum Village Tradition,
main inspiration for engaged Buddhism

Source: Wikipedia Known as the "father of mindfulness”

 Hello & Best wishes from Vietnam

Hello Vietnam Song

Creativity
Cover by Jin Ju, Korea
Compassion Curiosity

Confidence Courage

Vietnam Flag (Source: istockphoto)

My Awards

Vietnam Young Leader Award Global Social Impact Award

Indiana University, U.S 2010 - 2012 Global Entrepreneurship Bootcamp, Thailand1452022
Homework #3

• Submit Vision, Mission and Goals for your venture project;

• Submit the estimation of TAM, SAM, SOM for your venture project;

• Submit Name, Logo and Slogan for your venture project.