ILLINOIS MUSIC ENTREPRENEURSHIP COMPETITION · SELECTION CRITERIA • Quality and viability •...

ILLINOIS MUSIC ENTREPRENEURSHIP

COMPETITION

iMusE Overview

•  Inaugural year

•  Music Student + 1

•  Faculty letter of support

•  Chancellor’s Visioning Excellence

•  Seed grants, up to $5,000

Visioning Future Excellence Themes

Proposals Must Include •  Names and bios of student participants •  Confirmation of attending/watching workshop •  At least one letter of support from a School of

Music faculty member. •  Proposal Narrative (1,000-1,500 words) •  Proposed budget

SELECTION CRITERIA •  Quality and viability

•  Expected or Potential impact

•  Alignment with the Chancellor’s Visioning Future Excellence Theme(s)

•  Potential for project to continue after initial funding

RESOURCES

•  Chancellor’s Visioning Future Excellence http://www.oc.illinois.edu/visioning/themes.html

•  iMusE Website (http://go.illinois.edu/iMusE)

•  Fifth House Ensemble, Project Consulting draft proposals must be submitted by noon Jan. 29

Competition Timeline • Feb. 15 - deadline to submit proposals • Feb. 16-28 – 1st Round, applications reviewed • Mar. 1 - notification of proposals advanced to Round 2 • Mar. 17-20 - public presentations • Apr. 15 - notification of projects selected to receive seed grant funding

 Customer  Analysis  

Raj  Echambadi  

Customer  analysis  is  about  value  crea8on!  

Technologies

Markets

How will we create value?

How can we capture this value in the face of competition?

How will we execute the value proposition?

Value  =  Price  paid  given    the  quality  obtained.    

Crea8on  of  value  through  an  appropriate  Customer  Value  Proposi8on  

Who?  

What?   How?  

Water  as  a  fashion  accessory?  

CVP  can  be  constructed  across  the  en8re  consump8on  chain!  

•  Consump8on  chain  involves  the  steps  in  buying  a  product.  

Need  Awareness  

Product  Search  

Considera8on  Set  

Forma8on  

Product  Choice  

Product  Delivery  

Product  Use   Complements   Maintenance   Disposal  

Discovering  New  Points  of  Differen2a2on,  Harvard  Business  Review,  July  1997  by  Ian  C.  MacMillan  and  Rita  Gunther  McGrath      

A  well-­‐craOed  CVP  enables  a  firm  to  stand  out  because  it  delivers  a  unique  mix  of  value  to  

the  (chosen)  customers.    

Strategic  aspects  of  customer  analysis  

Two  major  components  of  customer  analysis:  – Segmen8ng  markets,  selec8ng  a  target  market  

 and  posi8oning  a  product  (STP)  – Execu8on  through  marke8ng  mix  variables    

 aka  4Ps  

Segmentation Targeting Positioning

Step 1 Step 2 Step 3

Role  of  Market  Segmenta8on  

•  Market  Segmenta,on:    division  of  the  total  market  into  smaller,  rela8vely  homogeneous  groups  where  any  subset  may  conceivably  be  selected  as  a  target  to  be  reached  with  a  par8cular  marke8ng  mix.    

Why  segment?  

Most  efficient   Most  effec8ve  

One  Mass    Market  

Many  Groups    of  One  

One  Size  Fits  All  –  Mass  Marke8ng  Approach  

No  Market  Segmenta8on  

Segmented  by  Gender    

Segmented  by  Age  

Segment  -­‐    

educa8on  

Eclipse    

Segmen2ng  by    Benefits  Sought    

Broad  Targe8ng  Strategies  

•  Two  generic  strategies  are:  

– Cost  Leadership  – Differen8a8on  

Product  Posi8oning  

•  Posi%oning  starts  with  a  product.    A  Piece  of  merchandise,  a  service,  a  company,  an  ins%tu%on,  or  even  a  person...    But  posi%oning  is  not  what  you  do  to  a  product.    Posi8oning  is  what  you  do  to  the  mind  of  the  prospect.    That  is,  you  posi%on  the  product  in  the  mind  of  the  prospect.  

                                                       Al  Ries  and  Jack  Trout  (1981)  

Expensive

Inexpensive

Conservative Sporty

An  Example  of  Mul8-­‐segment  Posi8oning  Strategy  in  the  Automobile  Industry  

Celica  

 Camry  

Corolla  

Avalon  

Positioning Template

l  For: xxxxx {the ideal customer} l  Who: xxxxx {have the following problem} l  The: xxxxx {product name} l  Is: xxxxx {product description} l  That: xxxxx {key benefits} l  Unlike: xxxxx {the major competitor} l  Benefits (primary differentiator): xxxxx

Schema8c  of  the  Marke8ng  Process  

Collaborators  Company   Context  Customers   Compe2tors  

Segmenta2on   Target  Mkt  Selec2on   Posi2oning  

Product   Place   Promo2on   Price  

Acquisi2on   Reten2on  

PROFITS