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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
