The aim is to develop student’s knowledge and skills of marketing in entrepreneurial setting.
- Marketing and sales decisions under conditions of market and technology uncertainty
- Changing market cognitions and segments and the impact on customer behavior
- Understand quantitative-based marketing techniques (i.e., segmentation, targeting and positioning) which are used to support decisions on attributes of new products (or services), and understand which attributes to focus on and which group of customers to approach;
- Implement these quantitative-based techniques using a statistical programing language –R
- Customer value and the trade-offs involved in new products
- Customer development process
- Customer involvement and feedback for debugging and optimization
- Customer journey and customer insights
- Recognizing and dealing with network products and their effects
- Marketing with low resources and for reputationless small firms; accounting for competition
- Customer attitude/decision making, and adoption
- Growing the business; Customer equity and Relationship marketing principles
- Pricing, bundling subscription and other models
The complete integration of information technology in doing business as well as every day information exchange has led to both an abundance of information available on customers and, at the same time, the opportunity for any IT-savvy organization or private person, to come up with new ideas for exploiting that information. The large amount of apps and games for consumer markets is testimony to this, but also many professional applications are being developed, e.g. data visualization or security applications. As the markets are continuously flooded with new, data based, ideas and applications, selecting the right application for the right type of customers is a daunting task. The method and tools offered in this course may help making the right choices in this process.
Entrepreneurial marketing in the context of data science addresses both the issue of making new business from mining data as well as how to leverage customer data to optimize market approaches and marketing for the new venture. The former is particularly challenging as radically new products and services may redefine markets and thus make historical market data obsolete.
The courses from the Data Science and Entrepreneurship program require specific prior knowledge. It is only possible to participate in this course if approved by the admission committee and if you are enrolled for the program.
Please note that this course will be taught in Mariënburg, ‘s-Hertogenbosch (JADS).
The course focuses on marketing from an effectual (rather than causal) perspective, that is relying on experimentation and lean marketing principles as well as marketing from a quantitative data driven perspective. It discusses at what point in time one approach is preferred over the other. The course also discusses the customer development process, which should complement a firm’s new product development process. Also the topic of which marketing capabilities to build over time is addressed. Practical questions on new business creation in data science addressed are
- How to make Apps and other data oriented products and services that sell?
- How customer segmentation can lead you to discover your customers (and validate assumptions)?
- How to use data to optimize customer value and experience; the concepts of customer journey?
- How to stimulate adoption and thus growth?
- How to determine the price for your products (incl. the role of bundling and network products)?
- How to decide on other marketing issues such as distribution and advertising?
- Nijssen, E.J., Enterpreneurial Marketing: An effectual approach, Second Edition. Routledge OXON, 2017, ISBN 13: 978-1138712911.
- Lilien, G., Rangaswamy, A. and De Bruyn, A, Principles of Marketing Engineering and Analytics, Third Edition, 2017.
- Selected journal articles and cases..