Reputation effects

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Из курса от партнера University of Maryland, College Park

Developing Innovative Ideas for New Companies: The First Step in Entrepreneurship

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University of Maryland, College Park

Developing Innovative Ideas for New Companies: The First Step in Entrepreneurship

500 оценки

Курс 1 из 4 — Specialization Entrepreneurship: Launching an Innovative Business

This course assists aspiring and active entrepreneurs in developing great ideas into great companies. With strong economies presenting rich opportunities for new venture creation, and challenging economic times presenting the necessity for many to make their own job, the need to develop the skills to develop and act on innovative business opportunities is increasingly vital. Using proven content, methods, and models for new venture opportunity assessment and analysis, you will learn how to: * Identify and analyze entrepreneurial opportunities; * Enhance your entrepreneurial mindset; * Improve your strategic decision-making; and * Build innovative business models. Our goal is to demystify the startup process, and to help you build the skills to identify and act on innovative opportunities now, and in the future. With this course, students experience a sampling of the ideas and techniques explored in the University of Maryland's master's degree in technology entrepreneurship, an innovative, 100% online program. Learn more at http://mte.umd.edu/landing.

Из урока

Industry Understanding

This module examines how to recognize entrepreneurial opportunities based on market conditions and industry factors.

Knowledge conditions6:02

Demand conditions17:46

Industry lifecycle10:00

Industry structure23:41

Competitive advantage15:36

Learning curve5:52

Complementary assets6:42

Reputation effects4:24

Познакомьтесь с преподавателями

Dr. James V. Green
Director of Entrepreneurship Education
Maryland Technology Enterprise Institute

Your reputation effects might be a bit of a new concept for you, but

it's interconnected with marketing and branding, and highly important for

new ventures.

So when we look at reputation effects,

we're really talking about brand awareness and brand perception.

Customers tend to buy from companies who which they've had a relationship with.

Those that we bought something from before.

Or customers will buy from some referral,

something they are acquainted with from friends or family.

Or they buy something based on branding, what they believe the brand,

the product, the service to encompass.

So when we look at that, we want to be thoughtful as entrepreneurs,

about the emphasis that we put on building our reputation.

Of understanding how to align the benefits and

the values of our company with the interests and ambitions of our customers.

And with that,

it helps us to really focus how to market, where to market, how to price.

And make other marketing decisions as well, so

one element that we want you to think about when you're bringing new product to

market, is that you may benefit from focusing on new customers in new ways.

In that context it gives you the opportunity to educate them on

what you're doing and how you're doing it.

And not necessarily rely on trying to compete head to head with competitors.

If you bring a new product to market, and you build a great brand around that,

it somewhat makes the competition's brand less relevant or,

hopefully, irrelevant and that you're doing something new.

You're doing something novel and you get to be known for

being that innovator and known for being good at that.

When we think about dimensions of brand equity, it happens first with awareness.

It's a bit of a fallacy to think that the best product always wins, or

that the best features always win, or that the best pricing always wins.

I would argue it's the best branded and the best marketed.

Customers are not able to buy something that they're unfamiliar with.

I can't purchase something I've never heard of.

So, brand awareness is certainly pivotal to entrepreneurs.

Perceived quality is something to think about as well.

Perceived quality is very much based on matching or

exceeding customer expectations.

It doesn't mean that you necessarily have to have, the gold-plated Mercedes.

That it has to be everything to everybody, and

have every feature that you could ever imagine.

Typically, that comes at a price that the majority of

your market is not going to be able to afford.

So, when I say quality,

I don't necessarily mean that you have to have the highest quality out there.

I mean that you have to have quality that's consistent, with your price point

and consistent the with the brand and consistent with customer expectations.

We also want to think brand associations.

How do you connect the customer to the brand?

Is well as loyalty and

what can you do as the entrepreneur to have them affiliate with the brand.

And try and maintain that affiliation and that loyalty to your brand.

So how do you do that?

How do you build brand equity?

Well creating and communicating that image is certainly essential.

Building awareness and familiarity.

Building associations where we have a thoughtful name and

logo in design and packaging.

And it's all connected and that our business card looks like our website.

Looks like our packaging.

And in that sense, it all is married together.

It's a consistent look, a consistent feel.

We also want to think about ways to induce loyalty.

It might be rewards.

It might be special pricing or special access or other incentives.

So in summary, when we think about reputation.

It's difficult to come out as an entrepreneur in a startup and compete head

to head with a competitor doing exactly what they do, the same way they do it.

But if we are different, if we are novel.

If we can build a unique and distinct brand that is about perhaps different

values or about a different feature set than our competitors.

Then we can be better differentiated.

We can build that reputation, we can scale that reputation.

And we can be thoughtful of how to do that affordably and quickly.

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