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7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
7 marketing plan
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7 marketing plan

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7 marketing plan

7 marketing plan

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  • 1. Creating a Creating a Powerful PowerfulMarketing PlanMarketing Plan 1
  • 2. This fishing lure manufacturer I know had all these flashy green and purple lures. I asked, “Do fish take these?”“Charlie,” he said, “I don’t sell these lures to fish.” - Charles Munger 2
  • 3. Building a Guerrilla Marketing Plan Marketing The process of creating and delivering desired goods and services to customers. Involves all of the activities associated with winning and retaining loyal customers. Guerrilla marketing strategies Unconventional, low-cost, creative marketing techniques that allow a small company to wring more bang from its marketing bucks than do larger rivals. 3
  • 4. A Guerrilla Marketing Plan1. Pinpoints the specific target markets the company will serve.2. Determines customer needs and wants through market research.3. Analyzes a firms competitive advantages and builds a marketing strategy around them.4. Creates a marketing mix that meets customer needs and wants. 4
  • 5. MARKETING MIX Product Price Place Promotion ChannelFunctionality List price members Advertising Channel PersonalAppearance Discounts motivation selling Market Public Quality Allowances coverage relations Packaging Financing Locations Message Leasing Brand options Logistics Media Warranty Service levels Budget 5
  • 6. Pinpointing the Target MarketOne objective of market researchis to pinpoint the companys targetmarket, the specific group ofcustomers at whom the companyaims its products or services.Without a clear image of its targetmarket, a small company tries toreach almost everyone and ends upappealing to almost no one! 6
  • 7. Market ResearchMarket research is the vehicle for gathering theinformation that serves as the foundation forthe marketing plan.Never assume that a market exists for yourcompany’s product or service; prove it!Market research does not have to be timeconsuming, complex, or expensive to be useful. 7
  • 8. Market Research (continued)How to Conduct Market Research: Define the objective. Collect the data. Individualized (one-to-one) marketing 8
  • 9. How to Become an Effective One-to-One Marketer. Enhance your products and Identify your best customers, services by giving customers never passing up the information about them and how opportunity to get their names. to use them. See customer complaints Collect information on these for what they are - a customers, linking their chance to improve identities to their transactions. your service and quality. Encourage Successful complaints and then One-to-One fix them! Marketing Calculate the long-term value Make sure your company’s of customers so you know product and service quality which ones are most desirable will astonish your customers. (and most profitable). Know what your customers’ buying cycle is and time your marketing efforts to coincide with it - “just-in-time marketing.”
  • 10. Market Research (continued)How to Conduct Market Research: Define the problem. Collect the data. Individualized (one-to-one) marketing Data mining Analyze the data and interpret the results. Draw conclusions and act. 10
  • 11. DATAMININGData mining is a process in which computersoftware that uses statistical analysis, databasetechnology, and artificial intelligence findshidden patterns, trends, and connections indata so that business owners can make bettermarketing decisions and predictions aboutcustomers’ behavior. 11
  • 12. RESEARCH TECHNIQUES PRIMARY SECONDARYCustomer Surveys Business DirectoriesFocus Groups Direct-mail listsDaily transactions Census DataOther Ideas Forecasts Articles 12
  • 13. Relationship Marketing (Customer Relationship Management)Involves developing and maintaining long-termrelationships with customers so that they willkeep coming back to make repeat purchases.Small companies have an advantage over theirlarger rivals at relationship marketing.Requires a company to make customer servicean all-encompassing part of its culture.Customers are part of all major issues thecompany faces. 13
  • 14. The Relationship Marketing ProcessIf you have done Analyzeeverything else correctly,this step is relatively easy. Sell,Superb customer service isthe best way to retain your Service, Conduct detailed customer intelligence tomost valuable customers. and Satisfy pinpoint most valuable customers and to learn all you can about them, including their lifetime value (LTV) to the company. Build Connect Relationships & CollectBased on what you havelearned, contact customers Make contact with most valuable customerswith an offer designed for Learn and begin building a customer database usingthem. Make customers feel data mining and data warehousing techniques.special and valued. Learn from your customers by encouraging feedback from them; develop a thorough customer profile and constantly refine it. 14
  • 15. Steps in CRMCollect meaningful information on existingcustomers and compile it in a database.Mine the database to identify the company’sbest and most profitable customers and theirbuying habits.Use the information to establish lastingrelationships with these customers.Attract more customers who fit the profile ofthe company’s best customers. 15
  • 16. Four Levels of Customer Sensitivity Level 4: Customer Partnership. The company has embraced a customer service attitude as an all-encompassing part of its culture. Customers are part of all major decisions. Employees throughout the company routinely use data mining reports to identify the best customers and to serve them better. The focus is on building lasting relationships with the company’s best customers. Level 3: Customer Alignment. Managers and employees understand the customers’ central role in the business. They spend considerable time talking about and with customers, and they seek feedback through surveys, focus groups, customer visits, and other techniques. Level 2: Customer Sensitivity. A wall stands between the company and its customers. Employees know a little about their customers but don’t share this information with others in the company. The company does not solicit feedback from customers.Level 1: Customer Awareness. Prevailing attitude: “There’s a customer out there.”Managers and employees know little about their customers and view them only in themost general terms. No one really understands the benefit of close customerrelationships. 16
  • 17. Guerrilla Marketing StrategiesFind a niche and fill it.Don’t just sell; entertain.Strive to be unique.Create an identity for yourbusiness.Connect with customers on anemotional level. 17
  • 18. Guerrilla Marketing Strategies (continued) Focus on the customer. Devotion to quality. Attention to convenience. Concentration on innovation. Dedication to service and customer satisfaction. Emphasis on speed. 18
  • 19. Focus on the Customer67% of customers who stop patronizing abusiness do so because an indifferent employeetreated them poorly.96% of dissatisfied customers never complainabout rude or discourteous service, but... 91% will not buy from that business again. 100% will tell their “horror stories” to at least nine other people. 13% of those unhappy customers will tell their stories to at least 20 other people. 19
  • 20. Focus on the Customer (continued)Treating customers indifferently or poorly costs theaverage company from 15% to 30% of gross sales!Replacing lost customers is expensive; it costs fivetimes as much to attract a new customer as it doesto sell to an existing one!About 70% of a company’s sales come fromexisting customers.Because 20% of a typical company’s customersaccount for about 80% of its sales, no business canafford to alienate its best and most profitablecustomers and survive! 20
  • 21. Focus on the Customer (continued)Companies that are successful at retainingtheir customers constantly ask themselves(and their customers) four questions: 1. What are we doing right? 2. How can we do that even better? 3. What have we done wrong? 4. What can we do in the future? 21
  • 22. Devotion to QualityQuality-more than just a slogan on thecompany bulletin board.World-class companies treat quality as astrategic objective, an integral part of thecompany culture.This is the philosophy of Total QualityManagement (TQM). Quality in the product or service itself. Quality in every aspect of the business and its relationship with the customer. Continuous improvement in quality. 22
  • 23. How Do Customer Define Quality in a Product?Reliability (average time between breakdowns)Durability (how long an item lasts)Ease of use QualityKnown or trusted brand nameLow price 23
  • 24. How Do Customer Define Quality in a Service?Tangibles (equipment, facilities,people)Reliability (doing what you say youwill do) QualityResponsiveness (promptness inhelping customers)Assurance and empathy (conveyinga caring attitude) 24
  • 25. Attention to ConvenienceIs your business conveniently located nearcustomers?Are your business hours suitable to yourcustomers?Would customers appreciate pickup anddelivery services?Do you make it easy for customers to buyon credit or with credit cards? 25
  • 26. Attention to Convenience (continued)Are your employees trained to handlebusiness transactions quickly, efficiently,and politely?Does your company offer “extras” thatwould make customers’ visits easier?Can you adapt existing products to makethem more convenient for customers?Does your company handle telephone callsquickly and efficiently? 26
  • 27. Concentration on InnovationInnovation The key to future success. One of the greatest strengths of entrepreneurs. It shows up in the new products, techniques, and unusual approaches they introduce.Entrepreneurs often create new productsand services by focusing their efforts onone area and by using their size andflexibility to their advantage. 27
  • 28. Dedication to Service Goal: to achieve customer astonishment!Listen to customers.Define “superior service.”Set standards and measureperformance.Examine your company’s servicecycle.Hire the right employees.Train employees to deliver superiorservice. 28
  • 29. Dedication to Service (continued) Goal: to achieve customer astonishment!Empower employees to offer superiorservice.Use technology to provide improvedservice.Reward superior service.Get top managers’ support.View customer service as aninvestment, not an expense. 29
  • 30. Emphasis on SpeedUse principles of time compressionmanagement (TCM): Speed new products to market. Shorten customer response time in manufacturing and delivery. Reduce the administrative time required to fill an order.Study: Most businesses waste 85 to 99% of thetime required to produce products or services! 30
  • 31. Emphasis on Speed (continued)Re-engineer the process rather than tryto do the same thing - only faster.Create cross-functional teams of workersand empower them to attack and solveproblems.Set aggressive goals for production andstick to the schedule. 31
  • 32. Emphasis on Speed (continued)Rethink the supply chain.Instill speed in the company culture.Use technology to find shortcutswherever possible.Put the Internet to work for you. 32
  • 33. Benefits of Marketing on the World Wide WebEven the smallest companies canmarket their products and servicesaround the globe.SBA study: 67% of small businessesthat established Web sites said theirsites brought in new customers.The Web can be the “GreatEqualizer” in a small company’smarketing program. 33
  • 34. Benefits of Marketing on the World Wide Web (continued)Only 24% of small companies withWeb sites actually generate revenuesfrom online sales.Web customers are demographicallyattractive: They are young,educated, and wealthy. Average household income = $52,300 39% have college degrees 34
  • 35. The Marketing Mix Product Place Price Promotion$ 35
  • 36. Stages in the Product Life Cycle Introductory stageHighCosts 36
  • 37. Stages in the Product Life Cycle Introductory stage Growth and acceptance stageHigh High SalesCosts Costs Climb 37
  • 38. Stages in the Product Life Cycle Introductory stage Growth and acceptance stage Maturity and competition stageHigh Sales ProfitsCosts Climb Peak 38
  • 39. Stages in the Product Life Cycle Introductory stage Growth and acceptance stage Maturity and competition stage Market saturation stageHighHigh Sales Profits Sales Profits SalesCostsCosts Climb Peak Peak Peak Peak 39
  • 40. Stages in the Product Life Cycle Introductory stage Growth and acceptance stage Maturity and competition stage Market saturation stage Product decline stage Sales & Sales &High Sales Profits Profits Sales Profits ProfitsCosts Climb Peak Peak Peak Fall Fall 40
  • 41. Channels of Distribution Consumer GoodsManufacturerManufacturer Consumer ConsumerManufacturerManufacturer Retailer Consumer Retailer ConsumerManufacturer WholesalerManufacturer Wholesaler Retailer Consumer Retailer ConsumerManufacturer Wholesaler Wholesaler RetailerManufacturer Wholesaler Wholesaler Retailer Consumer Consumer 41
  • 42. Channels of Distribution Industrial GoodsManufacturerManufacturer Industrial User Industrial UserManufacturerManufacturer Wholesaler Industrial User Wholesaler Industrial User 42

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