Week one presentation~spring 2011

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Week one presentation~spring 2011

  1. 1. Marketing, Advertising, and Sales Promotions for Entrepreneurial Business Monday September 20, - December 6, 2010 6:30 PM to 9:30 PM Bunche Hall, RM 1209ADavid Novak david@tradewindmarketing . com 1
  2. 2.  How do you select the right market? How can you differentiate your product or service from your competitor? How do you best reach your market? What pricing structure should you employ? How do you build a strong customer base? How do you maintain customer loyalty? How do you continuously build market share? How can you get the maximum results from your team/employees? How can we compete in a dynamic, competitive and global market? 2
  3. 3.  Marketer- someone soliciting an action Prospect- someone being solicited Need – a specific requirement  Food, clothing, homes, entertainment Want – something specific  Hamburger, BMW Demand – having the resources to fill the need/want  Income  Grades Value and Satisfaction – What the customer PERCEIVES 3
  4. 4.  Product  Price  Promotion  PlaceThese have been the “traditional" tools”…. the strategic requirements necessary to meet an organization’s marketing objectives 4
  5. 5.  Product- An acceptable product or service that creates a need to buy for the prospect Price- A competitive and fair price Promotion- What strategies will you use to communicate with the customer Place- How easy is it for the customer to do business with you 5
  6. 6.  The Marketing Mix is comprised of the tools that a business chooses to use in obtaining its marketing objectives Product Price Variety List Price Quality Discounts Design Allowances Features Terms Packaging Credit policies 6
  7. 7. Promotion Place Sales promotions Location Advertising Warehousing Public relations Convenience Sales force Inventory 7
  8. 8.  Product “Quality” Personal “Pride” Professional “customer service” Power “sales programs” designed to “sell solutions” and not only product  Achieved through training  Shared knowledge  Commitment from everyone in the company 8
  9. 9.  Seller’s View  Buyer’s View  Product  Customer Value  Price  Competitive cost  Promotion  Convenience  Place  Communication 9
  10. 10.  The 4 “C”s  Customer service  Convenience  Communication  Cost Value HOW WOULD YOU RATE THESE IN IMPORTANCE? 10
  11. 11.  The Product Concept  Do you have the right product or service for your selected market? The Marketing Concept  Are you satisfying the needs of the customer by means of quality, service, choice, etc  Do you know your target market  Do you know your customers needs and wants  Do you have an integrated marketing plan  Will you achieve profitability 11
  12. 12. Product Price Place PromotionCustomer CompetitiveValue Convenient Communication Pricing Marketing Competitive Marketing Marketing Information Information Controls PlanningDemographics Psycho- Political Economy graphics Mood 12
  13. 13. 1. Negative demand – the market dislikes the product or service2. No demand – customers are not motivated to buy3. Latent demand – strong demand but no product is available4. Falling demand – declining market interest in product or service5. Irregular demand – fluctuations in demand of product6. Unwholesome demand – products that might have a negative acceptance or approval7. Full demand – your customer desires your product8. Overall demand – more orders than you can produce 13
  14. 14.  All the aspects of the company support the marketing effort  Administrative  Customer Service  Production  Traffic Department  TOP MANAGEMENT COMMITTMENT 14
  15. 15. THEN NOW- Improve on one’s own - Benchmarking - Go It Alone - Networking - Operate with functional dept - Team Selling - Focus domestically - Focus Globally - Be product-centered - Customer focused - Have a standard product - Differentiation - Practice mass marketing - Target marketing - Find a competitive edge - Innovation - Manage from the top - Manage up and down and across 15
  16. 16. New ChartOld Chart Customers Front Line Sr. Staff MGMT Middle Management Middle Management Sr. MGMT Frontline Staff Customers 16
  17. 17.  Creates repeat and loyal customers Trust and integrity are established Two-way communications Profit is a measure of success for all parties involved Long-term partnerships Win-Win relationships 17
  18. 18.  T – Purpose of marketing is to make a sale R – Purpose of marketing is to create a customer T – Sale is a result and the measure of success R – Sale is the beginning of a long-term relationship T – Business is defined by its products and services R – Business is defined by its relationships T – Price is determined by competitive forces R – Price is determined by negotiation and joint decision-making 18
  19. 19.  T – Communications are aimed at groups of businesses and customers R – Communications are targeted and tailored to individual customers T – Companies and individuals are valued for its products and services R – Companies and individuals are valued for its quality, service and problem solving skills T- Traditional Marketing philosophy was to “Make the next sale, find the next customer” R – Modern Day Marketing is “Satisfy the customer by delivering superior value” 19
  20. 20.  “Have It Your Way” – Burger King “Putting People First” – British Airways “Lowest prices guaranteed, or we will give you an additional 10% off the price” – Home Depot “Fly The Friendly Skies” –United Airlines  Starbucks  Wal-Mart  Ben & Jerry’s Ice Cream 20
  21. 21.  “Your first obligation is to find out the mission that you are meant for…. Your mission will manifest in you when you decide to listen to your heart’s desire”  Naomi Stephens, “Finding Your Mission”  Say Who You Are  What You do  What Is Your Purpose  Say What You Stand For 21

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