Start business unit 3


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Start business unit 3

  1. 1. • Provides an overview of a marketing strategy.• Explains the concept of the four marketing Ps.• Determines how to set SMART marketing objectives.• Describes how to develop a product strategy.• Outlines how to set a price.• Describes how a product can be distributed.• Explains how to set a promotional plan.• Explains the selling process.• Considers the importance of customer care for your business. 1
  2. 2. Introductions• Who am I?• Who are you?• What is the name of your business?• How long have you been trading? – If not trading yet, proposed start date?• What do want to learn from today, what is your objective for this session? 2
  3. 3. Marketing – Defined• “The management process responsible for identifying, anticipating and satisfying customer requirements profitably”• “Selling goods that don’t come back to customers that do” 3
  4. 4. The Four Marketing P’s/Mix 4
  5. 5. 3.3 Product 5
  6. 6. Product Core Product Actual Product Product StrategyAugmented Product 6
  7. 7. Product LevelsProduct Levels Your Product/ ServiceCore Product(Brief Description)Actual Product(General Benefits)AugmentedProduct(USP) 7
  8. 8. Price - FactorsInternal Factors External Factors• Marketing • Nature of the objectives market and• Marketing mix Pricing demand strategy Decisions • Customers• Costs • Competition• Organisational • Environmental considerations factors 8
  9. 9. Price Floors & CeilingsPrice Ceiling The most the customers will payCompetitors Market Prices Competition Prices Break-even PricePrice Floor 9
  10. 10. Pricing Tactics• Recommended Retail Price• Cost Plus Pricing• Market Led Pricing• Differential Pricing 10
  11. 11. Pricing Tactics• Odd Value• Loss Leaders• Price Skimming• Penetration• Discounting 11
  12. 12. Place – (Distribution) “Involves getting the right product to the right customers in the right place at the right time.” 12
  13. 13. Place – Channel Levels Producer Agent Sales Agent Direct Wholesaler Retailer Distributors Customer 13
  14. 14. Factors to Consider • Cost • Competition • Customers • Type of Business • Planning Permission • Location • Available Intermediaries • Logistics 14
  15. 15. Promotion• Promotion ultimately about… RETURN ON INVESTMENTKey Question to every new customer… WHERE DID YOU HEAR OF US? 15
  16. 16. Promotional Decision Factors Mission: Objectives Setting Marketing: Budget Decisions Medium: Decisions Message: Decisions Measurement: Campaign Evaluation 16
  17. 17. Pluses and MinusesPromotional Mix Advantages DisadvantagesAdvertising •Reaches many •Impersonal buyers •Can have a short •Familiarises brand lifespanPersonal Selling •Direct contact •Requires •Gains customer manpower trust •Time consumingSales Promotion •Direct incentive to •Can affect brand buy image •Can be cheap •Lower profit marginsPublicity •Widespread •Doesn’t last long Advertising •Can be expensive •Familiarised brand 17
  18. 18. Ways to Promote•Advertising•Direct Selling•Sales Promotion•PR 18
  19. 19. A Fewsimple Rules1. Keep it Golden2. Remember your objectives3. Benefits not features4. Understand without reading 19
  20. 20. Your Message - AIDA•A Attention• I Interest•D Desire•A Action 20
  21. 21. - 1.Attention Grabber• The First thing they see• The hook!• Absolutely key to success• An advert for the rest of the document 21
  22. 22. - 2. Interest• Be TARGETED• It needs to go to the right people• There must be a chance that they will say YES• Back to your target market and needs• Rich or famous? 22
  23. 23. - 3. Desire• Give them REASONS to say YES• Give them REASONS to pick up phone• Keep it simple• Key selling points• Benefits and not features 23
  24. 24. - 4. Action• Key• The part that brings money in!• Tell them HOW after telling them why• Needs to LEAP out of page• Remember – understand without reading• Keep simple 24
  25. 25. Strap Lines• Finger Lickin Good• The Appliance of Science• Just do it• Put a tiger in your tank• Im lovin it• Vorsprung durch technik• Because your worth it 25
  26. 26. Marketing Objectives• Sales levels expected• The company image to be portrayed• Products and services you intend to offer 26
  27. 27. SMART Objectives• Specific• Measurable• Achievable• Relevant• Time-bound 27
  28. 28. Selling The Professional Approach• Knowledge of Customer Needs & Wants• Knowledge of Products & Services• Able to Offer Good Advice• Sincerely Interested in the Customer• Flexible• Well Prepared & Organised• Confident• Consistently Reliable• Good Listener• Adopts a Win-Win Approach 28
  29. 29. Selling Pitfalls• No research• Punctuality• Seeing an objection as a negative• Inability to close• Outstaying your welcome• PREPARATION• Giving prices up front 29
  30. 30. Selling1. Prospect Potential Customers2. Prepare for the Role3. Make the Presentation4. Meet Objections5. Negotiate the Sale6. Close the Sale7. Order / Delivery8. Follow Up 30
  31. 31. Selling Models - EDICT• Entry• Diagnosis• Incentive• Contract• Termination 31
  32. 32. Seven Steps• Prospecting• Qualification• Approach• Presentation• Objections• Closure• Follow up 32
  33. 33. Selling• Finding Customers• Making Contact• Structure of the Presentation• Opening a Presentation• Body of Presentation• Closing a Sale• Handling an Objection 33
  34. 34. Benefits of Good Customer Care• Satisfied customers will recommend you to others• Repeat customers• Dissatisfied customers will complain on average to 10 other people• Poor customer care will damage profits 34
  35. 35. Customer Care Policy• Answering the Telephone• After Care Service• Dealing with Complaints• Level of Service Provided• Staff Conduct & Appearance• Contract terms – when and how• Person to Person Contact• Closing the sale• Payment 35
  36. 36. ANYQUESTIONS? 36