Existing & Expanding Business
Lunch & Learn
Belinda Engelhart
Regional Director
Small Business
Development Centers
The SD SBDC provides
professional,
confidential,
no cost
business consulting services to
individuals starting a business
o...
SBDC (World View)
6 Centers in SD
Vermillion, Yankton,, Rapid City,
Pierre, Aberdeen, Sioux Falls,
Watertown
2 SubCenters:...
6 Regions in SD
Counties in North Central Region
(Watertown Office)
• Brookings
• Clark
• Codington
• Deuel
• Grant
• Hamlin
• Kingsbury
•...
Assist Clients
To Reach Their Goals
One-on-One
Counseling
Marketing Roadmap
Marketing Roadmap
PERSONAL: What is my destination?
BUSINESS:
What is the goal for my business?
Marketing Roadmap
PERSONAL: Who are my
traveling companions?
BUSINESS:
Do I have effective employees,
support staff and a ...
Marketing Roadmap
PERSONAL: How much money will
I need for this trip?
BUSINESS: What is my projected
marketing budget?
Marketing Roadmap
PERSONAL: How will I get to
my destination?
BUSINESS: What are the
marketing vehicles (ie. email,
newsle...
Marketing Roadmap
PERSONAL: What types of
clothes do I need to take with
me?
BUSINESS: Will I have
seasonal, one-time or y...
Marketing Roadmap
PERSONAL: What items do I need to take in
case of an emergency?
BUSINESS: In the event that something
un...
Marketing Roadmap
PERSONAL: What is my
trip's ETA (Estimated Time of
Arrival)?
BUSINESS: What are my
short and long term b...
Marketing Quote
Authentic marketing is not the art of selling
what you make but knowing what to
make. It is the art of ide...
Marketing Quote
Marketing is not an event, but a
process . . . It has a beginning, a
middle, but never an end, for it is
a...
Marketing Quote
You can say the right thing about a
product and nobody will listen.
You've got to say it in a way that
peo...
Marketing Quote
The philosophy behind much
advertising is based on the old
observation that every man is
really two men --...
Marketing Definitions
Marketing Definition 1
American Marketing Association
Definition
The process of planning and
executing the conception,
pri...
Marketing Definition 2
American Heritage Dictionary's
Definition of Marketing
The commercial functions
involved in transfe...
Marketing Definition 3
Merriam Webster's Marketing
Definition
1 b: the process or technique of
promoting, selling, and
dis...
Marketing Definition 4
Marketing Definition From
MSN Encarta Dictionary
The business activity of
presenting products or se...
The Company’s Marketing Environment
Macroenvironment
consists of the larger societal forces that affect
the microenvironme...
TechnologicalGENERAL
Environment
The Company’s Microenvironment
• The Company
• Suppliers
• Marketing intermediaries
• Customers
• Competitors
• Publics
3-7
Employees Culture
Management
Internal
Environment
Technological
General Environment
Customers
Competitors
LaborMarket
Supp...
The Marketing
MIX
The Four P’s
The marketing mix, known as the four
P’s, is a combination of decisions a
business must make in order to best
reach its ta...
Product:
What product to make, how to
package it what brand name to
use, and what image to project
PRODUCT
The goods and services a business will offer to its
customers
A. Choice of product: Will the business offer a vari...
PRODUCT continued . . .
C. Level of quality: What level of quality will
the business ensure?
D. Brand name: What brand nam...
Price
Reflects what customers are
willing and able to pay.
PRICE
The amount a business charges customers for
their products
A. Price setting. Price will be set based on product
dema...
PRICE continued . . .
– Discounts. Will the business offer discounts to
employees? Locals? Will the business discount
merc...
Place
Where your product will be
distributed.
PLACE (distribution)
Making products available at the right time
and location.
A. Channels of Distribution: the path a pro...
PLACE continued . . .
C. What method of transportation will be used to
get the product from the producer to the
consumer? ...
Promotion
How you communicate to potential
customers about your product;
what the message will be, when
and where it will ...
PROMOTION
Informing, reminding, and persuading customers
of the goods and services available to them.
A. What will the mes...
PROMOTION continued . . .
C. Where will the message be delivered?
D. What inducements will be used to
encourage customers ...
Steps to successful marketing and
implementation:
1) Analyzing your customers and the business
environment in order to
2) ...
Belinda Engelhart
PO BOX 1207
Watertown SD 57201
605-882-5115
belinda.engelhart@usd.edu
Developing New Markets
Developing New Markets
Developing New Markets
Developing New Markets
Developing New Markets
Developing New Markets
Developing New Markets
Developing New Markets
Developing New Markets
Developing New Markets
Developing New Markets
Developing New Markets
Developing New Markets
Developing New Markets
Developing New Markets
Developing New Markets
Developing New Markets
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Developing New Markets

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Learn marketing keys from Belinda Engelhart with the Small Business Development Center. This will help your business as you begin to develop new markets.

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Developing New Markets

  1. 1. Existing & Expanding Business Lunch & Learn
  2. 2. Belinda Engelhart Regional Director
  3. 3. Small Business Development Centers
  4. 4. The SD SBDC provides professional, confidential, no cost business consulting services to individuals starting a business or improving their existing businesses.
  5. 5. SBDC (World View) 6 Centers in SD Vermillion, Yankton,, Rapid City, Pierre, Aberdeen, Sioux Falls, Watertown 2 SubCenters: Mitchell and Brookings 1100 Centers in the US, Puerto Rico and Guam
  6. 6. 6 Regions in SD
  7. 7. Counties in North Central Region (Watertown Office) • Brookings • Clark • Codington • Deuel • Grant • Hamlin • Kingsbury • Lake • Miner • Moody X
  8. 8. Assist Clients To Reach Their Goals
  9. 9. One-on-One Counseling
  10. 10. Marketing Roadmap
  11. 11. Marketing Roadmap PERSONAL: What is my destination? BUSINESS: What is the goal for my business?
  12. 12. Marketing Roadmap PERSONAL: Who are my traveling companions? BUSINESS: Do I have effective employees, support staff and a targeted market/audience?
  13. 13. Marketing Roadmap PERSONAL: How much money will I need for this trip? BUSINESS: What is my projected marketing budget?
  14. 14. Marketing Roadmap PERSONAL: How will I get to my destination? BUSINESS: What are the marketing vehicles (ie. email, newsletters, mailers, media communication) I will use to reach my targeted market/audience?
  15. 15. Marketing Roadmap PERSONAL: What types of clothes do I need to take with me? BUSINESS: Will I have seasonal, one-time or year- round clients?
  16. 16. Marketing Roadmap PERSONAL: What items do I need to take in case of an emergency? BUSINESS: In the event that something unexpected happens with my initial plans, do I have a backup game plan to continue on the road to reaching my goals?
  17. 17. Marketing Roadmap PERSONAL: What is my trip's ETA (Estimated Time of Arrival)? BUSINESS: What are my short and long term business goals (ie. 6 months, 1 year, 5 years and beyond)?
  18. 18. Marketing Quote Authentic marketing is not the art of selling what you make but knowing what to make. It is the art of identifying and understanding customer needs and creating solutions that deliver satisfaction to the customers, profits to the producers and benefits for the stakeholders.
  19. 19. Marketing Quote Marketing is not an event, but a process . . . It has a beginning, a middle, but never an end, for it is a process. You improve it, perfect it, change it, even pause it. But you never stop it completely.
  20. 20. Marketing Quote You can say the right thing about a product and nobody will listen. You've got to say it in a way that people will feel it in their gut. Because if they don't feel it, nothing will happen.
  21. 21. Marketing Quote The philosophy behind much advertising is based on the old observation that every man is really two men -- the man he is and the man he wants to be.
  22. 22. Marketing Definitions
  23. 23. Marketing Definition 1 American Marketing Association Definition The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
  24. 24. Marketing Definition 2 American Heritage Dictionary's Definition of Marketing The commercial functions involved in transferring goods from producer to consumer.
  25. 25. Marketing Definition 3 Merriam Webster's Marketing Definition 1 b: the process or technique of promoting, selling, and distributing a product or service 2: an aggregate of functions involved in moving goods from producer to consumer
  26. 26. Marketing Definition 4 Marketing Definition From MSN Encarta Dictionary The business activity of presenting products or services to potential customers in such a way as to make them eager to buy. Marketing includes such matters as the pricing and packaging of the product and the creation of demand by advertising and sales campaigns.
  27. 27. The Company’s Marketing Environment Macroenvironment consists of the larger societal forces that affect the microenvironment • Sociocultural • Economic • Technological • Legal/Political • International 3-6
  28. 28. TechnologicalGENERAL Environment
  29. 29. The Company’s Microenvironment • The Company • Suppliers • Marketing intermediaries • Customers • Competitors • Publics 3-7
  30. 30. Employees Culture Management Internal Environment Technological General Environment Customers Competitors LaborMarket Suppliers Task Environment Organizational Environment
  31. 31. The Marketing MIX The Four P’s
  32. 32. The marketing mix, known as the four P’s, is a combination of decisions a business must make in order to best reach its target market. • Product • Price • Place • Promotion
  33. 33. Product: What product to make, how to package it what brand name to use, and what image to project
  34. 34. PRODUCT The goods and services a business will offer to its customers A. Choice of product: Will the business offer a variety of products? B. Packaging: Does the packaging protect the product and provide necessary information about the product?
  35. 35. PRODUCT continued . . . C. Level of quality: What level of quality will the business ensure? D. Brand name: What brand name products will the business offer? E. Warranty: Will the business offer a warranty to its customers to ensure satisfaction?
  36. 36. Price Reflects what customers are willing and able to pay.
  37. 37. PRICE The amount a business charges customers for their products A. Price setting. Price will be set based on product demand, cost, and competitors’ actions. B. Terms. Will the company only accept cash? Will the company extend credit? What type of credit will the company extend?
  38. 38. PRICE continued . . . – Discounts. Will the business offer discounts to employees? Locals? Will the business discount merchandise at certain times of the year?
  39. 39. Place Where your product will be distributed.
  40. 40. PLACE (distribution) Making products available at the right time and location. A. Channels of Distribution: the path a product takes to get from the producer to the consumer B. What specific stores will offer the products? (wholesaler, retailer, department, discount, etc.)
  41. 41. PLACE continued . . . C. What method of transportation will be used to get the product from the producer to the consumer? (truck, train, place, boat, pipeline) D. How will inventory be handled and controlled? (methods- physical, storing, checking, or receiving)
  42. 42. Promotion How you communicate to potential customers about your product; what the message will be, when and where it will be delivered, and special inducements to buy.
  43. 43. PROMOTION Informing, reminding, and persuading customers of the goods and services available to them. A. What will the message be? B. When will the message be delivered?
  44. 44. PROMOTION continued . . . C. Where will the message be delivered? D. What inducements will be used to encourage customers to purchase the product? E. How will the message be delivered?
  45. 45. Steps to successful marketing and implementation: 1) Analyzing your customers and the business environment in order to 2) identify key opportunities to better and more profitably meet customers needs, 3) figuring out how to act on those opportunities and then 4) implementing your plan.
  46. 46. Belinda Engelhart PO BOX 1207 Watertown SD 57201 605-882-5115 belinda.engelhart@usd.edu

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