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CAVAN LEO Start Your Own Business Training Programme 2015 Schedule Four 1 Day Workshops + Follow Up Clinic for Business Plan Review Module 1 Introduction - Start Your Own Business and Personal Assessment Module 2 Ideas Generation and Researching the Market Module 3 Legal Issues for Start Ups and Managing People Module 4 Sales Module 5 Marketing the Small Business Module 6 Preparing a Business Plan Module 7 Bookkeeping and Records Management Module 8 Financial Management A few thoughts about marketing “Next to doing the right thing, the most important thing is to let people know you are doing the right thing.” – John D Rockefeller Running a business without marketing is like winking at a girl in the dark . You know what you’re doing, but she doesn’t … Think about this….. • What is your unique selling proposition (USP)? • How will people know about your product/service? • Why will people chose to do business with you rather than with your competitors? • Why will people spend their money on your product rather than an alternative product? Core Elements of Marketing Mix All the elements must meet the needs and desires of your target market. Marketing Synergy • Synergy is the working together of two or more things to produce a result greater than the sum of their individual effects. • Getting one element wrong can diminish/destroy the impact of your marketing efforts and spend Getting one element wrong… Strand Mist Nova Getting one element wrong… • Marketing message: Scandinavian vacuum manufacturer Electrolux used the following in an American campaign: "Nothing sucks like an Electrolux." • Labelling: When Gerber started selling baby food in Africa, they used the same packaging as in the US, with the smiling baby on the label. Later they learned that in Africa, companies routinely put pictures on the labels of what's inside since many people can't read. • Packaging: Nectar in Spain – bottle size • All elements must come together to produce synergy What do your potential customers want? USE YOUR MARKET RESEARCH The Product….... What does the customer want? • • • • • • • What need – current or latent – does it meet? Functionality? Styling? Quality? Safety? Warranty? Repairs and Support? Different Market Segments have different purchasing criteria Market Segmentation … e.g. • B2C • Business to consumer • B2B • Business to business Basic Market Segmentation Further Segmentation: B2C • Sex • Age • Location • Social demographics Market Segmentation • Further segmentation: – B2B: By industry type – By geographic location – By size – By position within business – A combination of the above Product type – 2 basic categories • High Involvement • Important! Represents major expenditure/investment Smooth operation depends on it It will be round for a long time • Low Involvement • Nothing much rests on it! Not major investment Short term purchase Price • • • • • Entry strategy Strategy for growth “Milking” the market Extending product life cycle Exit strategy? The elements of Marketing Mix are inter-dependent. Don’t change one without considering the others! Pricing Strategies E.G. Cost + Pricing = Pricing Strategies Cost + ignores … •Your position in the market •Your product’s position in the market •Perceived value of your product/service •Ability/willingness to pay •Competitors •Stage in product life cycle •Price sensitivity … Possible Strategies Skimming the market High price – if significant competitive advantage Not sustainable – high profits attract competitors Penetration Pricing Price artificially low to gain market share Economy Pricing “No frills” – basic product, low price Optional Product Pricing Charge for optional extras Possible Strategies…. more Product Line Pricing Elements within a range e.g. car wash, wash and wax, wash wax and valet Psychological Pricing Odd numbers (€19.99 v €20.00); High price = better quality? Competitor Based Pricing Be careful about making direct comparisons – only do it if you know you can win! Possible Strategies…. more Captive Product Pricing e.g. Printer/toner Promotional Pricing e.g. Buy two, get one free; Buy before …; Introductory Offer Loss Leaders To attract the customers Market Specific Pricing e.g. RoI v Spanish v UK pricing Possible Strategies…. more Dangerous to make your Price your USP •No room for negotiation •Little buffer for contingencies •It’s easier to take your prices down than put them up! Place • “Place” must be: – Consistent with marketing strategy – Suit the customer • Perception of “place” changing in the context of e-commerce 24/7/52 concept • Keep your eye on the market! Factors to take into account re Place • Distribution channels • Market coverage (inclusive, selective, or exclusive distribution) • Specific channel members • Inventory management • Warehousing • Distribution centres • Transportation Place - - - “www” Opportunity to: • Have access to global market – Reality check: Can you service this market? Logistics/Volumes/Prices Excellent opportunity: • To monitor interest in the market place (Statistics) • Develop relationship with potential clients (Enquiries – Newsletters – Competitions) • Keep an eye on the competition! Promotion • A plethora of means – E.g.? What’s Your Business Name? Does it tell people what you do? • A2B or A2B Logistics • G Jones or G Jones Graphics • Is the domain name available? More in this in eCommerce Promotion – Cost Effectiveness!!!! Signs/signage Press releases Make a news story – with photos! Target relevant publications – what do potential customers read? Launch with invited guests? Promotion – Cost Effectiveness!!!! Become an expert – and let people know you are! Promotion – Cost Effectiveness!!!! • • • • Mail shot – encourage feed back Texts (permission and opt out facility) Leaflets Web-site Promote your web-site – Update – Monitor – Easy to find and navigate – Relevant • Sponsorship • Trade shows • In store promotions Promotion – Cost Effectiveness!!!! - Permanent reminders …. Pens? Calendars? (with useful/relevant information) Fridge magnets? Book markers? Promotion • Social media – Facebook, Twitter, Google+, Pinterest Advertising – Pay per click Advertising “The activity of attracting public attention to a product or business, as by paid announcements in the print, broadcast, or electronic media.” “ … the science of arresting human intelligence long enough to get money from it” Stephen Leacok Be Careful If paying for space – USE IT WELL. Be different – Use Humour? But be careful! Advertising – expensive and transient Always set objectives and monitor results Impact on sales Vouchers redeemed Number of entries in competition – form mailing list Number of people asking for “Debbie” Always include a Call the Action Advertising • Don’t be Banal - Work on copy! – Should be “the start of a riveting conversation” BROTHEL IN PIMLICO (Roy Brooks, Estate Agent, London) • WANTED: Someone with taste, means and a stomach strong enough to buy this erstwhile house of ill-repute in Pimlico. It is untouched by the 20th Century as far as convenience for even the basic human decencies is concerned. Although it reeks of damp or worse, the plaster is coming off the walls and daylight peeps through a hole in the roof, it is still habitable judging by the bed of rags, fag ends and empty bottles in one corner. Plenty of scope for the socially aspiring to express their decorative taste and get their abode in 'The Glossy' and nothing to stop them putting Westminster on their notepaper. 10 rather unpleasant rooms with slimy back yard. £4,650 Freehold. Tarted up these houses make £15,000. Advertising – Stay Legal! Advertising – Stay Legal! - Beware Passing Off! Visibility/Credibility – Networking Potentially very effective • Join business organisations • Join special interest organisations • Take every opportunity for self promotion – Always have cards, brochures. – Get contact details, keep organised and follow up Establish Credibility from the Outset • • • • • • • • Business name Clear business description – the “elevator pitch” Register domain name Good web presence (put domain name on everything!) Professional stationery, cards Develop distinct corporate image Build up contacts Present yourself and your business with confidence What we considered today • Marketing principles – The 5 Ps – Assist in developing model around which to build your marketing strategy • Marketing Synergies • Purchasing Decision Priorities • Market Segmentation • The 4 Ps of Marketing • Issues for Start Ups and how to deal with them Suggestion • List all the marketing actions you can think of • Select in terms of usefulness to your business • Put them in time sequence to maximise impact • Cost • Review This Afternoon … Preparing a Business Plan