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SBDC Small Business Breakfast Keynote Presentation “The Impact of Marketing on Small Business Practices” Tuesday, January 10th, 2006 Denton Chamber of Commerce, Denton, Texas Charles Blankson, Ph.D. Department of Marketing & Logistics, UNT Charles Blankson, Ph.D., Department of Marketing & Logistics, University of North Texas “…successful companies understand the need to tailor the strategy to suit the market/customer…” Brian Smith (2004) Charles Blankson, Ph.D., Department of Marketing & Logistics, University of North Texas What is a market? And who is a customer? According to Kotler (2004), “a market consist of all the potential customers sharing a particular need or want who might be willing and able (i.e., propensity to) to engage in exchange to satisfy that need or want”. Source: Kotler, P. (2004), Marketing Management, Prentice-Hall, Englewood Cliff, NJ. Charles Blankson, Ph.D., Department of Marketing & Logistics, University of North Texas What is Marketing? Marketing is 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 goals. Source: The American Marketing Association (AMA) (see www.ama.org). Charles Blankson, Ph.D., Department of Marketing & Logistics, University of North Texas What is Marketing? Marketing is the management process responsible for identifying, anticipating, and satisfying customer requirements profitably. Source: The Chartered Institute of Marketing (CIM) (UK) (see www.cim.co.uk) So what do you think is the basis (concept) of marketing? Charles Blankson, Ph.D., Department of Marketing & Logistics, University of North Texas The Marketing Concept states that if a business or organization is to achieve profitability, the entire organization must be oriented towards satisfying consumer needs, wants and aspirations. In other words, The Marketing Concept holds that the key to success is through determining the needs/wants/aspirations of target markets and delivering these more effectively and efficiently than competitors. Charles Blankson, Ph.D., Department of Marketing & Logistics, University of North Texas Do you know your market, business and your management team? What is the product or service being offered? What are the market trends in the industry? What are your plans for financing your business? Who are your customers? And what are they looking for? Who are your competitors? And how do they operate/react/behave? Why do (should) your customers buy your product/service rather than that of your competitors? Can you describe your business? Location, location, location! Who runs the business? (profile of management team) What is your estimate of revenue/expenses for year 1, 2 and 3? Charles Blankson, Ph.D., Department of Marketing & Logistics, University of North Texas The Marketing Mix (ingredients or tools of marketing; also called the 4 P’s) Tangible goods Services Product Price Place/distribution Promotion Product Price Place/distribution Promotion People Process Physical evidence Marketing research Charles Blankson, Ph.D., Department of Marketing & Logistics, University of North Texas Entering the market place, what are your plans? Your goals, aims and objectives Your industry Your business/company identity Your products/services Your target market Your competition Your marketing/sales approach Your marketing mix Your marketing tactics and strategies Your marketing budget Charles Blankson, Ph.D., Department of Marketing & Logistics, University of North Texas Marketing Planning Defined as the planned application of marketing resources to achieve marketing objectives. It is usually geared for the long-term In other words, it is the logical and systematic sequence of the various activities effected in the setting of the business objectives and the formulation of plans for achieving them (McDonald, 1992, pp.13). Charles Blankson, Ph.D., Department of Marketing & Logistics, University of North Texas The basics of Marketing Planning – your business Who are you? Where are you going? Where do you want to go/be? How would you get there? How are you doing?/have you got there yet? Charles Blankson, Ph.D., Department of Marketing & Logistics, University of North Texas Specific functional issues influencing small business success - marketing Poor location; business is inaccessible to customers Ineffective marketing Inability to segment the market and identify target markets (consumers/customers) Failure to conduct market research, to find out about the consumer Misreading the market Poor products/services Poor positioning Need to appreciate market orientation Charles Blankson, Ph.D., Department of Marketing & Logistics, University of North Texas Market Orientation Focus on the identification of customers needs, organizational resources and objectives. Achieve effective match through market segmentation, targeting, positioning and resource development. Charles Blankson, Ph.D., Department of Marketing & Logistics, University of North Texas Simple formulas for turning a good customer into a loyal customer Know your customer Inform your customers Help customers; let them know that they matter Surprise your customers Delight your customers Thank and/or reward your customers Reactivate inactive customers Give customers more of what they want Treat new (or ethnic) customers like your best customers Do more of what you do best Get feedback from customers; research, research, research. Charles Blankson, Ph.D., Department of Marketing & Logistics, University of North Texas Key strategies to employ in small business market orientation Concern for staff: providing good working environment and Awareness of market environment: being aware and Profitability/objectives: ensuring the profitability and Customer service: motivation among staff members positively where concern for staff problems and salary is important. proactive in assessing changes in the market place. financial stability and achievement of business objectives. affects high level of customer care/service. Source: Blankson and Cheng (2005) Charles Blankson, Ph.D., Department of Marketing & Logistics, University of North Texas Your action plan Adopt an aggressive externally focused strategy even in the face of downturn in the economy. Take a long term view of your market. Choose the marketing tactics and strategies that fit your market – 4 P’s, 7 P’s, social responsibility, segmentation and targeting etc. Position your business in the context of your business’ aims and objectives and with the competition in mind. Seek to expand the market and win market share from competitors. Carefully adjust the above based on changes in the environment – changing consumer needs, political, social, economic and legal changes in the Denton area. Differentiate (i.e., position) your business/products and add unique qualities. Build assessment processes or systems to ensure you are on track. Charles Blankson, Ph.D., Department of Marketing & Logistics, University of North Texas Questions Charles Blankson, Ph.D., Department of Marketing & Logistics, University of North Texas