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What a Geologist Needs to Know About Marketing Industrial Minerals FACTOR METAL IM Market type Undifferentiated Differentiated Total value Lower ~33% Higher ~67% Specifications Few Many Buyer loyalty Low (price) High (perform) Branding Uncommon Common Marketing Low High MARKETING versus SALES Strategic Long Range versus Customer (Long Term) | Overlap Tactical Focused Customer (Daily) | Marketing is the exploration phase for industrial minerals and rocks IM SEGMENTS Marketing PERCEIVED PRACTICAL IMPORTANCE IMPORTANCE 5 1 Transport 4 2 Processing 3 3 Mining 2 4 Exploration 1 5 IM SEGMENTS Marketing PERCEIVED PRACTICAL IMPORTANCE IMPORTANCE 5 1 Transport 4 2 Processing 3 4 Mining 2 5 Exploration 1 3 Geology dictates deposit existence Transportation Markets dictate deposit development IM MARKET TYPES Commodity = Product driven Specialty = Market driven GENERAL IM TYPE COMMODITY SPECIALTY MARKETING NEEDED TECHNICAL SUPPPORT RESEARCH & DEVELOPMENT COMMODITY vs SPECIALTY EMPHASIS Specialty Alone high value high risk Commodity Alone low value mod. risk Commodity + Specialty moderate value least risk MARKET COMMODITY CHARACTERISTICS MINERALS Place Value High (transport sensitive) Volume Large SPECIALTY MINERALS Low (transport insensitive) Small Unit Price Low High Substitution Easy Hard Differentiation Less More MARKET COMMODITY SPECIALTY CHARACTERISTICS MINERALS MINERALS Specifications Standard Customized Sample evaluation Short Long Properties, uniformity Testing General Controlled Standard Customized MARKET CHARACTERISTICS Market & Management style Main sales basis Time to first sale Market change Lab & R&D need COMMODITY MINERALS Business SPECIALTY MINERALS Technical Price Performance (undifferentiated) (differentiated) Short Medium to Long Slow to moderate Rapid to moderate Low High Market Study = What? MARKETING Market Development = Where? How? MARKET STUDY Commodity Survey — basic data, easy, past & present Market Evaluation— forecasting, hard, future MARKETING STUDY Asking the right questions of the right people! MARKET STUDY • Exploration green field, grass roots • External inactive; active (generally well known) inactive; active (new or existing product) • Internal Commodity Survey • Existing Data – Financial – Production – Geological – Legal – Environmental • Very minor forecasting MARKET EVALUATION • Forecasting (volume, price) • Economic/Financial Analysis • Specific Products • Timing • Location Industrial (Short time) APPROACH Consumer (Long time) MARKETING ORGANIZATION TYPES In-house Distributors Agents Merchants Traders MARKET POSITIONING STRATEGIES • Low cost • Differentiation • Focus • Segmentation SUMMARY Metals and IM’s require markedly different approaches Marketing dominates industrial minerals IM marketing style = industrial, not consumer Marketing (strategic) and sales (tactical) differ IM marketing evaluation = Ask the right questions IM markets = commodity (product) or specialty (market) IM Marketing Summary Table Market Characteristics Commodity Minerals Specialty Minerals Place value Volume Unit price Substitution Differentiation Specifications Sample evaluation Properties & uniformity Testing Marketing & management style Main sales basis Time to first sale Rate of market change Need for laboratories and R&D High (transport sensitive) Large Low Easy Less Industry standard Short General Standard Business Price (undifferentiated) Short Slow to moderate Low Low (transport insensitive) Small High Hard More End-user customized Long Highly controlled Specific or customized Technical Performance (differentiated) Medium to long Rapid to moderate High