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Marketing Equations for Small Business Messages Target Market • Price • Product • Promotion • Position Behavior Change Marketing Promotion • Demand Creation (Short Term) ▫ Spend money to make money • Branding (Long Term) ▫ A retirement plan Strategic Marketing A B Profitability Profit = Sales – Expenses Sales = # Units Sold X Price # Units Sold = # Customers X Frequency of Purchase X # Units per Purchase Increasing Price Increasing Number of Customers Increasing Frequency of Purchase Increasing Units per Purchase Branding Equation Brand = Brand Mark +Brand Promise +Experience Bad Brand Marks Good Brand Marks Building a Brand 1. Promise 2. Deliver 3. Repeat Creating the Brand Communicate the Promise Solidify the Brand (Deliver) Take Inventory (Plan Promise & Delivery) What Usually Happens Promise Deliver Brand Value • Goodwill • Customer lists • Repeat customers Questions • Jill Sauter • Jill Sauter Marketing & Communications • [email protected]
