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The document discusses reasons why businesses often fail such as a lack of objective evaluation of their product and market, inadequate understanding of technical requirements, and ineffective marketing and sales efforts. It also covers the importance of market research and analyzing customer and competitor information when developing a marketing strategy and plan. The marketing process involves situation analysis, designing strategies, developing programs, and implementing and managing the strategies.
Presentation4
- 2. Marketing..Marketing is what you do when your product is no good…..-anonymous- The internet
- 3. WHY BUSINESSES FAIL?Lack of objective evaluation - many entrepreneurs lack objectivityNo real insight into the market - Lack of information about the demand potential - Present and future size of the market - Knowledge of product life cycle - Timing Inadequate understanding of technical requirements - thorough in studying a new product - technical difficulties – costly problemsPoor financial understanding - entrepreneurs are sometime ignorant of costs - victims of inadequate research and planning
- 4. WHY BUSINESSES FAIL?Lack of venture uniqueness - a new venture should be unique - product differentiation is needed to separate product from competitor’sFaulty product performance Hasty shortcuts in product developmentIneffective marketing and sales efforts Inadequate promotional effortsInadequate awareness of competitive pressurePossible reactions of competitors -price cuts
- 5. MARKET LED MARKETING PROCESS AND THE ROLE OF RESEARCH
- 6. MARKETING PLANNING PROCESSSituationAnalysisImplementingand ManagingMarketingStrategyDesigningMarketingStrategyMarketingProgramDevelopmentTM 2-5
- 7. MARKETING STRATEGY DEVELOPMENTProductstrategyPositioning strategyPromotionstrategyDistributionstrategyTarget MarketPricestrategy
- 8. UNDERSTANDING MARKETSMapping the Product-MarketMarket Structure AnalysisMarket ForecastsFuture Vision About the Market
- 9. DEFINING AND ANALYZING MARKETSDefine Product-MarketBoundaries and StructuresDescribe and Analyze End-UserAnalyze Industry and Value Added SystemEvaluate Key CompetitorsForecast Market Size and Growth Trends
- 10. Identifying and Describing BuyersBuildingCustomerProfilesHowBuyersMakeChoicesDESCRIBINGAND ANALYZINGEND-USERSEnvironmentalInfluences
- 11. ANALYZING COMPETITIONDefine the competitive arena for the generic, specific, and variant product marketsIdentify and describe key competitorsEvaluate key competitorsAnticipate actions by competitorsIdentify potential competitors
- 12. MARKETING IN ACTIONINNOVATON AT KINKO’S A copy machine operator at Kinko’s , a major chain of outlet providing copying and document services, noticed that customer demand for copying dropped off in December. People were too pre-occupied with Christmas presents. So he came up with a creative idea. Why not allow customers to use Kinko’s colour copying and binding facilities to create their own customised calendars using their personal photos for each of the months? He prototyped the idea in the store and it proved popular- people could create personalised gifts of calendars featuring favourite family photos. The operator phoned the founder and CEO of Kinko’s, Paul Orfalea, and explained the idea. Orfalea was so excited by it that he rushed out as a service in all outlets. It was very successful and a new product- custom calendars – and a new revenue stream were created.
- 13. Strategies for Obtaining InformationInternal Data Collect existing informationPublished informationSubscription StrategyalternativesUse standardizedresearch servicesSingle purchase Exploratory Conduct research study Full-scale
- 14. Types of Marketing InformationMarketing research studiesStandardized information servicesManagement information systemsDatabase systemsDecision support systemsCustomer relationship management (CRM) systemsCompetitor intelligence systems
- 15. To do List
- 17. Sales calls
- 18. Follow-up
- 19. Quotation
- 20. Proposals
- 21. Tactical
- 23. Research
- 24. Forecasting
- 26. Cost and Profit Analysis
- 30. Order processing
- 31. Distribution
- 32. Technical & ServicesMarketing Fundamentals16
- 33. What to do?Show that you have a clear cut strategy in place.
- 34. Show how to position your product to go to market and why customers will prefer you over the competition.STEP # 1:PRIMARY MARKET RESEARCHCollect the information your selfTalk to suppliersTalk to dealersTalk to competitorsTalk to potential customersTalk to complimentary services/productsUse questionnaires and surveysTalk to bankers, lawyers and accountantsUse the Internet
- 35. STEP # 2Based on your market research undertaken, and the strategies developed: Identify primary market
- 36. Who are your primary customers
- 37. Integrate Channel Partners
- 38. Strategize with channel and customers
- 39. Estimate initial sales achievable
- 40. Work out longer term variables and success factors
- 41. Identify critical success factorsFORMAT (9-10 PAGES)Target customer Compelling reason to buy Whole product Partners and allies Distribution Pricing Competition Positioning Next Target customer
- 42. DUE in 2 weeks19thMarch 2010 by 5pm
- 43. The only way to know how customers see your business is to look at it through their eyes.
- 44. Task 2CEO send me a blank email with a subject : SALES-[Company Name]Eg your company name is lembahnikmatYour email should beSALES-LembahNikmat