Week one presentation~spring 2011
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The document provides information about a marketing, advertising, and sales promotions course for entrepreneurial businesses. The course will be held on Monday evenings from 6:30 PM to 9:30 PM from September 20 to December 6, 2010 in room 1209A of Bunche Hall. The course will be taught by David Novak of Tradewind Marketing and will cover various topics related to selecting target markets, differentiating products/services, pricing strategies, building and maintaining customer loyalty, and more.
Week one presentation~spring 2011
- 1. Marketing, Advertising, and Sales Promotions for Entrepreneurial Business Monday September 20, - December 6, 2010 6:30 PM to 9:30 PM Bunche Hall, RM 1209A David Novak david@tradewindmarketing . com 1
- 2. How do you select the right market? How can you differentiate your product or service from your competitor? How do you best reach your market? What pricing structure should you employ? How do you build a strong customer base? How do you maintain customer loyalty? How do you continuously build market share? How can you get the maximum results from your team/employees? How can we compete in a dynamic, competitive and global market? 2
- 3. Marketer- someone soliciting an action Prospect- someone being solicited Need – a specific requirement Food, clothing, homes, entertainment Want – something specific Hamburger, BMW Demand – having the resources to fill the need/want Income Grades Value and Satisfaction – What the customer PERCEIVES 3
- 4. Product Price Promotion Place These have been the “traditional" tools”…. the strategic requirements necessary to meet an organization’s marketing objectives 4
- 5. Product- An acceptable product or service that creates a need to buy for the prospect Price- A competitive and fair price Promotion- What strategies will you use to communicate with the customer Place- How easy is it for the customer to do business with you 5
- 6. The Marketing Mix is comprised of the tools that a business chooses to use in obtaining its marketing objectives Product Price Variety List Price Quality Discounts Design Allowances Features Terms Packaging Credit policies 6
- 7. Promotion Place Sales promotions Location Advertising Warehousing Public relations Convenience Sales force Inventory 7
- 8. Product “Quality” Personal “Pride” Professional “customer service” Power “sales programs” designed to “sell solutions” and not only product Achieved through training Shared knowledge Commitment from everyone in the company 8
- 9. Seller’s View Buyer’s View Product Customer Value Price Competitive cost Promotion Convenience Place Communication 9
- 10. The 4 “C”s Customer service Convenience Communication Cost Value HOW WOULD YOU RATE THESE IN IMPORTANCE? 10
- 11. The Product Concept Do you have the right product or service for your selected market? The Marketing Concept Are you satisfying the needs of the customer by means of quality, service, choice, etc Do you know your target market Do you know your customers needs and wants Do you have an integrated marketing plan Will you achieve profitability 11
- 12. Product Price Place Promotion Customer Competitive Value Convenient Communication Pricing Marketing Competitive Marketing Marketing Information Information Controls Planning Demographics Psycho- Political Economy graphics Mood 12
- 13. 1. Negative demand – the market dislikes the product or service 2. No demand – customers are not motivated to buy 3. Latent demand – strong demand but no product is available 4. Falling demand – declining market interest in product or service 5. Irregular demand – fluctuations in demand of product 6. Unwholesome demand – products that might have a negative acceptance or approval 7. Full demand – your customer desires your product 8. Overall demand – more orders than you can produce 13
- 14. All the aspects of the company support the marketing effort Administrative Customer Service Production Traffic Department TOP MANAGEMENT COMMITTMENT 14
- 15. THEN NOW - Improve on one’s own - Benchmarking - Go It Alone - Networking - Operate with functional dept - Team Selling - Focus domestically - Focus Globally - Be product-centered - Customer focused - Have a standard product - Differentiation - Practice mass marketing - Target marketing - Find a competitive edge - Innovation - Manage from the top - Manage up and down and across 15
- 16. New Chart Old Chart Customers Front Line Sr. Staff MGMT Middle Management Middle Management Sr. MGMT Frontline Staff Customers 16
- 17. Creates repeat and loyal customers Trust and integrity are established Two-way communications Profit is a measure of success for all parties involved Long-term partnerships Win-Win relationships 17
- 18. T – Purpose of marketing is to make a sale R – Purpose of marketing is to create a customer T – Sale is a result and the measure of success R – Sale is the beginning of a long-term relationship T – Business is defined by its products and services R – Business is defined by its relationships T – Price is determined by competitive forces R – Price is determined by negotiation and joint decision-making 18
- 19. T – Communications are aimed at groups of businesses and customers R – Communications are targeted and tailored to individual customers T – Companies and individuals are valued for its products and services R – Companies and individuals are valued for its quality, service and problem solving skills T- Traditional Marketing philosophy was to “Make the next sale, find the next customer” R – Modern Day Marketing is “Satisfy the customer by delivering superior value” 19
- 20. “Have It Your Way” – Burger King “Putting People First” – British Airways “Lowest prices guaranteed, or we will give you an additional 10% off the price” – Home Depot “Fly The Friendly Skies” –United Airlines Starbucks Wal-Mart Ben & Jerry’s Ice Cream 20
- 21. “Your first obligation is to find out the mission that you are meant for…. Your mission will manifest in you when you decide to listen to your heart’s desire” Naomi Stephens, “Finding Your Mission” Say Who You Are What You do What Is Your Purpose Say What You Stand For 21