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Marketing.Howtostartyourbusiness

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Heather Reynolds

The document discusses marketing basics including why customers purchase products and the four P's of marketing - product, price, place, and promotion. It provides details on each of the four P's, such as determining product benefits, competitive pricing strategies, distribution channels, and elements of the promotional mix like advertising, sales promotions, and personal selling. The document also covers developing marketing plans, current marketing trends, and using social media platforms like Facebook and LinkedIn for business purposes.

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Marketing Basics
The Big QuestionWhy do customers purchase what they do?
Why do customers purchase what they do?Personal FactorsAgeLife-Cycle StageOccupationEconomic CircumstancePsychological FactorsMotivationPersonal PerceptionLearned ExperiencesBeliefsAttitudesSocial Class
Who are your core customers and why would they buy what youre selling?NeedConvenienceImpulseDesireComfortHungerEasinessPressureImageBoredom
Marketing Mix: The Four Ps of MarketingProduct What are you selling?Price How much does the customer pay?Place Where can a customer purchase your product? How does it get there? Promotion How will people know what youre selling?
ProductWhat are the benefits of your product?What makes your product different from what is in the market today?How much research will you need to do to bring your product into the market? How will you do it?
PriceWhat are competitors charging?What would your customers pay?What is your breakeven point?BE in units = total fixed cost divided by the pre-unit contribution to fixed cost (selling price variable cost)
Pricing Practice #1Penetration initially setting low prices to beat the competition and then, as customers become more aware, prices are increased.
Pricing Practice #2Competitive shift the emphasis to non-price competition based on other elements of the marketing mix
Pricing Practice #3Skimming initially setting high prices for distinctive products with little or no competition.
Pricing Practice #4Psychological - pricing designed to have a positive psychological impact. For example, selling a product at $4.95 rather than $5
Place (Distribution Channels)How easy will it be for customers to purchase your product?Will you market directly to the end-user or indirectly through wholesalers and retailers?How will you physically distribute your product?Internally: how will the product move within your facilityExternally: how will you move the product from your facility to the end-user or intermediary?
Promotional MixAdvertising - Any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor.Examples: Print ads, radio, television, billboard, direct mail, brochures and catalogs, signs, in-store displays, posters, motion pictures, Web pages, banner ads, and emails.
Promotional MixSales promotion - Incentives designed to stimulate the purchase or sale of a product, usually in the short term.Examples: Coupons, sweepstakes, contests, product samples, rebates, tie-ins, self-liquidating premiums, trade shows, trade-ins, and exhibitions.
Promotional MixPublic relations - Non-paid non-personal stimulation of demand for a product, service, or business unit by planting significant news about it or a favorable presentation of it in the media.Examples: Newspaper and magazine articles/reports, TV and radio presentations, Charitable contributions, speeches, issue advertising, and seminars.
Promotional MixPersonal selling - A process of helping and persuading one or more prospects to purchase a good or service or to act on any idea through the use of an oral presentation.Examples: Sales presentations, sales meetings, sales training and incentive programs for intermediary salespeople, samples, and telemarketing. Can be face-to-face or via telephone.
Service Marketing (3 more Ps)People - employeesProcess - servicePhysical evidence - comparing
21st Century MarketingPersonalizationParticipationPeer-to-Peer Predictive Modeling
Develop an Advertising CampaignSend a single idea and theme across a number of advertising outletsWhat is the campaign theme or central message communicated in all promotional activatesSpeak in the advertising language your target market will want to hear
Trademarks/themes
If the 4 Ps in a marketing mix overlap, where do I start?Your Customer is at the center of your marketing mix.
Do you know your customeror think you know your customer?Who decides if your product is worth buying?Who decides its value?Who decides where to buy?Who decides where you should promote your product?Research your customers.
Marketing PlanWrite it Build it Guide it Direct it
Developing Your Marketing PlanUse a template or computer programStart with what you knowResearch your assumptions and fill gapsUse real numbers and set realistic goals
Marketing TodayIndustry specificGoogle profileYou TubeWebinarsForumsEmail newsletterTraditional(business cards, direct mail)twitter
More than 300 million active users 50% of our active users log on to Facebook in any given day The fastest growing demographic is those 35 years old and older
185 Million Registered Users 50.2% Female / 49.8% Male Primary Age Demo: 14 34 Over the last 5 months, had between 39 and 45 Billion page views per month. 350,000 new registrations each day 1 Billion total images Millions of new images/day 25 Million Songs, 60,000 new videos / day 4.5 Million people on site on any one time
45-54 year olds are the top demograpictech-entrenched, early adoptersclaim use of online social media is their favorite leisure activityuse multiple forms of online social mediaover 30 years of ageself-employed, entrepreneursuse mobile phones to accesstheir respective social mediaprefer to contact friends via online social media vs. the telephone
Average Age: 41Household Income: $109,703Male: 64%Household Income $100k+ 53.5%Own Smartphone/PDA: 34%College Grad/Post Grad: 80.1%Business Decision Maker: 49%EVP/SVP/VP: 6.5%24% Have a Portfolio Value of $250k+Job Titles:C-Level Executives 7.8%EVP/SVP 6.5%Senior Management 16%
Marketing.Howtostartyourbusiness
Why do you need them?Effective tool for reaching target marketCost effectiveContacts can be closely trackedTarget certain messages to particular addressesReward customer loyaltyMUST BE PERMISSION BASED!!!
E-newsletter sites
Help identify template and programs you can useOne-on-one business consultingResearch tools ESRI, Dunn and Bradstreet. First ResearchGoal setting and accountabilityHow the ISBDC Can Help

More Related Content

Marketing.Howtostartyourbusiness

  • 2. The Big QuestionWhy do customers purchase what they do?
  • 3. Why do customers purchase what they do?Personal FactorsAgeLife-Cycle StageOccupationEconomic CircumstancePsychological FactorsMotivationPersonal PerceptionLearned ExperiencesBeliefsAttitudesSocial Class
  • 4. Who are your core customers and why would they buy what youre selling?NeedConvenienceImpulseDesireComfortHungerEasinessPressureImageBoredom
  • 5. Marketing Mix: The Four Ps of MarketingProduct What are you selling?Price How much does the customer pay?Place Where can a customer purchase your product? How does it get there? Promotion How will people know what youre selling?
  • 6. ProductWhat are the benefits of your product?What makes your product different from what is in the market today?How much research will you need to do to bring your product into the market? How will you do it?
  • 7. PriceWhat are competitors charging?What would your customers pay?What is your breakeven point?BE in units = total fixed cost divided by the pre-unit contribution to fixed cost (selling price variable cost)
  • 8. Pricing Practice #1Penetration initially setting low prices to beat the competition and then, as customers become more aware, prices are increased.
  • 9. Pricing Practice #2Competitive shift the emphasis to non-price competition based on other elements of the marketing mix
  • 10. Pricing Practice #3Skimming initially setting high prices for distinctive products with little or no competition.
  • 11. Pricing Practice #4Psychological - pricing designed to have a positive psychological impact. For example, selling a product at $4.95 rather than $5
  • 12. Place (Distribution Channels)How easy will it be for customers to purchase your product?Will you market directly to the end-user or indirectly through wholesalers and retailers?How will you physically distribute your product?Internally: how will the product move within your facilityExternally: how will you move the product from your facility to the end-user or intermediary?
  • 13. Promotional MixAdvertising - Any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor.Examples: Print ads, radio, television, billboard, direct mail, brochures and catalogs, signs, in-store displays, posters, motion pictures, Web pages, banner ads, and emails.
  • 14. Promotional MixSales promotion - Incentives designed to stimulate the purchase or sale of a product, usually in the short term.Examples: Coupons, sweepstakes, contests, product samples, rebates, tie-ins, self-liquidating premiums, trade shows, trade-ins, and exhibitions.
  • 15. Promotional MixPublic relations - Non-paid non-personal stimulation of demand for a product, service, or business unit by planting significant news about it or a favorable presentation of it in the media.Examples: Newspaper and magazine articles/reports, TV and radio presentations, Charitable contributions, speeches, issue advertising, and seminars.
  • 16. Promotional MixPersonal selling - A process of helping and persuading one or more prospects to purchase a good or service or to act on any idea through the use of an oral presentation.Examples: Sales presentations, sales meetings, sales training and incentive programs for intermediary salespeople, samples, and telemarketing. Can be face-to-face or via telephone.
  • 17. Service Marketing (3 more Ps)People - employeesProcess - servicePhysical evidence - comparing
  • 19. Develop an Advertising CampaignSend a single idea and theme across a number of advertising outletsWhat is the campaign theme or central message communicated in all promotional activatesSpeak in the advertising language your target market will want to hear
  • 21. If the 4 Ps in a marketing mix overlap, where do I start?Your Customer is at the center of your marketing mix.
  • 22. Do you know your customeror think you know your customer?Who decides if your product is worth buying?Who decides its value?Who decides where to buy?Who decides where you should promote your product?Research your customers.
  • 23. Marketing PlanWrite it Build it Guide it Direct it
  • 24. Developing Your Marketing PlanUse a template or computer programStart with what you knowResearch your assumptions and fill gapsUse real numbers and set realistic goals
  • 25. Marketing TodayIndustry specificGoogle profileYou TubeWebinarsForumsEmail newsletterTraditional(business cards, direct mail)twitter
  • 26. More than 300 million active users 50% of our active users log on to Facebook in any given day The fastest growing demographic is those 35 years old and older
  • 27. 185 Million Registered Users 50.2% Female / 49.8% Male Primary Age Demo: 14 34 Over the last 5 months, had between 39 and 45 Billion page views per month. 350,000 new registrations each day 1 Billion total images Millions of new images/day 25 Million Songs, 60,000 new videos / day 4.5 Million people on site on any one time
  • 28. 45-54 year olds are the top demograpictech-entrenched, early adoptersclaim use of online social media is their favorite leisure activityuse multiple forms of online social mediaover 30 years of ageself-employed, entrepreneursuse mobile phones to accesstheir respective social mediaprefer to contact friends via online social media vs. the telephone
  • 29. Average Age: 41Household Income: $109,703Male: 64%Household Income $100k+ 53.5%Own Smartphone/PDA: 34%College Grad/Post Grad: 80.1%Business Decision Maker: 49%EVP/SVP/VP: 6.5%24% Have a Portfolio Value of $250k+Job Titles:C-Level Executives 7.8%EVP/SVP 6.5%Senior Management 16%
  • 31. Why do you need them?Effective tool for reaching target marketCost effectiveContacts can be closely trackedTarget certain messages to particular addressesReward customer loyaltyMUST BE PERMISSION BASED!!!
  • 33. Help identify template and programs you can useOne-on-one business consultingResearch tools ESRI, Dunn and Bradstreet. First ResearchGoal setting and accountabilityHow the ISBDC Can Help