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Marketing and Advertising Seminar
Transcript of Marketing and Advertising Seminar
Impacts of Small Businesses In Ontario
733,000 Self Employed Individuals
Small and Medium Sized Enterprises account for more than 97% of all firms
Lead in innovation and job creation
Components of A Business Plan
Market Research is the systematic gathering and analyzing of data related to markets and market activities
What is a Marketing Plan?
A marketing plan is the blueprint or the map you intend to follow in order to achieve your goals.
If you are planning for
marketing efforts, the plan will incorporate the strengths of your current effort with needed changes and improvements.
If the plan is for a
product or service, it will put all the elements together for an effective start on marketing.
Before starting a business
Introducing a new product or service
Maintaining your existing business
Provides good information for decision making
Develop sales forecasts
Guide marketing plans
Design new products/services based on conclusions and customer opinion
What For? Potential Applications
Determining Market Potential
Identifying New Opportunities
Enables Cost-Benefit Analysis
Guiding the Marketing Process
Identifying Potential Problems and Challenges
3 Benefits of Market Research
2. Minimizes the risk of doing Business
1. Aids communication with current and potential customers
3. Helps Evaluate Your Success
Identify the most effective way to reach your target market
Uncover Potential Problems
Research results may indicate that you should not continue further in a plan of action
Are you reaching your goals?
Tool for auditing a business and its environment
Helps marketers focus on key issues
Strengths and Weaknesses are Internal Factors
Opportunities and Threats are External Factors
Market Intelligence & Analysis
Who are they?
What share of the market do they have?
What are their strengths and weaknesses?
How will they react to your product/service?
What are they doing and NOT doing
Who are they? Age, sex, income
Where do they live, work, play, shop?
How often do they buy? Seasonal?
How big is your market potential?
Is it useful?
It can answer these questions:
In which market will your product/service likely succeed
What is the best way to enter the market
Is there a need for my product/service in this market
Are their customer needs currently not being satisfied
What is the market potential for this product
Why is our product not selling effectively
Ongoing process that involves gathering data about the following:
It is an important component of your business plan
Competitors and their strategic intentions
Technology, especially emerging trends and possible future developments
Legal and regulatory changes
Suppliers and changes to supply distribution systems
Industry and market trends
Political and economic changes that affect the competitive environment
Key Questions about Competitors
A useful source of information can be a competitors website
Where the company is located and how it is structured
Who the are the people behind the company – what are their skills?
Does the company have strategic partners
What are their main product/service offerings
What do people say about them
Measurable data sources ie. Dollars, stats
Describes instead of measuring ie. Observations, interviews
THE RESEARCH PROCESS
Sources of Data
Data Collected by You (primary)
Data Collected by Others (secondary)
Trade Journals / Shows
Library (journal access)
Your Market Research will identify who your customer/clients will be (ie. who will consume your product/service
Avoid limiting efforts to one target market
Targets can be individuals AND other businesses
Demographics vs. Psychographics
can be categorized from a statistical perspective ie., measure age, gender, education level, income level, marital status, etc.
are what groups of people care about, how they feel, what they value and how they live
Relying on Information
authour / publisher credentials / dates
Look for report references / sources
Verify information with other sources
Credible Starting Points
Lets see an example!
Question : How many new housing stats were there in Niagara in 2010?
Answer : In this case, we looked at the Ontario Home Builders’ Association (www.ohba.ca) and the stats were available – we know there were 1,086.
Places to Look:
Statistics Canada | www.statcan.gc.ca
Canadian Industry Statistics | www.ic.gc.ca/eic/site/cis-sic.nsf/eng/home
FP Markets Canadian Demographics | NF SBEC
Survey Monkey | www.surveymonkey
Super Demographics ($) | www.superdemographics.com
Canada Business Ontario | www.canadabusiness.ca
Niagara Falls Public Library | NFPL Reference Materials
Scotts Info ($) | www.scottsinfo.com
Research Sources www.research-sources.com/sources_per_country/canada/11
Marketing and Advertising
Find Out Where You Are
To Know Where You’re Going
How to Get There
Marketing Plan Outline
1. Executive Summary
2. The Challenge
3. Situational Analysis
1. Company Analysis
2. Customer Analysis
3. Competitor Analysis
4. SWOT Analysis
5. PEST Analysis
6. Selected Marketing Strategies
11. Short and Long-Term
High level Summary of your Marketing Plan
1-2 pages in length, written last
Introduces the businesses, company objectives, and marketing objectives
Brief description of the product or service to be marketed and associated goals, such as sales figures and strategic goals.
The Laundry Fairy provides convenient and affordable laundry cleaning service to commercial establishments. The Laundry Fairy will target NOTL B&B’s by dropping of brochures and meeting business owners. The Laundry Fairy will work towards gaining 5 new clients by the end of May 2011 to generate increase monthly profits of $1,500.
ie. 60,000 in sales in the first year
ie. Distribute 10,000 brochures in primary territory
ie. Establish a 5% share of the local market
ie. Volunteer for "organization" in first 3 months of operation
ie. organize a focus group to identify 3 new services
ie. Develop 3 strategic alliances to generate referrals
General Information about your business (Name, Address, Structure, Industry)
Focus, Culture, Strengths, Weaknesses, Market Share
Example: Java Joe’s Coffee Hut
Focus: Great Coffee, Fair Trade
Culture: Friendly x 3!
Strengths: Well Known Locally
Weaknesses: Expensive, No Drive Thru
Market Share: 25%
Every industry is shaped by a range of factors that affect how customers behave and businesses operate
Industry Trends & Growth
How large is the market ($)?
What market share do you anticipate?
What are the risks?
Are there seasonal factors?
Use the information that you learned in the Market Research portion to help you answer these questions!
Turning a perfect stranger into a happy customer takes more than a great product or service. People need to know what your offering, be willing to pay for it, and be able to find it.
Knowing Your Customers
Four Essential Questions to Ask
Who is your customer?
How do you reach this customer?
How do you motivate the person to buy?
How do you keep the customer satisfied and coming back for more?
Your Market Research will help you identify who your Target Market is!
....quick note on Target Markets!
Your target customers are those who are most likely to buy from you. Resist the temptation to be too general in hopes of getting a large slice of the market. This is called the
approach. That’s like firing 10 bullets in random directions instead of aiming just one dead centre of the mark – it can be expensive and dangerous!
Try to describe them with as much detail as you can, based on your knowledge of your product or service
A process where two or more organizations work together in an intersection of common goals. By sharing knowledge, learning and building consensus.
Collaborators can be:
Examples of Collaborators
Selecting a Marketing Strategy
How can you decide what is the best marketing strategy for your product? There is no single answer that has universal validity. For some products, mass marketing through retail stores is the best possible strategy. For some business-to-business products, a web site that lets customers rummage through the inventory and warehouses beats all other methods
Advertising and Promotional Ideas
Promotional Materials? www.brandblvd.ca
FOUR P'S OF MARKETING
Pricing (and Positioning)
What are you selling
Decisions revolve around
Price and Positioning
To be profitable for business and attractive to customers
How much do competitors sell for?
Where do you want to be position in the eyes of the consumer?
Positioning - Perceptual Map
Myth: “If I sell cheaper than my competition, everyone will come to me”
Wouldn’t be NIKE or CADILLAC if true
It’s all about perception and value
Generic vs. Name Brand
Plays the biggest role in the IMAGE of a product/service
Media Advertising Campaigns
Events and Sponsorships
Where are you going to sell it?
What suits the product
How are you going to get there
What does the competition do?
Branding - Whats in a name?
Brand Names that have become generic
These types of trademarks are referred to as genericized trademarks
Products vs. Benefits
Customers don’t necessarily buy products or services
… they buy BENEFITS
Makes lives easier
Do you buy
What are they selling?
Peace of Mind
After defining your strategy you must use the information you have gathered to determine whether this strategy will achieve the objective of making your enterprise competitive in the marketplace. Two of the most important assessments are:
Cost to enter the market
a company’s relationship and promise to its customers
Consistent use of: language, logo, colours, fonts and styles
It is built over time
Goal: create an identity that resonates with customers, so that they may develop an emotional tie that transcend a business-client relationship, to become a relationship grounded in trust and loyalty
Why is it important?
Provides a competitive edge and builds loyalty
Creates an expectation about companies products and services and differentiates customers experience in the marketplace
Associated brand with a colour helps customers relate to your brand personality (increases brand recognition by
up to 80%)
= cheerfulness, optimism, energy, awareness, opportunity
= social, youthful, adventurous, creative, good health
= passion, love , heat, action, speed, fun, courage, strength
= royalty, luxury, wealth, calming, passion, imagination
: spirituality, trust, calming, intelligence, technology, success
= nature, growth, joy, peace, health, freshness, balance
= pure, clean, sterilization
HOW to Build a Branding Strategy
It is the message on how, where, when and whom you will be communicating with
Verbally and visually
Begins with defining your core values and mission, as well as the benefits of your service/products
Identify what you stand for in your products and services, what you want your image to be, and the reputation you want your business to have
HONESTY and INTEGRITY are the most essential components of creating a personal brand
What is Marketing?
Most effective = when building a relationship with your customer over the LT through a variety of mediums (including content marketing, networking, word of mouth, customer referrals, email, websites, blogs, Facebook, Twitter, LinkedIn, public relations, media, etc)
It is important to develop ‘marketing standards’ to ensure the integrity of your products/services (ex. How you will promote your business and identify your target markets etc)
Knowing your customers and creative/strategic processes to meet their wants, needs and desires.
Consumers are 71% more likely to make a purchase based on social media referrals and 74% of companies have not caught on to the value of social media marketing
80% of online users prefer to connect with brands on Facebook
350 million+ users on Facebook
750 tweets per second and 56% of customers that tweet to companies are ignored
200 million+ LinkedIn members
Social media is #1 activity on the web
53% of people on twitter recommend products in their tweets