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Heather Staffordon 2 November 2012
Transcript of Marketing 101
Market Research Consultant
Small Business Development Center (SBDC)
Southern Oregon University What Is Marketing? Selling is Marketing
Marketing is not Selling Look around you
What do you see?
What do you smell?
What do you hear?
All factors go into the customer’s perception of value
Consistency is key.
How can you maintain consistency with services? Marketing Is Everything Marketing Is...
“The science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.”
~Dr. Philip Kotler The Four Ps Place: Make the product available to the customer.
Product: Identify the tangible and intangible benefits of the product Price: Determine an appropriate product pricing structure Promotion: Create awareness of the product among the target audience What are the valuable features?
How is it better or different from other similar or substitute products?
Who will want this product or service?
How will your customers use it?
How does it make their lives better? Product Questions What do you want to charge?
What does it cost you?
Does your price allow room for wholesalers, shipping, taxes etc.?
What do your competitors charge?
What are you customers willing to pay?
How do you want to be perceived in the marketplace (gourmet vs. economy)? Price Questions Place Questions Where will you sell the product or service?
Is it affordable and accessible?
What hours are they open to the public?
What are the advantages & disadvantages of that placement?
Does this placement fit your brand image, target audience, price point, margin? Promotion Questions Where does your target market get information?
How do they communicate?
How do they make purchasing decisions?
Where do they make purchases?
How can you open communications with them?
What sales channels reach your target audience? The Marketing Mix Indirect Channel - the producer sells directly to the final customer or consumer. - use middlemen to reach the final customer or consumer. Direct Channel Mix Decisions lead to Building a Marketing Strategy Do not try to please all people.
Know your target market!
Strive to thoroughly delight, not merely satisfy your target.
Don’t try to compete head to head.
Find your niche.
Make sure the 4 Ps work together to communicate a consistent message to the market. Tips for Successful Marketing Increase sales revenue and profitability.
Increase or maintain market share.
Maintain or improve the image of products or a business.
Target a new market or market segment.
Develop new product or improve existing product. Good Marketing Can: Why Do Companies Fail in Marketing? Don't identify customer expectations
Don't reply to an email inquiry in 4 days
Cannot identify customers at risk of defection
Unable to identify why they lose customers
Don't design customer experiences for specific emotions Marketing Is... Every form of communication with the public
Satisfying needs and wants What are some of the most successful strategies you've seen? Discussion When have you been thoroughly delighted? What are some of the little things you've seen that make a difference? Relationship Management