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Marketing

Marketing. Business Plan Project Sophomore Business English Majors Mr. Lee. Marketing Overview. Marketing: The process of communicating the value of a product or service to customers, for the purpose of selling the product or service. In brief, the purpose of marketing is to: Find a need

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Marketing

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  1. Marketing Business Plan Project Sophomore Business English Majors Mr. Lee

  2. Marketing Overview • Marketing: The process of communicating the value of a product or service to customers, for the purpose of selling the product or service. • In brief, the purpose of marketing is to: • Find a need • Fulfill that need

  3. Marketing Overview • Marketing is very broad, so we’re going to focus on only a few points • Market analysis • Advertising

  4. Market Analysis • Market Analysis: The process of discovering and determining who your target market will be • Demographic: A segment of the total population • Age: The elderly, Adults, Middle Aged ______, 30-somethings, 20-somethings, Youth, Children • Race: Black (or African American), Hispanics, Whites, Asians • Sex: male or female • Socio-economic status: Upper class, Middle Class, Low Class • Residence: Urban, suburban, rural • Industry: Engineering, education, administrative, politics, retired • Region: Tianjin, Beijing, America, Japan, the whole world • The list goes on…

  5. Market Analysis • Target Market: Your ideal customer • The intersection of different demographic segments • For example: • Upper class urban white male youth ages 18 to 25 in the engineering industry • Middle class suburban Hispanic elderly retired females ages 55 to 65 • Marketing scope: how many possible customers exist in your demographic segment • Is it better to have a small marketing scope or a large marketing scope? • It depends: if your group is committed to your product, that is better than a large group with less commitment • Finding your target market is the key to success

  6. Advertising Principles • Business can be grown in one of four ways:

  7. Advertising Principles • Product life cycle • Very few products or services will remain popular forever, and this graph demonstrates the correlation between time and sales

  8. Advertising Principles • Development • Introduction • Growth • Maturity • This is typically when market saturation occurs • Market saturation: The majority or all of the potential customers have purchased the product • Decline

  9. Advertising Principles • Your product or service will enter the market, so you should take that into consideration with your proposal. However, you must also consider how you will adjust your pricing and advertising according to the product life cycle.

  10. Advertising • Brand management: The practice of maintaining your company or product’s image • Advertising Medium: The method that you use to promote your product. • Online banner ads • Email marketing • Word of mouth • Television and Radio adverts • Print adverts • Walk-ins • Posters (on the subway, bus stops, etc.) • Brand sponsorship • Sales representatives • Retail stores

  11. Sales Funnel • In your Proposal, consider the sales funnel • You won’t be able to make everyone in your target market a customer • Estimate how many customers you will have for how many advertisements you send out • It can be rough…you might end up spending a lot per customer!

  12. Sales Funnel • For example: • 1000 print advertisements mailed out • 950 people actually receive your ad • 250 actually open your letter • 20 people read and respond • 1 person becomes a customer • If you spent $200 on the print advertisements, the yield is $200/new customer using that advertising medium • You have a 1000:1 ad to customer ratio

  13. Sales Funnel Example

  14. Sales Funnel Example

  15. Advertising Strategies • There are many different kinds of advertising strategies…too many to list here! • I’m going to give you the major ones • If you’re interested in advertising and you’d like an extremely thorough list, check: • http://www.buzzle.com/articles/types-of-advertising-appeals.html • http://www.articleswave.com/advertising-articles/types-of-advertising-appeals.html

  16. Advertising appeals • Top 5 advertising appeals: • Fear • Humor • Rational • Sex • Bandwagon

  17. Humor appeal

  18. Rational appeal

  19. Sex appeal

  20. Bandwagon appeal

  21. Fear appeal

  22. Business Plan Proposal • Market Analysis • Is your product b2b or b2c? • What is your product or service’s target market? • How many people are in your target market? • Are there other competitors competing for your target market? What is your competitive advantage over them? • How much will your product sell for? • Marketing Plan • What is your slogan? Your call to action? • What advertising mediums will you use? • What advertising techniques will you employ to gain customers? • What significant images will you use? • Is there anything in your advertising that’s offensive?

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