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Marketing The Big Picture

Marketing The Big Picture. About SCORE. Successful and experienced business owners and executives acting as volunteers Free ongoing mentoring: One-on-one E-mail Signup on our website – Mentoring Tab Seminars, workshops and Meetup Group

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Marketing The Big Picture

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  1. MarketingThe Big Picture

  2. About SCORE • Successful and experienced business owners and executives acting as volunteers • Free ongoing mentoring: • One-on-one • E-mail • Signup on our website – Mentoring Tab • Seminars, workshops and Meetup Group • Resources for small business: manasota.score.org Douglas S. Cavanaugh

  3. Introductions . . . Your Expectations? • Introduce yourself • What business are you in? • What are your expectations for the meeting today? • Record . . . End of the meeting feedback: Expectation Gaps Outcome

  4. Marketing What is Marketing? The 4P’s Product / Service Pricing Promotion Place (Distribution) Marketing Examples / Functions Market Research Merchandising Advertising Product Planning Sales Promotion Public Relations Karen Bevels

  5. Marketing Today, think about . . . Where does your business stand today? Where you need to take it? How do you get there? . . . as we go through the session Karen Bevels

  6. Identify Your Marketing Goals Have Your Business Needs Changed? • Target customers • Existing customers • New customers • Product or service mix • Pricing approach • Promotion Success • Budget • Sales channels Karen Bevels

  7. Fills target customer needs • More profitable(considers cost and price) • More sales • Minimum channel conflict • Favorable competitive environment • Fits my vision and skills Target Market Comparison and Selection 7

  8. Identifying Target Markets Who will you sell to? Channel position Profile Key demographics Income level Gender Geographic Buying habits and behavior Market size and realistic penetration: growing or declining 8

  9. Descriptions should include: • Special benefits • Unique features • Limits and liabilities • Production and delivery • Suppliers • Intellectual property, special permits Products and Services 9

  10. Pricing Decision Approaches You can vary prices in accordance with the market’s expectations to achieve your profit goals Where do you stand now? Market – Premium – Discount Do you have changes in your costs? Do you have pricing power? Do you have alternatives? – packaging, features, services, etc

  11. Promotion Methods and Tools • Advertising: radio, TV, newspaper, magazine, direct mail, yellow pages • Public Relations: print, radio, TV • Collateral: business cards, tri-folds, stationery, flyers • Websites, e-mail, social networks, blogs, newsletters • Product samples, special offers • Customer surveys • Presentation material, signage

  12. Typical Channels / Distribution • Direct Sale: Business to Business • Producer to Distribution to Retailer • Direct Sale to Final Consumer • Internet • Associate Networks for Services

  13. Understanding Market Share • Measured by dollars, units or percentage • Monitor market share regularly • Adjust marketing strategy accordingly

  14. Compare the competition for: • Features/benefits of offering • Pricing strategy • Annual sales size • Marketing strategy • How they reach target customers • Business model/efficiency Competitive Data Analysis 14

  15. Is the Strategy Right for You? Not every marketing strategy is right for every business When evaluating the options, ask: • Will this help achieve my goals? • Will this reach my target customers? • Does this fit my budget? • Do I have adequate staff to implement?

  16. Exercise – Promotion Strategy Assessment / Goals Using the Worksheet in your folder, fill in your EXISTING Promotion Strategy and then potential new target markets. What new promotion strategies may be able to help grow your business? Fill-in your thoughts about pros and cons of each area list below: How will this help achieve my goals? How will this reach my target customer/s? Does this fit my budget? Do I have the necessary staff? 10 minutes to work and 10 minutes to discuss 16

  17. Exercise – Market Strategy Assessment / Goals 10 minutes to work and 10 minutes to discuss 17

  18. Assessing Your Business The SCORE Business Needs Assessment, it is in your packet. Download at: http://tinyurl.com/8j7fkgw It will help you assess the current state of your business in 5 key areas: • Management • Marketing • Sales • Finance • Operations Decide what additional sessions to attend Develop a customized business improvement plan

  19. Business Needs Assessment - Marketing

  20. Help Us, Help You Please fill out the session evaluation form Your feedback is important to help us improve our programs!

  21. Thank You!

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