Unit 5 Marketing - Plan

Creating a Powerful Marketing Plan
Chapter 6: Marketing Plan
Copyright 2002 Prentice Hall Publishing Company
Market Research
Market research is the vehicle for gathering the information that serves as the foundation for the marketing plan. Never assume that a market exists for your companys product or service. Market research does not have to be time consuming, complex, or expensive to be useful.
Market Research
How to Conduct Market Research: Define the problem Collect the data
Individualized (one-to-one) marketing
How to Become an Effective One-to-One Marketer

Identify your best customers, never passing up the opportunity to get their names. Enhance your products and services by giving customers information about them and how to use them.
Collect information on these customers, linking their identities to their transactions.
Successful One-to-One Marketing

Calculate the long-term value of customers so you know which ones are most desirable (and most profitable). Know what your customers buying cycle is and time your marketing efforts to coincide with it just-in-time marketing.
See customer complaints for what they are a chance to improve your service and quality. Encourage complaints and then fix them!
Make sure your companys product and service quality will astonish your customers.
Source: Adapted from Susan Greco, The Road to Oneto-One Marketing, Inc., October 1995, pp. 56-66.
Market Research (continued)

How to Conduct Market Research: Define the problem Collect the data
Individualized (one-to-one) marketing Data mining
Analyze the data and interpret the results Draw conclusions and act
Marketing Strategies for Entrepreneurial Ventures

Target Market Selection Strategies:
Market
specialization
segment concentration
Selective
Selective
Product
specialization
specialization
Full
market coverage
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Pinpointing the Target Market
One objective of market research is to pinpoint the companys target market, the specific group of customers at whom the company aims its products or services. Without a clear image of its target market, a small company tries to reach almost everyone and ends up appealing to almost no one!
Positioning
Choose the position you want your company to take in the marketplace Evaluate the competition and decide where they have position themselves Consider the consequences of the various choices of positioning available to your company

Target Market Selection Strategies:
Market
specialization
segment concentration
Selective
Selective
Product
specialization
specialization
Full
market coverage
9

Segmentation Strategies:
Geographic
Demographic
Psychographic
Behavioral
10

Differentiation Strategies:
Product
itself
Services Personnel Image
11
Marketing Mix Strategies:

New
product development Product line Brand Packaging and labeling Product life cycle decisions
12

Channel
choice Market logistics Inventory Transportation modes / carriers

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Types of Product Purchasers
Innovators: The adventurous ones

Purchase early because it is exciting.
Early Adopters: The opinion leaders

Purchase after analysis but willing to take a reasonable risk.
Early Majority: The deliberate masses

Try it after respected people have tried it. Needs to be infected with the idea.
Later Majority: The skeptical masses

Try it after respected people have proven it. Need contagion
Laggards: The most traditional of all

No urgent reason to change.
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A Guerrilla Marketing Plan
Determines customer needs and wants through market research. Pinpoints the specific target markets the company will serve. Analyzes a firms competitive advantages and builds a marketing strategy around them. Creates a marketing mix that meets customer needs and wants.
15
Guerrilla Marketing Strategies

Find a niche and fill it. Dont just sell; entertain. Strive to be unique. Create an identity for your business. Connect with customers on an emotional level.
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Relationship Marketing
Involves developing and maintaining long-term relationships with customers so that they will keep coming back to make repeat purchases. Small companies have an advantage over their larger rivals at relationship marketing. Requires a company to make customer service an all-encompassing part of its culture. Customers are part of all major issues the company faces.
17
The Relationship Marketing Process

If you have done everything else correctly, this step is relatively easy. Superb customer service is the best way to retain your most valuable customers.
Analyze
Sell, Service, and Satisfy
Conduct detailed customer intelligence to pinpoint most valuable customers and to learn all you can about them, including their lifetime value (LTV) to the company.
Build Relationships
Based on what you have learned, contact customers with an offer designed for them. Make customers feel special and valued.
Connect & Collect Learn

Make contact with most valuable customers and begin building a customer database using data mining and data warehousing techniques.
Learn from your customers by encouraging feedback from them; develop a thorough customer profile and constantly refine it.
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Plotting a Marketing Strategy: Building a Competitive Edge

Focus on the customer Devotion to quality Attention to convenience Concentration on innovation Dedication to service and customer satisfaction Emphasis on speed
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Focus on the Customer
67% of customers who stop patronizing a business do so because an indifferent employee treated them poorly. 96% of dissatisfied customers never complain about rude or discourteous service to the company, but... 91% will not buy from that business again. 100% will tell their horror stories to at least nine other people. 13% of those unhappy customers will tell their stories to at least 20 other people.
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Treating customers indifferently or poorly costs the average company 15% to 30% of gross sales! Replacing lost customers is expensive; it costs five times as much to attract a new customer as it does to sell to an existing one! About 70% of a companys sales come from existing customers. Because 20% of a typical companys customers account for about 80% of its sales, no business can afford to alienate its best and most profitable customers and survive!
21

Companies that are successful at retaining their customers constantly ask themselves (and their customers) four questions: 1. What are we doing right? 2. How can we do that even better? 3. What have we done wrong? 4. What can we do in the future?
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Devotion to Quality
Quality more than just a slogan on the company bulletin board World-class companies treat quality as a strategic objective, an integral part of the company culture. This is the philosophy of Total Quality Management (TQM).
Quality in the product or service itself Quality in every aspect of the business and its relationship with the customer Continuous improvement in quality
23
How Do Customers Define Quality in a Product?
Reliability (average time between breakdowns) Durability (how long an item lasts) Ease of use Quality Known or trusted brand name Low price
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How Do Customers Define Quality in a Service?
Tangibles (equipment, facilities, people) Reliability (doing what you say you will do) Responsiveness (promptness in helping customers) Assurance and empathy (conveying a caring attitude)
Quality
25
Attention to Convenience

Is your business conveniently located near customers? Are your business hours suitable to your customers? Would customers appreciate pickup and delivery services? Do you make it easy for customers to buy on credit or with credit cards? Are your employees trained to handle business transactions quickly, efficiently, and politely? Does your company handle telephone calls well?
26
Concentration on Innovation

Innovation the key to future success Innovation one of the greatest strengths of entrepreneurs. It shows up in the new products, techniques, and unusual approaches they introduce. Entrepreneurs often create new products and services by focusing their efforts on one area and by using their size and flexibility to their advantage.
27
Dedication to Service
Goal: to achieve customer astonishment!

Listen to customers. Define superior service. Set standards and measure performance. Examine your companys service cycle. Hire the right employees. Train employees to deliver superior service.
28
Dedication to Service
(continued)
Goal: to achieve customer astonishment!

Empower employees to offer superior service. Use technology to provide improved service. Reward superior service. Get top managers support. View customer service as an investment, not an expense.
29
Emphasis on Speed
Re-engineer the process rather than try to do the same thing only faster. Create cross-functional teams of workers and empower them to attack and solve problems. Set aggressive goals for production and stick to the schedule.
30
Emphasis on Speed
(continued)
Rethink the supply chain. Instill speed in the company culture. Use technology to find shortcuts wherever possible. Put the Internet to work for you.
31
Benefits of Marketing on the World Wide Web
Even the smallest companies can market their products and services around the globe. The Web is growing rapidly. The Web can be the Great Equalizer in a small companys marketing program. Web customers are demographically attractive: They are young, educated, and wealthy.
32
Small Businesses and the Web
Only 1/4 of small companies have Web sites. Why?

Security concerns Site may not draw customers
Although small companies make about 50% of U.S. retail sales, they account for just 9% of online sales.
33
The Marketing Mix

Product Place Price Promotion
34
Stages in the Product Life Cycle

Introductory stage Growth and acceptance stage Maturity and competition stage Market saturation stage Product decline stage
High Costs
Sales Climb
Profits Peak
Sales Peak
Sales & Profits Fall

35
Product Life Cycle

Introduction Growth Maturity Decline
Volume Time
2001 by Prentice Hall, Inc.

36
Value-Added Concepts
Modern Methods of Selling
37
Value-Added Strategy (a direction)
Value-Added Selling (a process)
Value-Added Leadership (a behavior)
Value-Added Planning (a discipline)
38
Value-Added Strategy
Focuses the total business and its people on satisfying the customer Brands (positions) the company as a producer and provider of premium values whose worth exceeds the price asked Makes satisfying the customer the #1 priority of the company Creates an organization of customer advocates and activists Establishes team performance and cross-functional behavior Improves the companys revenue, margin, cost efficiency and profit performance
39
Value-Added Planning
Created by the implementers Protects limited resources Applicable at all organizational levels Easy and simple to use not complex Measurable and rewardable
40
Value-Added Leadership
Differentiates between management and leadership Bonds leadership talk with leadership walk Establishes that all can be leaders Produces a peer-based leadership climate Improves individual and team productivity
41
Value-Added Selling
Increases sales revenue Increases sales force productivity Creates customer focus and customer drive Motivates a partnership relationship Enhances value-added branding Strengthens competitive differentiation
42
Develop Sales Skills

Platforming (positioning) Questioning Listening Communicating Concentrating Interacting Using Aids Reading and Reacting Managing Resistance Closing
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Strategic Options
Competitive Advantage
Uniqueness Perceived by the Customer Low Cost Position
Industry
Differentiation
Low Cost
Target Market
Niche
Differentiation Focus
Cost Focus

Marketing Mix Strategies: Markup pricing Target return pricing Perceived-value pricing Value pricing Going-rate pricing Sealed-bid pricing Geographical pricing Price discounts and allowances Promotional pricing Discriminatory pricing Product mix pricing
45


Advertising Billboards Point-of-purchase displays Symbols and logos Packaging inserts Sales promotion Public relations Personal selling Direct marketing
46

Unit 5 Marketing - Plan

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Unit 5 Marketing - Plan

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Creating a Powerful Marketing Plan

Chapter 6: Marketing Plan

Copyright 2002 Prentice Hall Publishing Company

Chapter 6: Marketing Plan

Copyright 2002 Prentice Hall Publishing Company

Chapter 6: Marketing Plan

Copyright 2002 Prentice Hall Publishing Company

How to Become an Effective One-to-One Marketer

Collect information on these customers, linking their identities to their transactions.

Successful One-to-One Marketing

Market Research (continued)

Chapter 6: Marketing Plan

Copyright 2002 Prentice Hall Publishing Company

Marketing Strategies for Entrepreneurial Ventures

Pinpointing the Target Market

Chapter 6: Marketing Plan

Copyright 2002 Prentice Hall Publishing Company

Chapter 6: Marketing Plan

Copyright 2002 Prentice Hall Publishing Company

Marketing Strategies for Entrepreneurial Ventures

Marketing Strategies for Entrepreneurial Ventures

Chapter 6: Marketing Plan

Copyright 2002 Prentice Hall Publishing Company

Marketing Strategies for Entrepreneurial Ventures

Services Personnel Image

Chapter 6: Marketing Plan

Copyright 2002 Prentice Hall Publishing Company

Marketing Strategies for Entrepreneurial Ventures

Marketing Mix Strategies:

Copyright 2002 Prentice Hall Publishing Company

Marketing Strategies for Entrepreneurial Ventures

Marketing Mix Strategies:

choice Market logistics Inventory Transportation modes / carriers

Copyright 2002 Prentice Hall Publishing Company

Types of Product Purchasers

Innovators: The adventurous ones

Early Adopters: The opinion leaders

Early Majority: The deliberate masses

Later Majority: The skeptical masses

Laggards: The most traditional of all

Chapter 6: Marketing Plan

Copyright 2002 Prentice Hall Publishing Company

A Guerrilla Marketing Plan

Chapter 6: Marketing Plan

Copyright 2002 Prentice Hall Publishing Company

Guerrilla Marketing Strategies

Chapter 6: Marketing Plan

Copyright 2002 Prentice Hall Publishing Company

Chapter 6: Marketing Plan

Copyright 2002 Prentice Hall Publishing Company

The Relationship Marketing Process

Connect & Collect Learn

Copyright 2002 Prentice Hall Publishing Company

Plotting a Marketing Strategy: Building a Competitive Edge

Chapter 6: Marketing Plan

Copyright 2002 Prentice Hall Publishing Company

Focus on the Customer

Chapter 6: Marketing Plan

Focus on the Customer

Chapter 6: Marketing Plan

Copyright 2002 Prentice Hall Publishing Company

Focus on the Customer

Chapter 6: Marketing Plan