MT209 Small Business Management Unit 4 – Marketing the Business.
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Transcript of MT209 Small Business Management Unit 4 – Marketing the Business.
MT209 Small Business ManagementUnit 4 – Marketing the Business
Contact Information Email – [email protected]
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Agenda Introduction – Seminar Ground Rules
Unit 4 – Outcome
Unit 4 - Assignments
Unit 4 – Marketing Plan
Unit 4 – Marketing Products or Services
Conclusion
Seminar Ground Rules
Write screen name of person you are chatting to
For whole class – To all
For instructor – Mark
Write responses in full, complete sentences
After seminar starts – do not announce your arrival or departure
No side conversations while I’m speaking
Seminars designed for interaction NOT completing PowerPoint Slides
Seminar debrief – how valuable was the seminar to you in terms of information and interaction with instructor and other students
Scale 5 (best) – 1 (not worth my time)
Explain why you gave the rating you did
Unit 4 OutcomesAs a result of your work in this unit, you should be
able to:
Identify the components of a formal marketing plan.
Explain the different methods of forecasting sales.
Define customer relationship management (CRM) and explain its importance to a small business.
Understand psychological and sociological influences on the consumer.
Identify advertising options for a small business.
Unit 4 – To Dos Start the Unit
Review the key terms
Read
Chapters 7, 14, and 17 in your text
Graded Assignments
Unit 4 Discussion
Unit 4 Assignment
Unit 4 Quiz
Seminar or alternative assignment
Unit 4 - Discussion Read the article on entrepreneur.com describing each
of the following five consumer groups: Gen I, Gen Y, Gen X, Boomers, and The Greatest Generation at:
http://www.entrepreneur.com/marketing/article202334.html#
Then respond to the following:
Describe your particular business plan concept.
What would form your target market and why?
How would this particular choice impact your promotional considerations? Be sure to give some specific examples.
Unit 4 - AssignmentUsing the MT209 Project Template and the MT209 Project Instructions; complete the Marketing Plan section of your Descriptive Business Plan in the MT209 Project Template. How your proposed product or service fills a gap in the marketplace, or how your product or service will be “better” than those already existing in the marketplace.
Market analysis – Develop a customer profile for each identified potential target market customer. 1. What is the purchasing power of this group (how much disposable income)? 2. What is their dominant family status (families, singles)? 3. What are their age ranges? 4. What are their leisure habits?
Competitors – Outline and describe principal rivals for each target market customer group. Be sure to also include indirect competitors as well as direct competitors.
Marketing strategy – Describe how you propose to reach the target customer. Will you use a single segmented, multi-segmented, or un-segmented strategy?
Questions
Unit 4 - Marketing Marketing: The process of planning and
executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create and maintain relationships that satisfy individual and organizational objectives.
Unit 4 – Goals of Marketing
Goals of the marketing plan should be to:
Name and describe each market
Explain specific methods you plan to use to reach these markets
Establish the costs in both time and money to market your products
Integrate the marketing plan with all other sections of the business plan
Unit 4 – Key Questions
Is there a consistent demand for my product or service?
Who will I be competing against for the same customers?
Can I realistically compete on price?
Can I realistically compete on quality?
Can I realistically compete on distribution?
Can I do all the above and still reach my projected profit?
Unit 4 – Marketing Research
Shows other possible approaches to your markets
Gives meaningful basis for making assumptions about profits
Helps in development of goals
Helps in organizing the marketing plan
Helps in identifying the limits of profitability in markets
Unit 4 – Types of Market Research
Secondary Research:
Consists of already reported research. Statistics, and projections done by others
Often provided by governmental agencies, state agencies, business trade organizations, universities
Often available as references in public library
Some available on the Internet
Competitors
Unit 4 – Types of Market Research
Primary Research:
Specific research conducted by the entrepreneur or by those engaged by the entrepreneur
Is costly and time consuming
Fills in the gaps not addressed by secondary research
Unit 4 – Qualitative vs Quantitative
For this course, the quantitative data provided by market research is beyond the time constraints allowed
Instead we will focus on understanding the process and the elements that must be addressed in good marketing research within a business plan
Market research will be addressed in depth in a marketing course
Questions
Unit 4 – The Customer
Your market research goal is learning about your customers: Who are you customers? Where are they located? What do they need or want? What resources do your customers have? Is your product or service something they need in
their everyday life? Can your customers afford your products at your
proposed pricing levels Where can you create demand for your product?
Unit 4 – Bundle of Satisfaction
Core product or service – fundamental benefit sought
Actual product or service – the actual product or service that fulfills the fundamental benefits sought
Augmented product or service – the basic product or service plus any additional perceived benefits that prompt a customer to purchase the product or service
Unit 4 – Market Analysis
Customer Profile – Created by secondary and primary research carefully describes how your product or service will specifically create perceived value for your target customer
Analysis of Competition – Also created by research seeks to thoroughly identify the strengths and weaknesses of rivals in your potential market
Marketing Strategy – Specific strategies must be created to address each target market segment or group of customers. These will outline how the business will create its marketing mix
Unit 4 – Marketing Mix
The 4 P’s:
Product – How to transform the product or service into bundles of customer satisfaction?
Place – How to deliver the product or service to the customer?
Price – How to set the appropriate pricing levels for the product or service?
Promotion – How to communicate the necessary information to the potential customers?
Questions
Thank You!