Marketing Overview

T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s

Twenty MinuteMarketing Overview

U.S. Department of Health and Human Services

By: Vincent McCoy, Executive Director

Inland Empire Small Business Development Center

T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s

Perspective

Small Business Development Center

Marketing Perspective Start well to finish well Execution over Ideas Organizational responsibility

T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s

Start Well

• Focus on a solution not a product

• Market Research

• Market Need versus Capacity

• External and Internal Review

T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s

Solutions not Products

Problems, issues and painGreater response to the offeringPain is a motivator for change

Execution is more important than productsConnecting with target marketsStrategy is key

T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s

Market ResearchSecondary Research

Existing sources and publicationsRelevant General not specificLower cost

Primary ResearchSpecific to your needsConducted for your needsIn-depth, focusedMore expensive

T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s

Environmental Scan

Determine how these factors affect your market?

– Competition– Technology– Economy– Legal/Regulatory– Social & Cultural

T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s

Internal Review

• Strengths and Weaknesses compared to competitive requirements.

• Use of the four P’s of Marketing– Product– Price– Promotion– Distribution

T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s

The Four Ps of Marketing

Target Target CustomersCustomers

Intended Intended PositioningPositioning

PRODUCTProduct varietyQualityDesignFeaturesBrand namePackagingSizesWarrantiesReturns

PRODUCTProduct varietyQualityDesignFeaturesBrand namePackagingSizesWarrantiesReturns

PRICEList priceDiscountsAllowancesPayment periodCredit terms

PRICEList priceDiscountsAllowancesPayment periodCredit terms

PROMOTIONAdvertisingPersonal sellingSales promotionPublic relations

PROMOTIONAdvertisingPersonal sellingSales promotionPublic relations

PLACEChannelsCoverageAssortmentsLocationsInventoryTransportationLogistics

PLACEChannelsCoverageAssortmentsLocationsInventoryTransportationLogistics

T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s

Develop a Strategy

• Does the research say Go or No Go?

• If it is a go, develop a strategy consistent with the information.

• Develop implementation plan

• Develop expectations

T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s

Monitor the Plan

Inspect what you expect

• Monitor results

• Use results and feedback to modify the plan

• Do it all again.

T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s

Questions?

T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s

Contact Information

Vincent McCoy

Inland Empire Small Business Development Center

vmccoy@iesmallbusiness.com

909.888.9011 x 202