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Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall9-1
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall. 9-2
Chapter 9
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall. 9-3
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
1. What is the goal of your marketing efforts?
2. What target market are you trying to reach with your
message?
3. What do you offer that is unique?
4. What is the specific need that the market? Specifically how
are you addressing that need?
5. How does your business stand out from the competitors?
What are you known for?
6. What are the strategies and specific steps you will use to
implement your marketing plan?
7. What budget will you need to sell and promote your
business?
9-4
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
Marketing: the process of creating and delivering
desired goods and services to customers and involves
all of the activities associated with winning and
retaining loyal customers
Bootstrap marketing strategies: unconventional,
low-cost, creative techniques
Maximize “bang” from marketing bucks
Also known as guerilla marketing
9-5
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
A bootstrap marketing plan should:
1. Pinpoint the target markets the small company will
serve
2. Determine customers needs, wants, and
characteristics through market research
Find the “pain points” in the market
3. Analyze a company’s competitive advantages and
build a marketing strategy around them
4. Help create a marketing mix that meets customer
needs and wants
9-6
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
First step in building a marketing plan:
Identify the company's target market: the group of
customers at whom the company aims its products
or services
An effective marketing program depends on a
clear, concise definition of the firm's targeted
customers, not a “one-size-fits-all approach”
Technology is replacing the power of mass
marketing
Use the long tail of marketing
9-7
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall. 9-8
The Long Tail of Marketing
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
Three driving forces when marketing to
niches in the long tail:
1. Tools of production
2. Internet aggregators
3. Filtering software connects supply and
demand
9-9
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
Market research: the vehicle for gathering
the information that serves as the
foundation for the marketing plan
Spot important demographic, social, and
cultural trends and adjust strategies to fit
Do research before investing in a
business!
9-10
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
Individualized (one-to-one) marketing: a
system of gathering data on individual
customers and then developing a marketing
plan designed specifically to appeal to their
needs, tastes, and preferences
Primary research
Secondary research
9-11
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
Primary research techniques:
Customer surveys and questionnaires
Social media
Focus groups
Daily transactions
Other ideas
9-12
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
Data mining: process in which computer software
that uses statistical analysis, database technology,
and artificial intelligence finds hidden patterns, trends,
and connections in data so business owners can
make better marketing decisions and predictions
about customers’ behavior
Three types of information:
1. Geographic
2. Demographic
3. Psychographic
9-13
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall. 9-14
How to Become an Effective One-to-One Marketer
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
Relationship marketing (or customer relationship marketing): developing, maintaining, and managing long-term relationships with customers so that they will keep coming back to make repeat purchases
Steps:
Build database of customer information
Identify best and most profitable customers
Develop lasting relationships with these customers
Attract more customers like them
9-15
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
Use the following principles to build a competitive edge:
Find a niche and fill it
Retain existing customers
9-16
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall. 9-17
The High (Annual) Cost of Lost Customers
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
Use the following principles to build a competitive edge:
Find a niche and fill it
Retain existing customers
Concentration on innovation
Make innovation a strategic priority
Set goals and objectives for innovation
Encourage new product and service ideas
Always be on the lookout for new ideas
Keep a steady stream of new products and services flowing
9-18
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall. 9-19
Testing the Viability of New Product Ideas
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
Product
Place
Price
Promotion
9-20
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
Product
Products travel through various stages of development
Product life cycle: measures the stages of growth
Introductory
Growth and acceptance
Maturity and competition
Market saturation
Product decline
9-21
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall. 9-22
The Product Life Cycle
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
Enhance their product offering through:
Focus on the customer
Dedication to service and customer satisfaction
9-23
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
Dedication to service and customer satisfaction
Hire the right employees
Train employees to deliver superior customer service
Listen to the customer
Define superior service
Set standards and measure performance
Examine your company’s service cycle
Empower employees to offer superior service
Use technology to provide improved service
Ensure top management’s support
Give customers an unexpected surprise
9-24
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
Enhance their product offering through:
Focus on the customer
Dedication to service and customer satisfaction
Devotion to quality
Total quality management: quality in every aspect of the business and its relationship with the customer and in continuous improvement in the quality delivered to customers
Define, measure, analyze, improve, and
control (DMAIC)
9-25
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall. 9-26
The Quality DMAIC Process
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
Enhance their product offering through:
Focus on the customer
Dedication to service and customer satisfaction
Devotion to quality
Attention to convenience
Easy to do business with (ETDBW) index
Emphasis on speed
Time compression management:
1. Speeding new products to market
2. Shortening customer response time
3. Reducing administrative time
9-27
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
Promotion
Use the power of publicity
Publicity: any commercial news covered by the media that boosts sales bit for which a small company does not pay
Don’t just sell – entertain
Entertailing
Connect with customers on an emotional level
Build a consistent branding strategy
Embrace social media
Facebook and Twitter
9-28
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall. 9-29
Percentage of Companies That Have Acquired At Least One Customer From Social Networking Sites or a Blog
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
Promotion
Use the power of publicity
Publicity: any commercial news covered by the media that boosts sales bit for which a small company does not pay
Don’t just sell – entertain
Entertailing
Connect with customers on an emotional level
Build a consistent branding strategy
Embrace social media
Facebook and Twitter
Blogging
Online videos
9-30
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
Online videos
To market successfully on YouTube, companies should:
Develop a well-defined channel
Use the right key words
Think “edutainment”
Be funny
Post videos on multiple social media sites
Use other social media tools to promote new videos
9-31
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall. 9-32
Percentage of Small Business Owners Who Sat They…
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
Price
The right price for a product or service depends on:
1. A small company’s cost structure,
2. An assessment of what the market will bear
3. The desired image the company wants to create
in its customers’ minds.
Non-price competition can be more effective for
many small companies
9-33
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
Place
Four common channels of distribution for consumer goods:
1. Manufacturer to consumer
2. Manufacturer to retailer to consumer
3. Manufacturer to wholesaler to retailer to consumer
4. Manufacturer to wholesaler to wholesaler to retailer to consumer
9-34
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
Two common channels of distribution for industrial goods:
1. Manufacturer to industrial user
2. Manufacturer to wholesaler to industrial user
9-35
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall. 9-36