Effective Marketing Solutions for your Small Business
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1 COMMUNITY TECHNOLOGY CENTER PASSAIC COUNTY COMMUNITY COLLEGE Teacher: Lucia Gheorghiu Effective Marketing Solutions for your Small Business Ideas for Today and Tomorrow Dr. Lucia Gheorghiu 1
2 Effective Marketing Solutions for your Small Business Overview This workshop will show you how to define and target the markets where your services or products will be most successful as well as develop an action plan for your marketing efforts in order to reach your target markets. Dr. Lucia Gheorghiu 2
3 What is Marketing? 1. Research 1. To identify the consumers needs, wants and demands. 2. SWOT 2. Develop a marketing mix to satisfy your target market, and to make a profit. 1. Product 2. Price 3. Place 4. Promotion 3. Marketing Plan with objectives, strategies and tactics. Dr. Lucia Gheorghiu 3
4 Concepts SWOT Needs Wants Demands Satisfaction Expectations Profit Marketing Plan Objectives Strategies Tactics Dr. Lucia Gheorghiu 4
5 Business Mission What is the purpose of its existence? The mission must be defined in terms of benefits for the business s customers rather than in terms of goods/services. Dr. Lucia Gheorghiu 5
6 Objectives State the desired objectives. The objectives must be S -specific M - measurable A - attainable R -realistic T time framed Dr. Lucia Gheorghiu 6
7 Today s Situation Analysis S.W.O.T. S.W. Internal Environment Financial, Human, Physical Resources Information O.T. External Environment Demographic, social, economic, politicallegal, technological and natural environment. Competition Dr. Lucia Gheorghiu 7
8 Marketing Strategies Target market Marketing mix Product Price Place Promotion Advertising Personal selling Sales promotion Public Relations Dr. Lucia Gheorghiu 8
9 Target Market Define your market gender, age, family life-cycle, class, ethnicity, size, spending power, location, psychographics. What are the needs, wants and demands of your target? What benefits does the organization offer to each segment? How do these benefits compare with benefits offered by competitors? Who buys the firm s products? How does a potential customer find out about your business? When and how does a person become a customer? What publics other than target markets (financial, media, government, citizen, local, internal) represent opportunities or problems for the firm? Dr. Lucia Gheorghiu 9
10 Marketing Mix - Product What are the products/services you offer? What are the benefits of each offering? Your competitive advantage?! What are the major weaknesses, complaints? Brand name! Warranties, packaging, labeling. Customer service?! Dr. Lucia Gheorghiu 10
11 Marketing Mix - Price How price sensitive are the customers? Mark-up, status-quo pricing or demand oriented? Are discounts offered, and why? What methods of payment are accepted? Skimming or penetration strategy? Dr. Lucia Gheorghiu 11
12 Marketing Mix - Place Where, how, when do you sell your products/services. Direct delivery or using intermediaries? How good is the access to facilities? Are you visible? Location, atmosphere, waiting time. Dr. Lucia Gheorghiu 12
13 Marketing Mix - Promotion How does a typical customer find out about the firm s products/services? The message must be designed for the target audience. And suggest the benefits of the product/service. Inform, persuade, educate, and remind! Do you have a budget for promotion? Dr. Lucia Gheorghiu 13
14 Promotion - Advertising Media decision: TV, radio, outdoor, magazines, newspapers, Internet Message decision Do you use an advertising agency? Follow up! Dr. Lucia Gheorghiu 14
15 Promotion Personal Selling Sales force Training Compensation Match it with the target market! Database marketing. Are customers made to feel appreciated? Dr. Lucia Gheorghiu 15
16 Promotion Sales Promotion Short term incentives to increase the sales. Coupons Discounts Samples In store promotion Gifts, contest Do you target the customers and the sales personnel? Dr. Lucia Gheorghiu 16
17 Promotion Public Relations Press release, news letters, press conferences, word of mouth How is responsible? Web-site? Do you have a plan for bad publicity? Mass media, fire department, police department, schools other publics Dr. Lucia Gheorghiu 17
18 Marketing Strategies for Business Success Eight Strategic Marketing Decisions 1. Identify target market to direct your marketing efforts and identify your good customers to retain them 2. Devise relevant pricing strategy to ensure the business meets costs and profit goals 3. Define the scope of products/services to be sold and delineate their uniqueness to anything else on the market 4. Enhance product/service loyalty by delivering promised benefits and especially build strong relationships with customers 2004 The Entrepreneur Certificate Program is a product of the New Jersey Small Business Development Center. All rights reserved. Dr. Lucia Gheorghiu 18
19 Marketing Strategies for Business Success Eight Strategic Marketing Decisions 5. Determine what means will be utilized to sell business products/services (direct sales force, sales representatives, yourself or other ways). 6. Choose public relations tools to attract and keep business market as well as expand. 7. Continuous follow-up and strategy re-adaptation for market expansion. 8. Wisely allocate marketing budget monies, human resources and time to execute your marketing strategy in an effective and efficient way The Entrepreneur Certificate Program is a product of the New Jersey Small Business Development Center. All rights reserved. Dr. Lucia Gheorghiu 19
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