Marketing Planning Workshop Name: 1
Planning your Marketing Strategy Workshop Contents: A guide to marketing terms and acronyms Power point slides Task 1 Notes page Task 1 Answer sheet Task 2 Notes page Task 2 Answer sheet Task 3 My Customer Task 4 Marketing Methods Task 5 Marketing review and action plan Help Guides: A guide to marketing terms and acronyms The P s of Marketing Market Segmentation Marketing Planning Additional Information Learning Objectives The learning objectives of this workshop are: Learning objective 1 Learning objective 2 Learning Objective 3 Learning objective 4 To develop a understanding of Marketing To understand market segmentation and identify different socio-economic groups To be able to use appropriate methods of marketing for your business-targeting your customers To review your marketing plan, comparing costs against effectiveness. Learning objective 5 To introduce a range of online marketing techniques. 2
A guide to Marketing terms and acronyms Marketing: Marketing is the process a business uses to identify or anticipate its customers needs and desires, and promote its products or services accordingly. Successful marketing can really boost the profitability and reputation of any business. Marketing mix: The set of marketing tools that the firm uses to pursue its marketing objectives in the target market 4 p s: Price, product, place and promotion Direct marketing: marketing via a promotion delivered directly to the individual prospective customer Indirect marketing: Indirect Marketing is the distribution of a particular product through a channel that includes one or more resellers Market segmentation: Identifying a suitable group of customers who are most likely to buy from you is called market segmentation E-business: The use of internet technology to conduct or facilitate business. E-Commerce: The trading of goods and services over the internet. Search engine optimization (SEO): the process of improving the volume and quality of traffic to a web site from search engines. This can be done via targeted key words. 3
The Ps of Marketing A tried and tested marketing strategy is to focus on these 4 P s which are key to what will attract your customer, defining who your customer is, and how to reach them. Promotion Product (Service) Place Price 4
Task 1: Market Segmentation Notes page 5
Flake-chocolate bar Female 25 45 Seen as an indulgent treat Like luxuries Task 1: Market Segmentation answer sheet Yorkie - chocolate bar Men 18-40 Employed in manual jobs Hard working with large appetites Magazines Vogue-Mairi Claire Female 25-45 Likes designer labels High end fashion follower Professional Takes regular holidays Purchases clothes monthly Like quality goods and materials Concerned with appearances Expensive In depth interviews Heat-Closer Female 16-35 Fashion conscious High street shopper Interested in celebrities Cheap to buy Sensationalises news/gossip Newspapers Times/ Guardian Broad Sheet Professional 6
Serious news in depth information Financial information company info. Party weighted political High end job sections graduates professionals Expensive 90p Daily Mirror Tabloid Popular within certain areas Celebrity based Sensationalises news Easy to read Less serious in depth stories Cheap 45p Party weighed political Drinks Diet Coke Aimed at women 20-30 Single / Groups (Advert women trapped rescued by man) Office Setting Feminine Seen as a healthy option Advertised in Heat, lifestyle magazines TV adverts Coke Zero Aimed at men 18-35 Active men (Advert James Bond) (tidying house while girlfriend in shower Father outside the door) Masculine Image is not diet conscious/healthy TV adverts Male magazines - FHM 7
Market Segmentation Describe the market segment you are aiming to provide for, using the categories listed below that apply to your business. * Who will be your most likely customer? * Are they distinguishable by their age/gender/family size/income range, where they live/work/shop? * What is their employment group professional/managerial; clerical/supervisory; skilled manual/unskilled manual; unemployed/pensioner etc? * What are their interests and buying habits? * Are you aiming for a budget / premium market? * How wide is your radius how far will clients come from? * If you are dealing business to business, you will need to profile both your commercial customers and the end user of the product. Market Segmentation Identifying your customer base The first step is to split the general market of customers who would buy such products (from any provider) into more manageable chunks. This will allow you to begin to identify a suitable group of customers who are most likely to buy from you. This process is called, segmenting the market. Remember that you cannot be everything to everyone. You should aim what you do best at those who are most likely to like, need and want it. This is achieved by breaking up the general market of customers into more manageable and appropriate groups; say for example - men/women, young/old, working/non-working etc. Already within these large categories a group or segment of the bigger market begins to emerge. Based on what your business can offer, the more defined your market segment is, the clearer your customer characteristics will become. This process will enable a greater understanding of who they are and what, typically they are like. This process will then allow you to aim, or market your business more appropriately to this group. When you aim your business at a certain market segment (or customer group) with your mix of marketing activities it is called target marketing. 8
Task 2: My customer is Start noting down who you think you customer is. Eg. What age group, gender, location etc. 9
Target Marketing It is important that you choose methods of marketing that will reach your target market. There are many different ways to reach your customer. Some examples of marketing methods: Free press Local press Website Social Media Leaflets/posters Shop front Direct mail/e-mail Exhibitions and trade fairs Networking It is important to conduct market research to ensure the methods of marketing you are considering match your customer profile. 10
Task 3: Identify marketing methods that would be appropriate for the following businesses. Remember to think about who will be the most likely customers for these businesses: Beauty business offering luxury product range Accountancy firm Local Catering Service Mobile phone app developer 11
Task 3: Marketing Methods answer sheet Beauty business retailing luxury beauty products Posters/leaflets in high end hair & beauty salons Website Facebook page Twitter account High profile glossy magazines Networking with beauty & fashion industry Sending sample products to high profile celebrities Accountancy Firm Business networking events Website Online business directories Business support forums Email mail outs providing news and updates Contacting business support agencies and banks to pass on business cards Government taxation authority Small Business Federation Chamber of Commerce Linkedin Local Catering Service Leaflet drop Facebook page Local newspaper Advertising Large shop sign Car adverts Sandwich board Mobile Phone App Developer Networking within creative & digital sector Twitter and blog Technology based publications Business to business direct marketing Linkedin 12
Task 4: Marketing review and action plan Review What marketing have you done in the past? How much did it cost? Did it reach your target market? How did it go, was it worthwhile? Action plan What marketing could you do in the future? 1. How much will it cost, will it reach your target market? How did it go, was it worthwhile? 2. 3. 13
Marketing Planning Additional Information For additional information regarding your marketing strategy please visit Business link website (link below). Here you will find information regarding: Defining your target market Developing your promotional strategy Product strategy - positioning and differentiation Product portfolio - product life cycle Tips and pitfalls http://www.businesslink.gov.uk/bdotg/action/layer?topicid=1073900352 14