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Course Outline
1. What is marketing? 2. Conducting market research 3. Analyzing the market environment 4. Selecting your target markets 5. Market positioning 6. Designing products & services 7. Pricing products & services 8. Placing products & services. 9. Promoting products & services 10. Creating a marketing plan
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What Is Marketing?
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What is marketing?
Most people mistakenly identify marketing with selling and promotion. While selling and promotion are a part of marketing, they are not most important part. In Principles of Marketing Philip Kotler stated:
If the marketer does a good job of identifying consumer needs, developing appropriate products, and pricing, distributing, and promoting them effectively, these goods will sell very easily.
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Defining Marketing
Marketing can be defined as an activity directed at satisfying needs and wants through exchange processes. The ultimate goal of marketing is to make selling nonessential, To know and understand the customer so well that the product or service fits him or her and sells itself.
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Exchange Processes
Marketing usually occurs to help facilitate an exchange between a buyer and seller.
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These forces can be dramatic and difficult to predict. Be aware of these forces because they can create threats and generate opportunities for your business.
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The 4 Ps of marketing
1. Product This is what you are offering to your target market, be it a tangible product or a service. 2. Price The amount you will charge for your product. 3. Place Channels your product will go through to reach the customer. 4. Promotion How you raise awareness with your target market.
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Researching consumers
There are many secondary data sources for researching consumers.
Consumer expenditure surveys Census data Demographics Psychographics
VALS (Values, Attitudes, & Lifestyles Surveys) Zip code psychographics
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Researching businesses
If your target customers are other businesses, the following links may be helpful in conducting research:
Business expenditure survey Economic
Others
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The questionnaire
When developing a questionnaire keep the following in mind:
Take your time to make sure that it is carefully developed and tested. Carefully choose your wording of each question. The sequence of the questions is also important. Make sure that all the questions included in the survey are necessary.
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Distribution channels...
Distribution channels will also play a role in the microenvironment. Suppliers, middlemen, warehouses and transporters are just a few of the factors that will effect the business. Be aware of these factors and how they will affect your market planning and decisions.
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Each of these markets characteristics should be analyzed on how they will effect the company.
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Competitive forces
The number of firms that supply a similar product will play a role in the competitive environment. Once you determine the number of competitors, you should then analyze competitive tools that will set you apart from the competition or give the competition an advantage over you. The first competitive tool most companies will use is price.
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Monitoring competition
Be aware of the actions of your competitors. Also develop an understanding of the market you are participating in, and what the customers in this market want.
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SEPTE analysis
A SEPTE analysis is a process that helps in analyzing the macroenvironment. SEPTE stands for
Social environment Economic environment Political and legal environment Technological environment Environmental issues
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Social environment
Social environmental factors include demographics and cultural aspects. These factors affect customer needs and the size of potential markets. Some social factors include:
population growth rates population shifts age structure (youths, young adults, retirees, etc.) the changing in family structure
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Economic environment
Economic trends can affect the marketing environment in several ways. Fluctuations in real income determine how much consumers will have to spend on discretionary goods and services. Also take into account the income distribution and the average income of your target market.
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Technological environment
Technological factors can lower barriers to entry and influence outsourcing decisions. Some examples of technological factors include R&D activity, automation and rate of technological change. Another factor that may affect the technological environment is if a company concentrates only on minor improvements or major innovations.
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Environmental issues
In our ever changing world, marketers should pay close attention to certain environmental factors that could create tremendous impacts on the marketplace. Impending shortages on raw materials, increased cost of energy, increased levels of pollution, and government regulations and intervention all play a role in the environmental marketplace.
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SEPTE analysis
Now that you have walked through the steps of the SEPTE analysis, apply it to your own marketplace. The following worksheet will help you through the process. SEPTE analysis worksheet
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Geographic location
Next consider the geographic level you will target. Will your customers be mostly at the local, state, national or international level? You also need to decide what the geographic makeup of your target market will be. You can classify your target market as either rural, suburban, urban, or a mix of any of these.
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Demographic variables
What characteristics will your target market share that will differentiate them from others? These variables should be measurable and can include any of the following:
Age Gender Race Ethnicity Income
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Demographic resources
Many resources are available to help you define the demographics of your target market.
U.S. Census Bureau Consumer Spending Surveys Business Expense Surveys American Factfinder State and County Quick Facts
EasiDemographics
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VALS
VALS place consumers into certain segments based on their responses to a particular survey. There are eight segments that they may be placed into. These segments are then defined by certain characteristics and traits that they share. For more information go to:
http://www.sric-bi.com/VALS/
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Market Positioning
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What is positioning?
Ries and Trout explain that the concept is really about positioning a product in the mind of the customer. Strategy is therefore planned in the mind, not the marketplace. This approach is needed because consumers are bombarded with a continuous stream of high-volume advertising. The consumer's mind reacts to this high volume of advertising by accepting only what is consistent with prior knowledge or experience.
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Repositioning Stoli
Consumers tend to perceive the origin of a product by its name rather than reading the label to find out where it really is made. Such was the case with vodka when most vodka brands sold in the U.S. were made in the U.S. but had Russian names. Stolichnaya Russian vodka successfully repositioned its Russian-sounding competitors by exposing the fact that they all actually were made in the U.S., and that Stolichnaya was made in Leningrad, Russia.
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Repositioning Pringles
When Pringle's new-fangled potato chips were introduced, they quickly gained market share. However, Wise potato chips successfully repositioned Pringle's in the mind of consumers by listing some of Pringle's non-natural ingredients that sounded like harsh chemicals, even though they were not. Wise potato chips of course, contained only "Potatoes. Vegetable oil. Salt. As a result of this advertising, Pringle's quickly lost market share, with consumers complaining that Pringle's tasted like cardboard, most likely as a consequence of their thinking about all those unnatural ingredients.
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Applying positioning
Sun Tzu stated, "battles are won or lost before they are ever fought." The concept of positioning applies to products in the broadest sense. Services, your business itself, tourist destinations, countries, and even careers can benefit from a well-developed positioning strategy that focuses on a niche that is unoccupied in the mind of the consumer or decision-maker.
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Be very careful
When you listed why your customers choose to do business with you, it is probably true that you included words like: quality, customer service, expertise, selection, or location. Repeat this to yourself: These words represent boring, rational argument. In fact, they are probably the exact words that your competitor would list as well.
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Remember, the seed inside the packages was identical. But nonetheless, the Lawn Seed outsold the grass seed by a factor of 4:1. People dont want grass seed but rather the hope, feeling, and aspiration of having the beauty of that pictured lawn and thats really what they are paying for.
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Whether you make or resell a product, these questions are important to answer.
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Manufacturing a product
If you manufacture a product, the following questions need to be addressed:
How is it produced? What materials and labor are required? How will its quality be measured and controlled? What is its technological lifespan? What research and development has been conducted and what still needs to be done?
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Selling a service
Delivering a service can be quite different then manufacturing a product. Some questions to address may include:
What services do you offer? How do they work? What materials or equipment is needed? What are your labor needs for these services? What are the steps in your service process? What benefit(s) do you provide customers?
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Intellectual property
Intellectual property is any product of the human intellect has some value in the marketplace. Intellectual property can include business strategies, images, ideas and concepts. In some cases it can be worth more to a business than tangible assets. For more information on intellectual property visit the World Intellectual Property Organization.
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UPC barcodes
Once a company has designed the packaging for a product, many want to include a UPC barcode on their product. You can obtain a UPC barcode through the Uniform Code Council, Inc.
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Regulatory issues
Depending on what type of product you will offer plays an important role in regulatory issues that will apply. To find out what regulatory issues apply to your product visit the following agencies:
Federal Trade Commission Food and Drug Administration Consumer Product Safety Commission
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Product Mix
While some companies only offer one product or service, most companies try to diversify themselves by offering a product mix. A product mix is the set of all product lines and items that a particular seller offers to buyers. Use the worksheet below to help you organize your product mix.
Product Mix Worksheet
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Pricing decisions
There are a number of internal and external factors that will come in to play when setting prices. Some of the internal factors may include pricing objectives, strategy and costs. External factors may include nature of the market and demand, competition and the economy.
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Pricing objectives
Pricing objectives help answer the question: What are you trying to achieve with your pricing strategy?
Survival Profit Return on Investment Market Share Cash Flow Status Quo Product Quality
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Pricing strategy
Once you have determined your objectives you should then focus on the methods you will use to determine your prices. Keep in mind laws that regulate pricing and pricing strategies such as the Clayton Act. For more information on the Clayton Act go to:
http://www4.law.cornell.edu/uscode/15/12.html
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Economic factors
Booms, recessions, inflation and interest rates all effect the pricing of a product. These economic turns will affect the costs to produce and consumers sensitivity to price and benefits of the product. Be aware of the current economic conditions and the economic forecast for the future when establishing a price.
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Compare your products gross margin with industry standards from sources such as RMA.
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Placing decisions
Placing your product is the third of the four Ps. It encompasses channels of distribution that serve as a transporter for getting your product to your customers. Decisions you will need to make in placing your product include market coverage, channel member selection, logistics, and location.
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Market coverage
You must first determine which markets you are going to reach and with what objectives. Be sure to include items such as the desired level of service and functions to be performed by channel members. Constraints to developing your objectives may come from several sources.
Customers, products, intermediaries, company policies, competitors, and the environment.
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Consumer
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Shipping options
There are several ways to handle shipping. FOB Factory Pricing: The costs of transporting the product from seller to buyer are borne by the buyer. Freight Absorption Pricing: Paying some of the transportation costs in order to bring the price in line with competitors. Uniform Delivered Pricing: A standard price charged regardless of location. Zone Pricing: Charging different prices for different regions of geography.
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Channel regulations
There are a multitude of federal, state, and local laws governing channel management. Through such laws as the Sherman Antitrust Act and the Federal Trade Commission Act, the government is trying to make sure that free trade and competition are protected.
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By identifying these tools you will be able to lay out the basis of a media plan and promotional budget for your company.
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Direct mail Trade shows Yellow pages Newspaper Magazines Radio Television Outdoor advertising Email advertising Telemarketing
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Direct mail
Direct mail allows for the most careful aim of your target. Direct mail is one of the least expensive methods of marketing on a per-sale basis. But be aware that an expected response rate for a general direct mailing can be as low as 2%. For help on direct mailings go to:
http://www.the-dma.org
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Trade shows
Trade shows provide an opportunity to make contacts with purchase-minded people. Identify objectives and locations for shows that you believe will generate the most leads for your business. For help identifying trade shows go to:
http://www.tsnn.com
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Yellow pages
In the yellow pages you are on level playing ground with your competitors because your ad can appear as big as theirs. If you cannot stand out from your competitors never tell your customers to Find us in the yellow pages. Instead, direct them to your listing in the white pages where every listing in the same size. To advertise in the yellow pages call:
1-800-249-4449
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Newspaper
Newspapers are great for broadcasting news. Ad types, dates, frequency and sizes are all important issues you need to address. However, try not to let the newspaper design or write the copy for your ad. If they do, your ad may appear like all of the other ads in the paper, including your competitors. For a listing of newspapers go to:
http://newsdirectory.com/
http://www.mediapost.com
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Magazines
An ad placed in a properly produced magazine can give high credibility to a small business. With magazines you can reach a more specific target than with newspapers. For a listing of magazines go to:
http://www.newsdirectory.com http://www.mediapost.com
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Radio
Radio advertisements can bring you into more intimate contact with prospects than a newspaper can. The response rate is usually equivalent to that of television, but with lower costs. Estimated listener base, demographics of that base, time of airing, and length of spots are all issues to keep in mind when developing a radio ad. For a listing of radio stations go to:
http://www.mediapost.com/
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Outdoor advertising
Outdoor advertising is effective at reminding people. It offers high repeat exposure and flexibility. However, with outdoor advertising there is no audience selection. For a listing go to:
http://advertising.utexas.edu/world/index.asp?pageid=Outdoor
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Email Advertising
Emails are similar to direct mailings in that they allow for the most careful aim of your target. Be sure to be aware of the laws that govern email advertising. For a summary of these laws go to:
http://www.techlawjournal.com/cong106/spam/Default.htm
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Telemarketing
Telemarketing can be a convenient way to educate customers about your products and services while offering a great deal of flexibility. However, be aware that many consumers today see telemarketing as a nuisance. They may also be leery of telemarketing fearing that it is a possible scam.
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Telemarketing fraud
The Federal Trade Commission (FTC) estimates that fraudulent telemarketers swindle American consumers out of more than one billion dollars each year. Make sure that you are aware of the laws that govern telemarketing. For more information go to: http://consumer.net/telemarketing/tcpainfo.asp
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While personal selling is an effective tool, its cost can be overwhelming to a company.
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Sales promotion
Sales promotions usually have three distinctive characteristics that help to set them apart.
1. They provide information and help gain attention. 2. They provide an incentive to the customer. 3. They encourage the consumer to buy quickly.
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Other types of publicity include public speaking engagements and public events.
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A percentage of sales
For retail or location based service companies, the following formula will usually work in helping to estimate a promotional budget.
times minus
equals
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Situation analysis
The situation analysis should include the following:
Company Analysis - Goals, culture, strengths and weaknesses. Customer Analysis - Number and type of customer, value drivers and decision process. Competitor Analysis Market position, strengths, weaknesses and market share of competitors.
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Situation analysis
The situation analysis should include a section on collaborators such as subsidiaries, distributors, etc. A SEPTE may also be included in the situation analysis. A SEPTE analysis will help in measuring the:
Social and cultural environment Economic environment Political and legal environment Technological environment Environmental issues
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SWOT analysis
A SWOT analysis is the last section of the situation analysis. This type of analysis helps to determine internal and external environmental factors. The internal factors are the strengths and weaknesses of the business. The external factors are the opportunities and threats in the market. SWOT analysis worksheet
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Market segmentation
The purpose of the market segmentation section is to help describe the segment(s) of the market you are targeting. Included in this segmentation are:
A description of the target market Percent of sales for this group What they want How they use the product Support requirements How to reach them Price sensitivity
Include a segment analysis for each market segment you are targeting.
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