Embed Size (px)
DESCRIPTION
Learn marketing keys from Belinda Engelhart with the Small Business Development Center. This will help your business as you begin to develop new markets.
Citation preview
Existing & Expanding Business Lunch & Learn
DEVELOPING NEW MARKETS/GROW YOUR BUSINESS
Belinda EngelhartRegional Director
The SD SBDC provides professional, confidential,
no costbusiness consulting services
to individuals starting a business or improving their
existing businesses.
SBDC (World View)
6 Centers in SDVermillion, Yankton,, Rapid City,
Pierre, Aberdeen, Sioux Falls, Watertown
2 SubCenters: Mitchell and Brookings
1100 Centers in the US, Puerto Rico and Guam
6 Regions in SD
Counties in North Central Region (Watertown Office)
• Brookings• Clark• Codington• Deuel• Grant• Hamlin• Kingsbury• Lake• Miner• Moody
X
Assist Clients
To Reach Their Goals
One-on-One
Counseling
DEVELOPING NEW MARKETS/GROW YOUR BUSINESS
Marketing Roadmap
Marketing Roadmap
PERSONAL: What is my destination?
BUSINESS:
What is the goal for my business?
Marketing Roadmap
PERSONAL: Who are my traveling companions?
BUSINESS:
Do I have effective employees, support staff and a targeted market/audience?
Marketing Roadmap
PERSONAL: How much money will I need for this trip?
BUSINESS: What is my projected marketing budget?
Marketing RoadmapPERSONAL: How will I get to my destination?
BUSINESS: What are the marketing vehicles (ie. email, newsletters, mailers, media communication) I will use to reach my targeted market/audience?
Marketing Roadmap
PERSONAL: What types of clothes do I need to take with me?
BUSINESS: Will I have seasonal, one-time or year-round clients?
Marketing Roadmap
PERSONAL: What items do I need to take in case of an emergency?
BUSINESS: In the event that something unexpected happens with my initial plans, do I have a backup game plan to continue on the road to reaching my goals?
Marketing Roadmap
PERSONAL: What is my trip's ETA (Estimated Time of Arrival)?
BUSINESS: What are my short and long term business goals (ie. 6 months, 1 year, 5 years and beyond)?
Marketing Quote
Authentic marketing is not the art of selling what you make but knowing what to make
. It is the art of identifying and understanding customer needs and
creating solutions that deliver satisfaction to the customers,
profits to the producers and benefits for the stakeholders.
Marketing Quote
Marketing is not an event, but a process . . . It has a beginning, a
middle, but never an end, for it is a process. You improve it, perfect
it, change it, even pause it. But you never stop it completely.
Marketing Quote
You can say the right thing about a product and nobody will listen. You've got to say it in a way that
people will feel it in their gut. Because if they don't feel it,
nothing will happen.
Marketing Quote
The philosophy behind much advertising is based on the old observation that every man is
really two men -- the man he is and the man he wants to be.
Marketing Definitions
Marketing Definition 1American Marketing Association
DefinitionThe process of planning and
executing the conception, pricing, promotion, and
distribution of ideas, goods, and services to create exchanges that satisfy
individual and organizational objectives.
Marketing Definition 2
American Heritage Dictionary's Definition of Marketing
The commercial functions involved in transferring goods from producer to consumer.
Marketing Definition 3
Merriam Webster's Marketing Definition
1 b: the process or technique of promoting, selling, and
distributing a product or service
2: an aggregate of functions involved in moving goods from
producer to consumer
Marketing Definition 4Marketing Definition From MSN
Encarta DictionaryThe business activity of
presenting products or services to potential customers in such a way as to make them eager to buy. Marketing includes such
matters as the pricing and packaging of the product and
the creation of demand by advertising and sales
campaigns.
The Company’s Marketing Environment
Macroenvironment consists of the larger societal forces that affect
the microenvironment• Sociocultural• Economic• Technological• Legal/Political• International
3-6
Technological
Economic
Legal/Political
Inte
rnati
onal
SocioculturalGENERAL
Environment
The Company’s Microenvironment
• The Company• Suppliers• Marketing intermediaries• Customers• Competitors• Publics
3-7
Employees Culture
Management
InternalEnvironment
Technological
Economic
Legal/Political
Inte
rnati
onal
Sociocultural
General Environment
CustomersCom
petitorsLabo
r Mar
ket
Suppliers
Task Environment
Organizational Environment
The Marketing MIX
The Four P’s
The marketing mix, known as the four P’s, is a combination of decisions a business
must make in order to best reach its target market.
• Product• Price • Place• Promotion
Product:What product to make, how to package it what brand name to use, and what image to project
PRODUCTThe goods and services a business will offer to its
customers
A. Choice of product: Will the business offer a variety of products?
B. Packaging: Does the packaging protect the product and provide necessary information about the product?
PRODUCT continued . . .
C. Level of quality: What level of quality will the business ensure?
D. Brand name: What brand name products will the business offer?
E. Warranty: Will the business offer a warranty to its customers to ensure satisfaction?
PriceReflects what customers are
willing and able to pay.
PRICEThe amount a business charges customers for
their products
A. Price setting. Price will be set based on product demand, cost, and competitors’ actions.
B. Terms. Will the company only accept cash? Will the company extend credit? What type of credit will the company extend?
PRICE continued . . .
– Discounts. Will the business offer discounts to employees? Locals? Will the business discount merchandise at certain times of the year?
PlaceWhere your product will be
distributed.
PLACE (distribution)Making products available at the right time
and location.A. Channels of Distribution: the path a product
takes to get from the producer to the consumerB. What specific stores will offer the products?
(wholesaler, retailer, department, discount, etc.)
PLACE continued . . .C. What method of transportation will be used to
get the product from the producer to the consumer? (truck, train, place, boat, pipeline)
D. How will inventory be handled and controlled? (methods- physical, storing, checking, or receiving)
PromotionHow you communicate to potential
customers about your product; what the message will be, when and
where it will be delivered, and special inducements to buy.
PROMOTION
Informing, reminding, and persuading customers of the goods and services available to them.A. What will the message be?B. When will the message be delivered?
PROMOTION continued . . .
C. Where will the message be delivered?D. What inducements will be used to
encourage customers to purchase the product?
E. How will the message be delivered?
Steps to successful marketing and implementation:
1) Analyzing your customers and the business environment in order to
2) identify key opportunities to better and more profitably meet customers needs,
3) figuring out how to act on those opportunities and then
4) implementing your plan.
Belinda EngelhartPO BOX 1207
Watertown SD 57201605-882-5115
