1、MARKETINGYOURBUSINESSFORSUCCESSWORKSHOPINTRODUCTIONMARKETINGYOURBUSINESSFORSUCCESSWORKBOOKTrainingModule-3WorkshopObjectivesBytheendofthisworkshop,youshouldbeableto:*Determinethepurposeofthemarketingplan-Identifystrategiesforconductingmarketresearch-Identi
2、fyadvantagesofmarketresearch*Determinewhatthemarketingplancontains-Targetmarket-Competition-Product/service-Marketingbudget-Location-Pricingstrategy-Promotionalstrategy*List-advantagesofdevelopingamarketingplan-disadvantagesofdevelopingamarketingplan*Pr
3、epareamarketingplanoutline*Developaneffectivemarketingstrategy-Advertisingstrategy-PromotionalstrategyMARKETINGYOURBUSINESSFORSUCCESS-THEMARKETINGPLAN-UNDERSTANDINGTHEMARKETPLACEMarketingplaysavitalroleinsuccessfulbusinessventures.Howwelltheplanyoudevelopmar
4、ketsyourbusiness,alongwiththemanagementandfinancialmanagementplans,willultimatelydetermineyourdegreeofsuccessorfailure.Thekeyelementsofasuccessfulmarketingplanareto1)knowyourcustomers-theirlikes,dislikesandexpectations,and2)toknowyourcompetitors-theirstre
5、ngthsandweaknesses.Byidentifyingthesefactors,youcandevelopamarketingstrategythatwillallowyoutoarouseandfulfillcustomersneeds,betterunderstandcompetitorsandidentifychangesinthemarketplacethatcanaffectyourbottomline.Thepurposeofthemarketingplanistodefineyo
6、urmarket,i.e.,identifyyourcustomersandcompetitors,tooutlineastrategyforattractingandkeepingcustomersandtoidentifyandanticipatechange.Yourbusinesswillnotsucceedsimplybecauseyouwantittosucceed.Ittakescarefulplanningandathoroughunderstandingofthemarketplaceto
7、developastrategythatwillensuresuccess.UnderstandingtheMarketplaceGenerally,thefirstandmostimportantstepinunderstandingthemarketistostudyitthroughmarketresearch.Inthecaseofafranchise,thefranchisorhasdevelopedamarketingprogram,soyouwillneedtoreviewtheprogram
8、heorshehasprovided.Lookovertheplantodeterminewhatproduct/serviceyouwillofferandwriteadescriptionofit.Eventhoughafranchisorhasdescribedyourproductorservice,itisagoodideatodevelopandwriteyourowndescriptionbecausethisprocesshelpsyoutoknowyourproductors
9、ervice-akeyvariableinanysuccessfulmarketingplan.Whendescribingyourproductorserviceoutlinewhatyoufeelareitsuniqueaspects,andexplainhoworwhytheseaspectswillappealtocustomers.Emphasizethespecialfeaturesthatyoufeelareitssellingpoints.Thesefeaturesarewhatyouwi
10、llusetoconvincecustomerstopurchaseyourproductorservice.Nextgooversalesprojections,determiningifthereisademandfortheproductorservice.Inthecaseofafranchise,thefranchisorwillhavedevelopedtheprojections.Studythisdatatoseehowheorshearrivedattheseprojectio
11、ns.Thiswillhelpyoutobetterunderstandhowthemarketplaceoperatesrelativetoyourproduct/service,anditcanhelpyoudeveloptheskillsnecessarytoidentifyandanticipatechangesinthemarketplace.Startyourownfileonmarketplacetrends.Periodicallyreviewyourdata,lookingforshifts
12、inthemarket.Ifchangesareoccurring,youshouldmodifythemarketingplantocoincidewiththesechanges.Infranchiseoperations,itiscustomaryforthefranchisortoupdatethemarketingplanperiodicallytoreflectchangesinthemarketplaceandtokeepthemarketingprogramcurrent.Amarketing
13、planshouldanswerthesequestions:*Isthisproductorserviceinconstantdemand*Howmanycompetitorsprovidethesameproductorservice*Canyoucreateademandforyourserviceorproduct*Canyoueffectivelycompleteinprice,qualityanddelivery*Ifafranchise,willthefranchisorpric
14、etheproductorservicetogiveyoutheprojectedprofitReviewyourprogramtoensurethatitanswersthesequestions.Ifyourplandoesntanswerthequestions,itwillneedtobemodified,oryouwillneedtodeviseastrategythatwillprovideameansforansweringthem.Whenyouaresatisfiedthat
15、youunderstandtheprogram,howthemarketoperatesandhowtoidentifymarketshiftsandtrends,startwritingthemarketingsectionofyourbusinessplan.Evenifyouadoptamarketingprogramthathasbeendevelopedelsewhere,itisyourresponsibilitytopromoteyourproductorservicebycultivatin
16、gthemarketplace,i.e.,attractingandkeepingcustomers.Youcanaccomplishthisaimbyknowingyourmarket,yourcustomers,yourcompetitorsandyourproduct/service.Dontrelysolelyontheprogramprovidedbyafranchisororothers,gatherandassessyourowndatausingthetechniquesoutlinedin
17、yourplan.Bygatheringandanalyzingthisinformation,youwillbebetterabletodetermineifyourprogramisinlinewithyourcompetitors,ifitisinlinewithindustryaveragesandwhatadjustmentsyoucanmaketoimproveyouroverallcompetitiveness.AsampleMarketingPlanisattachedaspartof
18、AppendixI.Studyitcarefully,thentrytodevelopasimilarprogramforyourbusinessplan.MARKETRESEARCHStrategiesforResearchingtheMarketResearchingyourmarketisperhapstheeasiestwaytoassessit.Marketresearchdoesnothavetobecostly,nordoesithavetobeacomplexprocess.Itc
19、anbeassimpleandaseasyassurveyingacross-sectionofyourconsumers(focusgroup)togettheiropinionsabouttheproductorserviceyouwillbeoffering,orconductingatelephoneormailsurvey.Thedisadvantagesofusingthetelephoneormailsurveymethodaretheindividualsyoucontactmayn
20、otbeinterestedinrespondingtoasurvey.Othermarketresearchtechniquesincludeanalyzingdemographicdata,suchaspopulationgrowth/declinerate;agerange,sex,income/educationallevel;brainstormingwithfamilyandfriends,focusgroupinterviews.Whatevermethodyouuse,yourfocusshouldbe
21、ongatheringenoughinformationtodeterminewhoyourpotentialcustomersare-theirneeds,wantsandexpectations;ifthereisademandforyourproductorservice;whoyourcompetitorsareandhowwelltheyaredoing.Marketresearchshouldanswerquestionssuchas:*Whoareyourcustomersandpotent
22、ialcustomers*Whatkindofpeoplearethey*Wheredotheylive*Canandwilltheybuytheproductorserviceyoureoffering*Areyouofferingthekindsofgoodsorservicestheywant-atthebestplace,thebesttimeandbestamounts*Areyourpricesconsistentwithwhatthebuyersviewasth
23、eproductsvalues*Areyouapplyingthepromotionalprogramsinawaythatwillbringaboutsuccess*Whatdocustomersthinkofyourfranchise*Whoareyourcompetitors*Ifafranchise,howdoesyouroperationcomparewiththecompetitionWhiletherearesomedisadvantagestomarketresearch-its
24、acostly,time-consumingprocess,buildsinbiasesthatdistortinformation,ignoresanswersorletsarroganceorhostilitycutoffcommunicationsatsomepointinthemarketingprocess-theadvantages,however,outweighthedisadvantages.Dontforegothisprocessorstophalfwaybecauseyouarenotge
25、ttingthedesiredresults.Thismaybeanindicationthatyouaregoingintothewrongbusinessorthatthereisntamarketforyourproductorservice.Dontbediscouraged.Yousimplymayneedtomodifyyouroriginalplan.Afewofthebenefitsofmarketresearchareoutlinedbelow.*Learningwhoyour
26、customersareandwhattheywant.*Learninghowtoreachyourcustomerandhowfrequentlyyoushouldtrytocommunicatewiththem.*Learningwhichappealsaremosteffectiveandwhichonesarent.*Learningtherelativesuccessesofdifferentmarketingstrategiesinrelationtotheirreturnoninvest
27、ment.Whilemarketresearchmayappeartobeatedious,time-consumingprocess,itisnecessaryifyouwanttobesuccessful.Thinkofmarketresearchassimplyamethodoffindingoutwhatcatchescustomersattentionbyobservingtheiractionsanddrawingconclusionsfromwhatyouseeandasanorganize
28、dwayoffindingobjectiveanswerstoquestionseverybusinessownerandmanagermustanswerinordertosucceed.Marketresearchfocusesandorganizesmarketinginformation,ensuringthatitistimelyandthatitprovideswhatyouneedto:*reducebusinessrisks,*spotproblemsandpotentialproblemsi
29、nyourcurrentmarket,*identifyandprofitfromsalesopportunities,and*getbasicfactsaboutyourmarketstohelpyoumakebetterdecisionsandsetupplansofaction.Ifviewedfromthisstandpoint,marketresearchisaninvaluabletoolthatcansaveyoutime,effortandmoney._SELF-PACEDACTIVI
30、TYDuringthisactivityyouwillanswerthefollowingquestions:*DoyouhaveamarketingplanYes_No_*Ifyes,whichelementsdescribedinpages1-5didyouNOTinclude*Haveyouconductedanymarketingresearch*Ifyes,howandwhatmethodsdidyouuse*Ifno,whyMARKETINGYOURBUSINESSFORS
31、UCCESS-WHATDOESAMARKETINGPLANCONTAINManyfirst-timebusinessownersthinkthatbysimplyplacinganadinalocalnewspaperoracommercialonaradiooratelevisionstation,customerswillautomaticallyflocktopurchasetheirproductorservice.Thisistruetoacertainextent.Somepeopl
32、earelikelytolearnaboutyourproductorserviceandtryit,justoutofcuriosity.Buthundreds,eventhousands,ofotherpotentialcustomersmayneverlearnofyourbusiness.Justthinkofthemoneyyoulllose,simplybecauseyoudidntdevelopanadequatemarketingprogram!Marketingisanessential
33、partofbusinessoperations.And,itoftentimesdetermineshowsuccessfulyourbusinesswillbe.Whatyouasapotentialbusinessownermustdoismaintainathoroughunderstandingofthemarketingprogram,anduseittoextractadvantagesfromthemarketplace.Gooverthestrategiesandtechniquesunti
34、lyouunderstandhowtoapplythemtogettheresultsyoudesire.Remember,youraimisnotonlytoattractandkeepasteadygroupofloyalcustomers,butalsotoexpandyourcustomerbasebyidentifyingandattracting,newcustomersandtoreducerisksbyanticipatingmarketshiftsthatcanaffectyou
35、rbottomline.Tohelpyouaccomplishthisaim,yourmarketingplanshouldincludestrategiestypicalofanymarketingplan.Theplanshouldespeciallyincludewhatmarketeersdubasthe4PsofMarketing(PRODUCT/SERVICE,PRICE,PLACEANDPROMOTION).Reviewyourplan.Makecertainitcontainsthestrate
36、gieslistedbelow,thendeterminehowthesestrategiesareapplied.Includeabriefexplanationforeachstrategy.*Describethetargetmarketby-age-sex-profession/career-incomelevel-educationallevel-residenceIdentifyanddescribeyourcustomers(targetmarket)bytheirage,sex,inco
37、me/educationallevels,profession/careerandresidence.Knowyourcustomersbetterthanyouknowanyone-theirlikes,dislikes,expectations.Sinceyouwillhavelimitedresourcestargetonlythosecustomerswhoaremorelikelytopurchaseyourproductorservice.Asyourfranchisegrowsandyourcustome
38、rbaseexpands,then,youmayneedtoconsidermodifyingthissectionofthemarketingplantoincludeothercustomers.*IdentifyCompetition-marketresearchdata-demandforproductorservice-nearestdirectandindirectcompetitors-strengthsandweaknessesofcompetitors-assessmentofhowc
39、ompetitorsbusinessesaredoing-descriptionoftheuniquefeaturesofyourproductorservice-similaritiesanddissimilaritiesbetweenyourproductorserviceandcompetitors-pricingstrategyforandcomparisonofyoursandthecompetitionsIdentifythefivenearestdirectcompetitorsandthei
40、ndirectcompetitors.Startafileoneachidentifyingtheirweaknessesandstrengths.Keepfilesontheiradvertisingandpromotionalmaterialsandtheirpricingstrategies.Reviewthesefilesperiodicallydeterminingwhenandhowoftentheyadvertise,sponsorpromotionsandoffersales.*DescribeProd
41、uct/Service-describeyourproductorserviceTrytodescribethebenefitsofyourgoodsorservicesfromyourcustomersperspective.Emphasizeitsspecialfeatures-i.e.,thesellingpoints.Successfulbusinessownersknoworatleasthaveanideaofwhattheircustomerswhatorexpectfromthem.This
42、typeofanticipationcanbehelpfulinbuildingcustomersatisfactionandloyalty.*DevelopMarketingBudget-advertisingandpromotionalplan-costsallocatedforadvertisingandpromotions-advertisingandpromotionalmaterials-listofadvertisingmediatobeusedOperatinganeffectivemarket
43、ingplanrequiresmoney,soyouwillhavetoallocatefundsfromyouroperatingbudgettocoveradvertising,promotionalandallothercostsassociatedwithmarketing.Developamarketingbudgetbasedonthecostforthemediayouwilluse,andthecostforcollectingresearchdataandmonitoringshifts
44、inthemarketplace.*DescribeLocation(Place)-descriptionofthelocation-advantagesanddisadvantagesoflocationAgain,trytodescribethelocationofyourbusinessfromyourcustomersperspective.Describeitsassets-i.e.,theconvenience,whetherornotpublictransportationisaccessible,
45、thesafetyaspects-streetlighting,welllitparkinglotorfacility,decor,etc.Yourlocationshouldbebuiltaroundyourcustomers,itshouldbeaccessibleandshouldprovideasenseofsecurity.Anadvantageofpurchasingafranchiseisthefranchisoroftentimesassistinsiteselectionanddecorat
46、ing.*DevelopPricingstrategy-pricingtechniquesandbriefdescriptionofthesetechniques-retailcostingandpricing-competitiveposition-pricingbelowcompetition-pricingabovecompetition-pricelining-multiplepricing-servicecostsandpricing(forservicebusinessesonly)-ser
47、vicecomponents-materialcosts-laborcosts-overheadcostsAlthoughyourpricingstrategymaybebasedonthestrategydevisedbyothers,youshouldstudythisplanandthestrategiesusedbycompetitors.Thatwayyouwillacquireathoroughunderstandingofhowtopriceyourproductorservice,a
48、ndyoucandetermineifyourpricesareinlinewithcompetitors,iftheyareinlinewithindustryaveragesandwhatadjustmentsyoucanmaketobringtheminline.Thekeytosuccessistohaveanwell-plannedstrategy,toestablishyourpoliciesandtoconstantlymonitorpricesandoperatingcoststo
49、ensureprofits.Keepabreastofchangesinthemarketplacebecausethesechangescanaffectyourbottomline.*DevelopaneffectivePromotionalStrategy-advertisingmedia-printmedia(newspaper,magazine,classifiedads,YellowPagesadvertising,brochure)-radio-television-networking-bus
50、inesscards-teeshirts,hats,buttons,pensDevelopapromotionalstrategythatusesvariousmediaforpromotingyourbusiness.Monitorthedifferentmediaidentifyingthosethatmosteffectivelypromoteyourbusiness.Concentrateondevelopingmaterialfortheseformatsthatclearlyidentifiesyourg
51、oodsorservices,itslocationandprice.Sincefinancialinstitutionsweighthesoundnessofyourmarketingplanwhendecidingwhetheryourbusinessisagoodriskfortheirmoney,itisimportantthatyouprepareandpresentcrediblemarketdatathatshowsthereisaneedinthecommunityforyourbus
52、inessandthatdemonstratesyourabilitytocompetesuccessfully._SELF-PACEDACTIVITYDuringthisactivityyouwill:*Makeanoutlineoftheinformationamarketingplanshouldcontain.MARKETINGYOURBUSINESSFORSUCCESS-THEMARKETINGPLAN:ITSADVANTAGESANDDISADVANTAGESAwell-written,comprehens
53、ivemarketingplanisthefocalpointofallbusinessventuresbecauseitdescribeshowyouplantoattractandretaincustomers-themostcrucialaspectofabusiness.AndwhyarecustomerssoimportantTheanswerissimple.Theyultimatelyarethemeansbywhichyouwillgeneratetheincomeneededfo
54、rdailyoperations,torepaydebtsandtoturnaprofit.Inessence,thecustomersareyourlifelineandthemarketingplanisthepipelinethatallowsyouaccesstothem-i.e.,tofulfilltheirneedsandexpectations.Themarketingplanisessentialtoanysuccessfulbusiness.Itistheheartoft
55、hebusiness,thebasisfromwhichallotheroperationalandmanagementplansarederived.Marketingoffersyouawealthofinformationthatifappliedcorrectlyvirtuallycanensureyoursuccess.Therefore,itisimportantthatyou,asafirst-timebusinessowner,developacomprehensive,effectivemar
56、ketingplan.Ifyouneedassistanceinaccomplishingthistask,contactyourlocalSBAoffice.ConsultthelocaltelephonedirectoryunderU.S.Governmentforthetelephonenumberandaddressoftheofficenearestyou.Advantages/DisadvantagesofDevelopingaMarketingPlanAneffectivemarketingplanwi
57、llcertainlyboostyoursalesandincreaseyourprofitmargins,whichisthegoalofeverybusinessowner.Itisamilepostdowntheroadtosuccessand,assuch,careandtimeshouldbeputintoitsdevelopment.Youmustbeabletoconvincecustomersthatyouhavethebestproductorserviceforthem
58、atthebestpossibleprice.Ifyoucannotconvincepotentialcustomersofthis,thenyouarewastingyourtimeandmoney.Thisiswherethemarketingplancomesintoplay,andthisiswhyitissoimportant.Therearenumerousadvantagesyoucanextractfromthemarketplaceifyouknowhow.Andthemar
59、ketingplanisanexcellenttoolforidentifyinganddevelopingstrategiesforextractingtheseadvantages.Afewoftheadvantagesareoutlinedbelow.Theplan:*identifiesneedsandwantsofconsumers*determinesdemandforproductorservice*aidsindesignofproducts/servicesthatfulfillcons
60、umersneeds*outlinesmeasuresforgeneratingthecashfordailyoperation,torepaydebtsandtoturnaprofit*identifiescompetitorsandanalyzesyourfirmscompetitiveadvantage*identifiesnewproduct/serviceareas*identifiesnewand/orpotentialcustomers*allowsfortesttoseeifstrat