Business Plan

Front 1

4 Elelments of Marketing Strategy

Back 1

1.Externalmarket trends

2.Targetmarket

3.Productuniqueness and competitive advantage

4.Marketingmix

Front 2

The Marketing Mix

Back 2

Themarketing mix is a blend of:

-productoffering

-pricingSpromotion

-place(location)

Somerefer to this mix as the 4Ps of marketing.

Front 3

Pricing Your Product or Service

4 common Methods

Back 3

1.Competitor-based pricing(market-based pricing)

2.Profit-based (cost plus) pricing

3.Industry norm or “keystone” pricing

4.Ceiling or premium pricing

Front 4

Your Pricing Strategy: Theprice you charge must be acceptable to

Back 4

Øyou,the seller

Øyourcustomer

Øthemarket

Front 5

Your Pricing Strategy: Your price depends on a number of factors

Back 5

-Costof production

-Themarket

-competitiveforces

andso on

Front 6

Promotion

Back 6

-The art or science of moving theimage ofyour business into the forefront of a prospectivecustomer’s mind.

Front 7

Promotionalplan

Back 7

Your promotional plan must be consistent with your image, your target market and your business mission

Front 8

PromotionalMix

Back 8

-The key to connecting with customers

-All the elements that you blend to maximize communication with your customer

Front 9

GuerrillaMarketing

Back 9

-An important part of your promotional mix will be your “guerrilla marketing” promotional strategies.

Front 10

Serviceand Quality

Back 10

Your promotional cornerstones are customer service and quality.

Front 11

What IsGuerrilla Marketing?

Back 11

-Unconventionalmethods of getting the customer’sattention at minimal cost

Front 12

Customer Service and Quality

Back 12

Some Market Facts

If you provide quality service, you can:

-charge up to 10 percent more for your product or service

-increase sales growth

-gain new customers

-make word-of-mouth advertising work for you AND

-Increase Profits!

Front 13

Promotional Mix

Back 13

-Promotion in cybershape

-Paid media advertising

-Business Cards

-Point-of-purchasing displays

-Catalogues

-Discount Coupons

-Direct Mail

Front 14

Promotional Strategy: ImportantConsiderations

Back 14

-Select sales reps carefully.

-Your sales rep’s reputation becomesYOUR reputation.

-Encourage and support your reps.

-Insist on sales call reports.

-Write monthly sales letters.

-Encourage feedback.

-Use courtesy as promotion

-Impress upon your employees theimportance of customer courtesy. -Reward employees for exceptionalcourtesy.

Front 15

Networking

Back 15

-Communicating through person-to-person channels in an attempt to sell or gain information -Talking to people with the purpose of doing business

Front 16

Ten Rules for Networking

Back 16

1.Network for a purpose.

2.Position yourself and contribute.

3.Build relationships.

4.Be persistent.

5.Be active.

6.Be organized.

7.Evaluate your networking and beprepared to change.

8.Add value.

9.Be considerate.

10.Listen.

Front 17

PlanAhead

Back 17

-If you fail to plan your promotion, you’re planning to keep your business a secret.

-Brainstorm an ideal promotional campaign.

-Be creative. Don’t discard any ideas.

Front 18

Promotion and Market Research

Back 18

-Youcan’tplan your promotional strategy without building on your market research.

-Youare selling benefits, not features.

-Yourtarget customers are interested in what your product or service will do forthem.

-Marketresearch helps you clarify the benefits.

Front 19

Promotion and Market Research

Back 19

Developyour core benefit proposition:

-A statement about the benefits of your product or service to yourtarget market

Doprimary research. Ask your customers questions:

-Find out how customers perceive your business.

-Listen to the answers and value the information.