Market Planning Agenda:

Introduction to market planningFeatures & BenefitsDistribution Process

Market ResearchIndustry related

Customer relatedCompetition related

Niche

Product/Service PositionBuilding Your Marketing Plan

MarketingMarketing

If you don’t have customerscustomers, you don’t have a businessbusiness!

What ONE thing must your business have in order to do business?

Your Product or ServiceYour Product or Service

What product or service do you

sell?

Is that what your customers buy?

What’s in it for me?What’s in it for me?

Features

Advantages

Benefits

Truck: Features, Truck: Features, Advantages and BenefitsAdvantages and Benefits

FEATURE ADVANTAGE BENEFIT

Small engine High gas mileage

Saves money

4-wheel drive Can take off-road, won’t get stuck

Freedom

Big tires Improved traction

Safety

Tax Service: Features, Tax Service: Features, Advantages and BenefitsAdvantages and Benefits

FEATURESFEATURES ADVANTAGESADVANTAGES BENEFITSBENEFITS

Electronic filing Get refund faster

Payroll taxes Help you comply with the law

Mobile – we come to your site

You don’t have to haul paperwork

Tax Service: Features, Tax Service: Features, Advantages and BenefitsAdvantages and Benefits

FEATURESFEATURES ADVANTAGESADVANTAGES BENEFITSBENEFITS

Electronic filing Get refund faster

More money in your pocket

Payroll taxes Help you comply with the law

Stay out of jail

Mobile – we come to your site

You don’t have to haul paperwork

Convenience, save time

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Concluding ThoughtsConcluding Thoughts

Excerpt from a BMW ad campaign:“ We realized a long time ago

that what you make people feel is just as important as what you

make. And at BMW, we don’t just make

cars, we make joy.”

Distribution OptionsDistribution Options

Your product or

serviceEnd user

Retailer

Wholesaler

Agent / Sales Rep

Your method of distribution affects:

• Who your customer is and your message

• Your price and profitability

Market ResearchMarket Research

What is market research?

Who needs to do market research?

Why do market research?

Market Research CategoriesMarket Research Categories

Industry

Customers

Competition

Market Research SourcesMarket Research Sources

Types of Market Research:Primary vs. Secondary

Quantitative vs. Qualitative

What sources are available?

Your IndustryYour Industry

What do you want to know?– Is the industry growing, shrinking or stable?– Are companies entering or leaving the

marketplace?– Are there regional vs national differences?– What are the key challenges and issues?– What are the regulations?– What are the trends and projections for the

industry?– What are the current events in the industry?– How does technology impact the industry?– What trade associations exist for the

industry?

Industry Research SourcesIndustry Research Sources

NAICS codeTrade Association

Library reference books and databases

InternetLocal newspapers

Other business owners

Your target customersYour target customers

Who is your customer?Hint: It is NOT everybody or anybody!

Narrow your focus

• Who is most likely to be your customer?

• Who is your ideal or best customer?

Customer ProfileCustomer Profile

Consider demographics and psychographics

Individual consumers

Business to Business customers

Customer Research SourcesCustomer Research Sources

Surveys and focus groups

Suppliers

Traffic counts

Advertising magazines

(articles on consumer spending)

Web sites and databases with census information

CompetitionCompetition

Identify themEvaluate them

What about indirect competition?

Competition Research Competition Research ResourcesResources

Websites - Internet

Secret shopper

Parking lot observations

Suppliers and manufacturers

Yellow pages / internet

Library databases

Your nicheYour niche

The results of your competitive

analysis help you determine your niche.

How can you be different?

Your ImageYour Image

Your knowledge of your customers and your competition help you

determine what image you want your business to portray.

You don’t get a second chance to make a first impression!

Naming Your BusinessNaming Your Business

• Is your type of business clear from the name?– If not, can you add a tagline?

• Is the name you want to use available?– Check name availability at the

Indiana Secretary of State’s web site

• Is the name too similar to other related businesses, in Indiana or nationally?

Logos, colors, typestylesLogos, colors, typestyles

All the imagery you use related to your business projects a

message.

Does it match the image you want to

portray?

Examples: LogosExamples: Logos

VS

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Examples: LogosExamples: Logos

VS

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Examples: LogosExamples: Logos

VS

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Examples: TypefaceExamples: Typeface

What do these type styles make you think of?

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Examples: Typeface and colorExamples: Typeface and color

Don’t forget READABILITY!

Your Elevator SpeechYour Elevator Speech

A final way you project the image of your business is through your elevator speech..

• 30 seconds or less• Focus on what you DO not

what you ARE• Focus on the customer and the

benefit•E.g. “I help WHO do WHAT.”

• Give just enough information to generate a follow-up question regarding HOW

HomeworkHomework

• Begin the market research of your customer, competition, distribution

• Features and Benefits Analysis

• Compile Strengths and Weakness for your product or service?

• Write and practice variations of your ‘elevator’ speech.