Marketing Sally Williams. Definition To identify customers To identify what those customers need To...
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Transcript of Marketing Sally Williams. Definition To identify customers To identify what those customers need To...
Marketing
Sally Williams
Definition
• To identify customers• To identify what those customers need• To determine how those needs will be
satisfied• To communicate to the customer that you can
meet those needs• To meet these customer needs at a profit• Observe change and respond to it
Components
• Market Research• Positioning• Differentiation• Segmentation• Distribution• Marketing mix • Selling
Create product/service
Take it to market
Wonder why it isn’t selling
Waste time and money
Idea
Market research
Product development
Take it to market
Marketing Plan
• Situation Analysis• Objectives• Strategy• Tactics• Actions• Control
3 Ms
• Men (or women)• Money• Minutes
SOSTAC + 3Ms = The perfect marketing plan
Where are you now?
• Observe change and respond to it• Year on year sales figures• Takings v Profit • Profit Margin• Number of transactions• Average Transaction Value (ATV)– Takings divided by number of transactions
Where are you now?
• Repeat sales• Lost sales• Customer requests• Ratio of new products• Sales made online v shop based transactions
The SWOT Analysis
• Strengths - internal• Weaknesses - internal• Opportunities - external• Threats - external
The PEST Analysis
• Political – Mary Portas Review• Economic - Recession• Social• Technological
Exercise
• Create a quick profile of your customer• Who are you aiming to attract to your
business?• Name, age, location, lifestyle, hobbies, What
do they read? Where do they go on holiday? Where else do they shop? What is their income? What car do they drive?
What do you need to know?
• Who are they?• How many of them are there?• Where do they live?• What will they buy?• How much will they pay?• How do I find them?• What will they respond to?
Segmentation
• Geography• Education• Gender• Politics• Age• Income• Family Characteristics
Market Research
• Libraries• Internet• Questionnaires• Product testing• Focus groups• ‘Experian Mosaic’
Comments
• Need a greengrocer back in the town• Better range of mid-range shops e.g. clothing, books,
jewellery• More modern shops• Too many takeaways• More variety of restaurant food needed• Improvement to shop fronts with a coordinated colour
scheme• Clean the fascias….Smarten up• More co-ordination between shop fronts
Positioning
• How your business is perceived in the minds of the target market
• Unique Selling Proposition/Point (USP)• Niches• Positioning the town using niches– Wedding niche– Hair and beauty niche
Positioning
• Describe Leamington Spa in three words• Describe Banbury in three words• Describe Bicester Village in three words• Describe Southam in three words
The Marketing Mix
• Product• Price• Place• People• Promotion
Product
• Image• Quality• Design• Packaging• Branding• Benefits• USP
Price
• Penetration pricing• Price skimming• Cost plus• Market pricing• Credit terms• Payment period
You can charge more when:
• Product is high quality• Good after sales service• Competition is weak• Product is innovative or new• Product is supported by advertising
Place
• The right product• At the right time• In the right place• In the right quantity
People
• Trained• Motivated• Empowered• Promoting the business culture• Professional• Presentable• Knowledgeable