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Review of marketing fundamentals
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T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s
Twenty MinuteMarketing Overview
U.S. Department of Health and Human Services
By: Vincent McCoy, Executive Director
Inland Empire Small Business Development Center
T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s
Perspective
Small Business Development Center
Marketing Perspective Start well to finish well Execution over Ideas Organizational responsibility
T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s
Start Well
• Focus on a solution not a product
• Market Research
• Market Need versus Capacity
• External and Internal Review
T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s
Solutions not Products
Problems, issues and painGreater response to the offeringPain is a motivator for change
Execution is more important than productsConnecting with target marketsStrategy is key
T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s
Market ResearchSecondary Research
Existing sources and publicationsRelevant General not specificLower cost
Primary ResearchSpecific to your needsConducted for your needsIn-depth, focusedMore expensive
T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s
Environmental Scan
Determine how these factors affect your market?
– Competition– Technology– Economy– Legal/Regulatory– Social & Cultural
T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s
Internal Review
• Strengths and Weaknesses compared to competitive requirements.
• Use of the four P’s of Marketing– Product– Price– Promotion– Distribution
T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s
The Four Ps of Marketing
Target Target CustomersCustomers
Intended Intended PositioningPositioning
PRODUCTProduct varietyQualityDesignFeaturesBrand namePackagingSizesWarrantiesReturns
PRODUCTProduct varietyQualityDesignFeaturesBrand namePackagingSizesWarrantiesReturns
PRICEList priceDiscountsAllowancesPayment periodCredit terms
PRICEList priceDiscountsAllowancesPayment periodCredit terms
PROMOTIONAdvertisingPersonal sellingSales promotionPublic relations
PROMOTIONAdvertisingPersonal sellingSales promotionPublic relations
PLACEChannelsCoverageAssortmentsLocationsInventoryTransportationLogistics
PLACEChannelsCoverageAssortmentsLocationsInventoryTransportationLogistics
T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s
Develop a Strategy
• Does the research say Go or No Go?
• If it is a go, develop a strategy consistent with the information.
• Develop implementation plan
• Develop expectations
T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s
Monitor the Plan
Inspect what you expect
• Monitor results
• Use results and feedback to modify the plan
• Do it all again.
T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s
Questions?
T h e l e a d i n g r e s o u r c e f o r s m a l l b u s i n e s s
Contact Information
Vincent McCoy
Inland Empire Small Business Development Center
909.888.9011 x 202
