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Welcome to the Unit 8 Seminar

Building a Powerful Marketing Plan

Unit 8 - Discussion Question 1

How does focus on the customer impact a marketing plan?

What draws customers? Who are your customers? What will help you gain repeat / loyal customers?

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• Geographic –

• Gender -

• Ethnic –

• Generational -

Targeting specific areas of the country – snow blowers in the north during winter, bathing suits in the south coast.

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• Geographic –

• Gender -

• Ethnic –

• Generational -

Targeting specific products to men vs. women – different Gillette shavers for men and for women

Targeting specific areas of the country – snow blowers in the north during winter, bathing suits in the south coast.

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• Geographic –

• Gender -

• Ethnic –

• Generational -

Targeting specific products to men vs. women – different Gillette shavers for men and for women

Targeting specific areas of the country – snow blowers in the north during winter, bathing suits in the south coast.

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• Geographic –

• Gender -

• Ethnic –

• Generational -

Targeting specific ethnicities – Spanish language packaging or Kosher foods

Targeting specific products to men vs. women – different Gillette shavers for men and for women

Targeting specific areas of the country – snow blowers in the north during winter, bathing suits in the south coast.

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• Geographic –

• Gender -

• Ethnic –

• Generational -

Targeting specific ethnicities – Spanish language packaging or Kosher foods

Targeting specific products to men vs. women – different Gillette shavers for men and for women

Targeting specific areas of the country – snow blowers in the north during winter, bathing suits in the south coast.

Targeting specific age groups – different products for the aging baby boomers vs. Gen X’ers.

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Factors not controllable by the firm

Competitive forces

Economic forces

Political, legal, and regulatory forces

Other firms selling the same, or similar, items may lower prices to match, or under cut your prices.

The amount of disposable income the consumer has left after taxes and necessities plus their faith in the future determines much of their willingness to buy.

Restrictions created by the government, such as FDA setting labeling requirements and the FTC setting fair trade practices

Technological forces

New technologies lead to new products and new ways of doing business – failing to adapt spells financial doom

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• The factors that the organization CONTROLS and includes:– PRODUCT

– PRICING

– DISTRIBUTION

– PROMOTION

Designing and making the items, or providing the services, that meet the customers’ needs.

Setting the price such that it reflects the consumer’ perceived value of the product, while returning enough revenue to the firm to justify investing in producing the item/service..

Physically getting the product to the consumer – How the consumer will buy the product/service. (stores, directly, internet, etc)

Communications that builds a favorable relationship by informing and persuading a group of consumers that the product/service best meets their needs.

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“If you’re not taking care of your customer and nurturing that relationship, you can bet there’s someone else out there who will.” –pg. 286

Poor customer relations examples and consequences:

o Sixty-seven % of customers who stop patronizing a particular store do so because an individual employee treated them badly.

o Ninety-six percent of dissatisfied customers never complain about rude or discourteous service BUT ..

o One hundred percent of those unhappy customers will tell their “horror stories” to at least 9 other people.

o Thirteen percent of those unhappy customers will tell their stories to at least 20 other people!

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Any Questions ?

Unit 8 - Discussion Question 2

How does devotion to quality impact a marketing plan?

How do you address this in your marketing plan? Whom do you target with this company trait? How does your definition of quality compare to your competition?

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How does devotion to quality impact a marketing plan?

According to author Josh Gordon – explains that almost 60% of customers who change suppliers say they switched because of problems with a company’s products or services.

TQM – Total Quality Management

The philosophy of producing a high-quality product or service and achieving quality in every aspect of the business and its relationship with the customer; the focus is on continuous improvement in the quality delivered to customers.

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How does devotion to quality impact a marketing plan?

Some strategies for developing and retaining loyal customers:

Let’s discuss each one

①Devotion to quality ②Attention to convenience ③Concentration on innovation ④Emphasis on speed

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Any Questions ?

Unit 8 - Discussion Question 3

How does concentration on innovation impact a marketing plan?

How does innovation make your company stand out? Why is innovation good?

How does concentration on innovation impact a marketing plan?

Innovation is the key to future success. Markets change too quickly and competitors move too fast for a small company to stand still and remain competitive .

Thanks to their organizational and managerial flexibility, small businesses often can detect and act on new opportunities faster than large companies.

Unit 8 - Discussion Question 3 (Part 2)

How does innovation make your company

stand out? Why is innovation good?

Unit 8 - Discussion Question 3 (Part 2)

How does innovation make your company

stand out? Why is innovation good?

Keep raising the barQuality and latest and greatest can be counted onConsistent feedback of customers wants and needs evidenced in your products or services

Use the iPhone and smart phones as an example

Any Questions ?

Discussion Question 4

How does dedication to service impact a marketing plan?

Define “dedication to service” in your marketing strategy. How will you ensure you achieve your goals in this area? How will you pass this assurance through the marketing strategy?

Discussion Question 4 How does dedication to service impact a

marketing plan?

•46% of customers walked out of a store within the last year because of poor service – Pew Charitable Trusts Survey

•Amdocs company found that customers are willing to withstand just two negative customer service experiences before taking their business elsewhere.

•Providing incomparable service – not necessarily a low price - is one of the most effective ways to attract and maintain a growing customer base.

•Another study suggests that 73% of customers buy for reasons other than price.

Discussion Question 4 Define “dedication to service” in your marketing strategy.

How will you ensure you achieve your goals in this area? How will you pass this assurance through the marketing strategy?

Define superior serviceSet standards and measure performanceExamine your company’s service cycleHire the right employeeTrain employees to deliver superior serviceEmpower employees to offer superior serviceTreat employees with respect and show them how valuable they areUse technology to provide improved serviceReward superior serviceGet Top Managers supportView customer service as an investment, not as expense

Any Questions ?

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How does emphasis on speed impact a marketing plan?

Is speed a draw for your target customers? Are you faster than the competition? By how much? How can you prove it?

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• How does emphasis on speed impact a marketing plan?

Today’s customers expect business to serve them at the speed of light. Providing a quality product at a reasonable price once was sufficient to keep customers happy, but that is not enough for modern customers, who can find dozens of comparable products with just a few mouse clicks.

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Is speed a draw for your target customers? Are you faster than the competition? By how much? How can you prove it?

Victory in this time-obsessed economy goes to the company that can deliver goods and services the fastest, not necessarily those that are the biggest and most powerful. Business is moving so rapidly today that companies “need to accomplish in 90 days what traditionally took a year.” explains one entrepreneur. Business that can satisfy their customers’ insatiable appetites for speed have a distinct advantage.

Unit 8 Assignments

Read Chapter 8 – Building a Powerful Marketing Plan

Discussion Question – Answer and post response to at least 2 classmates’ answers– Use articles from the Internet to support your

answers

Course Project

Third portion of business plan (Marketing Plan) due!

Analysis of info and write-up are real “meat” of the business plan – Competitive Edge, Marketing Strategy, Milestones Table, Explain Milestones

Keep a copy to include in your final business plan for Unit 9

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Questions?? Wrap-up

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Next Week – Unit 9 Seminar

Sources of Equity: Debt & Equity

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T H A N K Y O U

F O R

A T T E N D I N G

SEE YOU IN THE DISCUSSION THREAD

QUESTIONS

AND IN NEXT WEEK’S SEMINAR

FUN QUESTION OF THE WEEK!

What is this mascot’s name?