Existing & Expanding Business Lunch & Learn

DEVELOPING NEW MARKETS/GROW YOUR BUSINESS

Belinda EngelhartRegional Director

Small Business Development

Centers

The SD SBDC provides professional, confidential,

no costbusiness consulting services

to individuals starting a business or improving their

existing businesses.

SBDC (World View)

6 Centers in SDVermillion, Yankton,, Rapid City,

Pierre, Aberdeen, Sioux Falls, Watertown

2 SubCenters: Mitchell and Brookings

1100 Centers in the US, Puerto Rico and Guam

6 Regions in SD

Counties in North Central Region (Watertown Office)

• Brookings• Clark• Codington• Deuel• Grant• Hamlin• Kingsbury• Lake• Miner• Moody

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Assist Clients

To Reach Their Goals

One-on-One

Counseling

DEVELOPING NEW MARKETS/GROW YOUR BUSINESS

Marketing Roadmap

Marketing Roadmap

PERSONAL: What is my destination?

BUSINESS:

What is the goal for my business?

Marketing Roadmap

PERSONAL: Who are my traveling companions?

BUSINESS:

Do I have effective employees, support staff and a targeted market/audience?

Marketing Roadmap

PERSONAL: How much money will I need for this trip?

BUSINESS: What is my projected marketing budget?

Marketing RoadmapPERSONAL: How will I get to my destination?

BUSINESS: What are the marketing vehicles (ie. email, newsletters, mailers, media communication) I will use to reach my targeted market/audience?

Marketing Roadmap

PERSONAL: What types of clothes do I need to take with me?

BUSINESS: Will I have seasonal, one-time or year-round clients?

Marketing Roadmap

PERSONAL: What items do I need to take in case of an emergency?

BUSINESS: In the event that something unexpected happens with my initial plans, do I have a backup game plan to continue on the road to reaching my goals?

Marketing Roadmap

PERSONAL: What is my trip's ETA (Estimated Time of Arrival)?

BUSINESS: What are my short and long term business goals (ie. 6 months, 1 year, 5 years and beyond)?

Marketing Quote

Authentic marketing is not the art of selling what you make but knowing what to make

. It is the art of identifying and understanding customer needs and

creating solutions that deliver satisfaction to the customers,

profits to the producers and benefits for the stakeholders.

Marketing Quote

Marketing is not an event, but a process . . . It has a beginning, a

middle, but never an end, for it is a process. You improve it, perfect

it, change it, even pause it. But you never stop it completely.

Marketing Quote

You can say the right thing about a product and nobody will listen. You've got to say it in a way that

people will feel it in their gut. Because if they don't feel it,

nothing will happen.

Marketing Quote

The philosophy behind much advertising is based on the old observation that every man is

really two men -- the man he is and the man he wants to be.

Marketing Definitions

Marketing Definition 1American Marketing Association

DefinitionThe process of planning and

executing the conception, pricing, promotion, and

distribution of ideas, goods, and services to create exchanges that satisfy

individual and organizational objectives.

Marketing Definition 2

American Heritage Dictionary's Definition of Marketing

The commercial functions involved in transferring goods from producer to consumer.

Marketing Definition 3

Merriam Webster's Marketing Definition

1 b: the process or technique of promoting, selling, and

distributing a product or service

2: an aggregate of functions involved in moving goods from

producer to consumer

Marketing Definition 4Marketing Definition From MSN

Encarta DictionaryThe business activity of

presenting products or services to potential customers in such a way as to make them eager to buy. Marketing includes such

matters as the pricing and packaging of the product and

the creation of demand by advertising and sales

campaigns.

The Company’s Marketing Environment

Macroenvironment consists of the larger societal forces that affect

the microenvironment• Sociocultural• Economic• Technological• Legal/Political• International

3-6

Technological

Economic

Legal/Political

Inte

rnati

onal

SocioculturalGENERAL

Environment

The Company’s Microenvironment

• The Company• Suppliers• Marketing intermediaries• Customers• Competitors• Publics

3-7

Employees Culture

Management

InternalEnvironment

Technological

Economic

Legal/Political

Inte

rnati

onal

Sociocultural

General Environment

CustomersCom

petitorsLabo

r Mar

ket

Suppliers

Task Environment

Organizational Environment

The Marketing MIX

The Four P’s

The marketing mix, known as the four P’s, is a combination of decisions a business

must make in order to best reach its target market.

• Product• Price • Place• Promotion

Product:What product to make, how to package it what brand name to use, and what image to project

PRODUCTThe goods and services a business will offer to its

customers

A. Choice of product: Will the business offer a variety of products?

B. Packaging: Does the packaging protect the product and provide necessary information about the product?

PRODUCT continued . . .

C. Level of quality: What level of quality will the business ensure?

D. Brand name: What brand name products will the business offer?

E. Warranty: Will the business offer a warranty to its customers to ensure satisfaction?

PriceReflects what customers are

willing and able to pay.

PRICEThe amount a business charges customers for

their products

A. Price setting. Price will be set based on product demand, cost, and competitors’ actions.

B. Terms. Will the company only accept cash? Will the company extend credit? What type of credit will the company extend?

PRICE continued . . .

– Discounts. Will the business offer discounts to employees? Locals? Will the business discount merchandise at certain times of the year?

PlaceWhere your product will be

distributed.

PLACE (distribution)Making products available at the right time

and location.A. Channels of Distribution: the path a product

takes to get from the producer to the consumerB. What specific stores will offer the products?

(wholesaler, retailer, department, discount, etc.)

PLACE continued . . .C. What method of transportation will be used to

get the product from the producer to the consumer? (truck, train, place, boat, pipeline)

D. How will inventory be handled and controlled? (methods- physical, storing, checking, or receiving)

PromotionHow you communicate to potential

customers about your product; what the message will be, when and

where it will be delivered, and special inducements to buy.

PROMOTION

Informing, reminding, and persuading customers of the goods and services available to them.A. What will the message be?B. When will the message be delivered?

PROMOTION continued . . .

C. Where will the message be delivered?D. What inducements will be used to

encourage customers to purchase the product?

E. How will the message be delivered?

Steps to successful marketing and implementation:

1) Analyzing your customers and the business environment in order to

2) identify key opportunities to better and more profitably meet customers needs,

3) figuring out how to act on those opportunities and then

4) implementing your plan.

Belinda EngelhartPO BOX 1207

Watertown SD 57201605-882-5115

belinda.engelhart@usd.edu