Scarborough Eesbm11e

36
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall 9-1

description

enterprener

Transcript of Scarborough Eesbm11e

Page 1: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall9-1

Page 2: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall. 9-2

Chapter 9

Page 3: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall. 9-3

Page 4: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

1. What is the goal of your marketing efforts?

2. What target market are you trying to reach with your

message?

3. What do you offer that is unique?

4. What is the specific need that the market? Specifically how

are you addressing that need?

5. How does your business stand out from the competitors?

What are you known for?

6. What are the strategies and specific steps you will use to

implement your marketing plan?

7. What budget will you need to sell and promote your

business?

9-4

Page 5: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

Marketing: the process of creating and delivering

desired goods and services to customers and involves

all of the activities associated with winning and

retaining loyal customers

Bootstrap marketing strategies: unconventional,

low-cost, creative techniques

Maximize “bang” from marketing bucks

Also known as guerilla marketing

9-5

Page 6: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

A bootstrap marketing plan should:

1. Pinpoint the target markets the small company will

serve

2. Determine customers needs, wants, and

characteristics through market research

Find the “pain points” in the market

3. Analyze a company’s competitive advantages and

build a marketing strategy around them

4. Help create a marketing mix that meets customer

needs and wants

9-6

Page 7: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

First step in building a marketing plan:

Identify the company's target market: the group of

customers at whom the company aims its products

or services

An effective marketing program depends on a

clear, concise definition of the firm's targeted

customers, not a “one-size-fits-all approach”

Technology is replacing the power of mass

marketing

Use the long tail of marketing

9-7

Page 8: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall. 9-8

The Long Tail of Marketing

Page 9: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

Three driving forces when marketing to

niches in the long tail:

1. Tools of production

2. Internet aggregators

3. Filtering software connects supply and

demand

9-9

Page 10: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

Market research: the vehicle for gathering

the information that serves as the

foundation for the marketing plan

Spot important demographic, social, and

cultural trends and adjust strategies to fit

Do research before investing in a

business!

9-10

Page 11: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

Individualized (one-to-one) marketing: a

system of gathering data on individual

customers and then developing a marketing

plan designed specifically to appeal to their

needs, tastes, and preferences

Primary research

Secondary research

9-11

Page 12: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

Primary research techniques:

Customer surveys and questionnaires

Social media

Focus groups

Daily transactions

Other ideas

9-12

Page 13: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

Data mining: process in which computer software

that uses statistical analysis, database technology,

and artificial intelligence finds hidden patterns, trends,

and connections in data so business owners can

make better marketing decisions and predictions

about customers’ behavior

Three types of information:

1. Geographic

2. Demographic

3. Psychographic

9-13

Page 14: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall. 9-14

How to Become an Effective One-to-One Marketer

Page 15: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

Relationship marketing (or customer relationship marketing): developing, maintaining, and managing long-term relationships with customers so that they will keep coming back to make repeat purchases

Steps:

Build database of customer information

Identify best and most profitable customers

Develop lasting relationships with these customers

Attract more customers like them

9-15

Page 16: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

Use the following principles to build a competitive edge:

Find a niche and fill it

Retain existing customers

9-16

Page 17: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall. 9-17

The High (Annual) Cost of Lost Customers

Page 18: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

Use the following principles to build a competitive edge:

Find a niche and fill it

Retain existing customers

Concentration on innovation

Make innovation a strategic priority

Set goals and objectives for innovation

Encourage new product and service ideas

Always be on the lookout for new ideas

Keep a steady stream of new products and services flowing

9-18

Page 19: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall. 9-19

Testing the Viability of New Product Ideas

Page 20: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

Product

Place

Price

Promotion

9-20

Page 21: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

Product

Products travel through various stages of development

Product life cycle: measures the stages of growth

Introductory

Growth and acceptance

Maturity and competition

Market saturation

Product decline

9-21

Page 22: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall. 9-22

The Product Life Cycle

Page 23: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

Enhance their product offering through:

Focus on the customer

Dedication to service and customer satisfaction

9-23

Page 24: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

Dedication to service and customer satisfaction

Hire the right employees

Train employees to deliver superior customer service

Listen to the customer

Define superior service

Set standards and measure performance

Examine your company’s service cycle

Empower employees to offer superior service

Use technology to provide improved service

Ensure top management’s support

Give customers an unexpected surprise

9-24

Page 25: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

Enhance their product offering through:

Focus on the customer

Dedication to service and customer satisfaction

Devotion to quality

Total quality management: quality in every aspect of the business and its relationship with the customer and in continuous improvement in the quality delivered to customers

Define, measure, analyze, improve, and

control (DMAIC)

9-25

Page 26: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall. 9-26

The Quality DMAIC Process

Page 27: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

Enhance their product offering through:

Focus on the customer

Dedication to service and customer satisfaction

Devotion to quality

Attention to convenience

Easy to do business with (ETDBW) index

Emphasis on speed

Time compression management:

1. Speeding new products to market

2. Shortening customer response time

3. Reducing administrative time

9-27

Page 28: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

Promotion

Use the power of publicity

Publicity: any commercial news covered by the media that boosts sales bit for which a small company does not pay

Don’t just sell – entertain

Entertailing

Connect with customers on an emotional level

Build a consistent branding strategy

Embrace social media

Facebook and Twitter

9-28

Page 29: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall. 9-29

Percentage of Companies That Have Acquired At Least One Customer From Social Networking Sites or a Blog

Page 30: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

Promotion

Use the power of publicity

Publicity: any commercial news covered by the media that boosts sales bit for which a small company does not pay

Don’t just sell – entertain

Entertailing

Connect with customers on an emotional level

Build a consistent branding strategy

Embrace social media

Facebook and Twitter

Blogging

Online videos

9-30

Page 31: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

Online videos

To market successfully on YouTube, companies should:

Develop a well-defined channel

Use the right key words

Think “edutainment”

Be funny

Post videos on multiple social media sites

Use other social media tools to promote new videos

9-31

Page 32: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall. 9-32

Percentage of Small Business Owners Who Sat They…

Page 33: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

Price

The right price for a product or service depends on:

1. A small company’s cost structure,

2. An assessment of what the market will bear

3. The desired image the company wants to create

in its customers’ minds.

Non-price competition can be more effective for

many small companies

9-33

Page 34: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

Place

Four common channels of distribution for consumer goods:

1. Manufacturer to consumer

2. Manufacturer to retailer to consumer

3. Manufacturer to wholesaler to retailer to consumer

4. Manufacturer to wholesaler to wholesaler to retailer to consumer

9-34

Page 35: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

Two common channels of distribution for industrial goods:

1. Manufacturer to industrial user

2. Manufacturer to wholesaler to industrial user

9-35

Page 36: Scarborough Eesbm11e

Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall. 9-36