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Marc Compeau; Wednesday 7/14/2004

Media Planning. Marc Compeau; Wednesday 7/14/2004. Work Sheet 3 Review. Any progress? What did we learn? What were some of the challenges you faced?. A couple of random thoughts. Salesmen are mean Inventory can be meaner Get educated about accounting practices

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Marc Compeau; Wednesday 7/14/2004

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  1. Media Planning Marc Compeau; Wednesday 7/14/2004

  2. Work Sheet 3 Review • Any progress? • What did we learn? • What were some of the challenges you faced?

  3. A couple of random thoughts • Salesmen are mean • Inventory can be meaner • Get educated about accounting practices • Ad spending / 5% gross sales • Shoot for a 10% net profit • Ask for help

  4. Structure • Sole proprietorship – simple, great for start ups • Partnership – two people can’t be sole proprietors • C Corporation – 15% is less than 28%, but not less than 43% • S Corporation – avoid double taxation!

  5. The Key to Marketing • a central foundation of marketing…a deep understanding of consumers -- how they arrive at their judgments, choices and their consumption behaviors -- is a critical factor in success.

  6. Marc’s Marketing Model “What do they want?” • Measure Demands (Market Research) 4. CLEARLY tell them that you have the solution (The 4 P’s) 3. Identify Gaps “We have what you want, and we are the best provider of that need or want.” 2. Understand Competitors (Competitive Analysis) “What can they get?”

  7. Questions to consider when identifying Gaps • Risks: • What are the trends in this industry? • What are the trends with the chosen target market? • Am I entering a Niche Market? • Are there any “fatal flaws”? • Is the market subject to rapid change? • Resources: • Do I have the resources I need or can I gain control of them? • Opportunities: • Are the gaps big enough? • What type of profit margin do the gaps provide? • Is this a short term opportunity and if so can I adopt changes?

  8. Advertising • AdvertisingThe impersonal presentation of an idea that is identified with a business sponsor and is projected through mass media • Advertising objectives: Inform, persuade and remind • Types of advertising: Product – designed to make consumers aware of a specific product or service Institutional – advertising about a company or firm, designed to enhance a firm’s image • Frequency of advertising: continuous vs. non continuous (new product, single event) • Where to advertise: reaching but not overreaching (empty reach) http://www.rwjf.org/news/special/badadsMiss.jhtml

  9. Promotional Spending • Allocating a percentage of sales: • Advantage: simple • Disadvantage: spending drops as sales drop • How much can be spared: • Advantage: widely used • Disadvantage: piecemeal approach that avoids analysis or reason • Spending as much as the competition: • Advantage: good for reacting to short run efforts of competition • Disadvantage: business could be copying mistakes as well as successes • What it takes to do the job: • Advantage: Preferred approach – most accurate • Disadvantage: Requires comprehensive analysis of the market and promotional opportunities

  10. Marketing Mix • An effective marketing mix clearly demonstrates a UNIQUE SELLING PROPOSITION (USP) in each member of your target audience’s mind. “What’s in it for me?”

  11. Promotional Mix • Promotional MixA blend of personal and non-personal communication techniques aimed at a target market • Mix is influenced by a blend of three classifications: • Geographic nature of the market: broad (mass coverage) or focused (personal selling) • Customer profile(target market): shotgun approach to advertising reached broad markets including no targeted customers and is expected. Targeted approach can take advantage of media profiles • Product characteristics: Technical or high end require personal selling, inexpensive commodity items can use advertising or promotional tools.

  12. Media Planning • Invite • Control • Analyze • Control • Ask • Control • Decide • Control • Analyze • Control • Adapt • Start the process in control, don’t let the media rep. control you • STAY IN CONTROL – It is YOUR hard earned money • Consider the responses to your request, demographics? • STAY IN CONTROL – It is YOUR Business • Questions, make the rep prove the value, can they do better? • STAY IN CONTROL – It is YOUR reputation that can change • Based on the facts, where is your money best spent? • STAY IN CONTROL – It is YOUR future at stake • Analyze impact of media plan and performance of reps. • STAY IN CONTROL – It is your product/service being sold • As you see impact / poor performance, change within budget

  13. Templates • Media Invitation • Media Planning • Media Listing • Resources

  14. Sneak Peak • Implementing Technology • The web and you • Metrics and measures • When is a gadget a good gadget? • MSB101 Summary / Survey

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