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SmartSTART Series: Marketing Plan Feasibility Plan

SmartSTART Series: Marketing Plan Feasibility Plan. Your SCORE Mentors today: Larry Tessler Keith Blakeney Barry Behr. Welcome You!. SCORE SmartSTART Series Workshop. Session 3. Marketing Plan. Competition Product and services description Pricing strategy Target markets and channels

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SmartSTART Series: Marketing Plan Feasibility Plan

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  1. SmartSTART Series: Marketing Plan Feasibility Plan

  2. Your SCORE Mentors today: Larry Tessler Keith Blakeney Barry Behr WelcomeYou!

  3. SCORE SmartSTART Series Workshop Session 3 Marketing Plan

  4. Competition Product and services description Pricing strategy Target markets and channels Marketing strategies to reach customers Marketing message Homework Agenda

  5. Homework Review How did you do? Lessons learned? Questions about the process? Competitive Data Collection

  6. Competitive Comparison Ann’s Nursery

  7. Competition Outline Compare the competition for: Features/benefits of offering Pricing strategy Sales size Marketing strategy Business model/efficiency

  8. Descriptions should include: Special benefits Unique features Limits and liabilities Production and delivery Suppliers Intellectual property, special permits Products and Services

  9. Market Price Typical Pricing Strategies Value added premiums Channel considerations (consumer, dealer) Other Options Mark-up on cost Bundling Customer type: Business vs. Consumer Promotions Pricing Strategies

  10. Pricing Considerations Initial Price - Costs of material & service plus profit - Match competition • Adjust Price - Monitor customer demand - Compare to competition - Insure value to customer - Reduce costs before increasing prices Price set too low - Disrupt marketplace (price war) - New business suffers most

  11. Typical Channels • Direct Sale: Business to Business • Producer to Distribution to Retailer • Direct Sale to Final Consumer • Internet • Associate Networks for Services

  12. Identifying Target Markets Who will you sell to? Channel position Profile Key demographics Income level Gender Geographic Buying habits and behavior Market size and realistic penetration: growing or declining

  13. Target Market Comparison and Selection Fills target customer needs More profitable(considers cost and price) More sales Minimum channel conflict Favorable competitive environment Fits my vision and skills

  14. Target Markets WorksheetAnn’s Nursery

  15. Comparison for SelectionAnn’s Nursery

  16. Target Markets Exercise General description Target markets Channel position Demographics Buying habits Key needs vs. your products/ services Cost vs. profit Sales size and estimate of your potential market penetration

  17. Let’s Take a break

  18. Marketing Message Concise message about your products or services that: • Fulfills target customer needs • Quality • Price • Availability • Dependability (etc.) • Clearly identifies unique/key features • Can be consistently communicated in all marketing material and media

  19. The Marketing Message Ann’s Nursery (business) offers to discerning growers and gardeners (target customers) high quality ornamental trees, shrubs and vines (products) backed by well known horticulturalist, Dr. Ann Murphy, a one year money back “guarantee to grow” and extended plant care documentation (unique features).

  20. Marketing Communications Methods & Tools • Advertising: radio, TV, newspaper, magazine, direct mail, yellow pages • Public Relations: print, radio, TV • Collateral: business cards, tri-folds, stationery, flyers • Websites, e-mail, social networks, blogs, newsletters • Product samples, special offers • Customer surveys • Presentation material, signage

  21. Marketing Methods by Business Type Business to Business (B2B) for a product Business to Business (B2B) for a service Business to Consumer (B2C) for a product Business to Consumer (B2C) for a service Internet Sales

  22. B2B Product: Xerox • Direct sales force, highly trained • Telemarketing • Business card, tri-folds and other collateral (promotional material) • Trade show booths • Trade magazine advertising • Public relations: articles in magazines and newspapers

  23. B2B Service: eFax • Internet advertising, banner ads • Channel partners, affiliate sales • Website, e-mail, social networks • Print advertising in trade magazines • Cross-promotion with partner services • All eFax messages are branded

  24. B2C Product: Nike • Brand is about athletic performance • Extensive print advertising • TV advertising • Celebrity endorsements • Sports arena advertising • Consistent, persistent branding

  25. B2C Service: Merry Maids • Direct mail advertising • Business card, tri-fold brochures and other collateral (promotional material) • Print advertising in consumer publications • Advertising on vehicles • Internet advertising, pay-per-click

  26. Website is optimized for the search engines (SEO) • Relies largely on word of mouth • Alliance partners and affiliate programs • Paid search engine advertising • E-mail marketing • Until recently, no print advertising Internet Sales: Amazon.com

  27. Ann’s Nursery Marketing Strategies $2k start-up cost Website sales ¼ staff $100/mon. exp. internet to consumer ½ staff ¼ staff $2k/yr travel $1k/yr samples $3k display Sales through mfg. reps distant retailer local retailer Direct sales

  28. Ann’s Nursery Marketing Strategies Chart

  29. Marketing Strategy Chart Exercise Identify different target customers by channel Add estimates by channel for: one time expenses monthly/annual expenses staff time expended Pick a partner and share your strategy

  30. Marketing Strategy Outline Marketing message Channel choice/sales approach(direct sale, internet, etc.) Methods used and related cost: One time costs (sales booth, web design) Periodic expenses (advertising, reprints) Staff marketing approaches and time Other promotional activity

  31. Feasibility Plan Outline • Ann’s Nursery Handout • Business Concept • Product and Service Offering • Pricing Strategy • Competitive Comparison • Target Markets • Marketing Strategies to Reach Target Customers • Business Structure

  32. Competition Product and services description Pricing strategy Target markets and channels Marketing strategies to reach customers Marketing message Business structure Homework Review

  33. Start-up Basics Business Concept Marketing Plan Financial Projections Funding Sources & Next Steps SmartSTART Series Testing Your Business Idea a Session 1 a Session 2 a Session 3 Session 4 Session 5

  34. Homework • Complete your first draft of your feasibility plan. • Download the financial forecast template from the SCORE site: • http://www.score.org/quickstart.html See you at the next session on Financial Projections

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