Marketing For a Social Venture

1. Marketing For a Social Venture David Fairgrieve & Dr. Debbi Brock Wingate University

2. Define your Target Market 1. • Who are they? • Why have you selected them? • Can you break them into segments? • How will you differentiate the segments? Demographics, Geographics, Psychographics & Behavioral

3. Ensure you Product/Service Meet the Customer's Needs 2.

4. McCarthy classified various marketing activities into marketing-mix tools Marketing Mix

5. Product • What is your product or service? • What is its value proposition? • What message or information are you wanting to convey to the customer? • Why should the customer pick you? • Differentiated? Quality? Style? Design? Brand etc..

6. Price How are you going to determine the price you charge for you product or service? • Value Based/Premium Pricing - Charging a price that is higher than your competitors. Portraying value. • Cost Plus Pricing - Calculate your cost per a unit, then add your profit on top. • Penetration Pricing - Charge a lower price than your market average, to increase sales. • Economy Pricing - Basic low cost approach, offering a cheaper alternative.

7. Place (i.e. Distribution Channels) • How and where are you going to sell you product or service? • How are you going to distribute it?

8. Decide how to Communicate with Customers 3.

9. SPONSORSHIPS & EVENTS Promotions DIGITAL MARKETING The Promotional Mix • Advertising • Sales Promotions • Direct Marketing • Personal Selling • Public Relations • Digital Marketing • Events and Sponsorship Marketing Promotions Graphic adapted: www.ireappos.com/news/integrated-marketing-communication/

10. Advertising Mass marketing to a large audience, undifferentiated, higher cost • Examples: Broadcast Media -TV, Radio • Print Media – Magazines, newspapers • Fun Commercials

11. Sales Promo Doing a promotion with the plan of generating short term/ immediate sales. • Money off coupons, Special Offers, Discounts.

12. Direct Marketing • Targeting your customer directly. • Email, Phone Call, Mail Shot. • Interaction can be easily measured.

13. Personal Selling • Selling based on the customers wants and needs. • The message will change based on the customers feedback. Example: Car Salesman

14. Public Relations How well you manage the image of your company, and how it is perceived in the public eye. Examples: Press Releases, Publicity Stunts, Articles

15. Events and Sponsorship Having and sponsoring events in order to get your brand image out to your target market. Example: Red Bull

16. Digital Marketing • Marketing that allows the target audience to interact with the company. • Example: Social Media, Company website,

17. In Class Activity Supplies: • Markers, pens, paper • Canva.com to create unique posters/flyers (screen capture the image control prt screen) • Advertising • Sales Promotions • Direct Marketing • Personal Selling • Public Relations • Digital Marketing • Events and Sponsorship • Develop a marketing piece using one of the promotinoal tools discussed in class. • PresCreate your marketing piece: 15-20 minutes • ent to your peers: 3 minutes

18. Make A Plan 4. • Make a schedule regarding what needs to be done and how you plan are doing it. • Set goals and targets so that you can keep yourself accountable. • Note who is doing what, and when it needs to be done by. • Set out a budget, and plan the financial aspects.

19. Assess How Well Your Campaign Went. 5. Use the data from your campaign and assess how well it went. Look for what went well, and what didnt. Look for reasons why something may have not went to plan. Learn from your success and mistakes and adapt you plan for the next cycle.