Famous McGraw Hill Ad

1. Famous McGraw Hill Ad • “I don’t know who you are.” • “I don’t know your company” • “I don’t know your company’s products” • “I don’t know what your company stands for” • “I don’t know your company’s customers” • “I don’t know your company’s record” • “I don’t know your company’s reputation” • “Now what was it you wanted to sell me”

3. “Balance Circle” Family Spiritual Work Intimacy

4. Business Mission Statement Objectives Situation or SWOT Analysis Marketing Strategy Target Market Strategy Marketing Mix Distribution Product Promotion Price The Marketing Plan Process Workshop Courses of Action ImplementationEvaluationControl

5. Marketing Strategy Document • COVER PAGE – COMPANY NAME, PRODUCT/SERVICE • EXECUTIVE SUMMARY – 1 PAGE SYNOPSIS OF MSD • MISSION STATEMENT • MARKETING OBJECTIVES • SWOT ANALYSIS – Including Competitive analysis • TARGET MARKET STRATEGY • MARKETING MIX • COURSES OF ACTION • WEB STRATEGY • IMPLEMENTATION- Specific details of what courses of action you have chosen. • APPENDIX (INCLUDE CHARTS, TABLES) Basis for written plan will be completed during the workshop.

6. Company Name • KISS • Describe the business • Easy to Pronounce • Be creative • Check it out with friends and family • Get suggestions • Check the state registry • Differentiate from competitors

7. Can You Identify These Brand Names? 1. 2. 3. 4. 5. 6. 7. 10. 8. 9. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20.

8. Can you identify these slogans? • Taste Great Less Filling • Eatin’ good in the neighborhood • 1-800-588-2300 • Good to the last drop • You can be sure if it’s? • 99 and 44/100 % Pure • You’re in good hands • The Quicker Picker Upper • The breakfast of champions • That was Easy • You can do it… we can help • Let’s build something together

9. Mission Statement • What business are we in and where are we going? • Should be based on benefits sought by present and potential customers. • What is the company’s long term vision? • Avoid Marketing Myopia (Short Sightedness) • Statement too narrow • Too short termed • Focus on markets served rather than good or service • Avoid being too broad. • Examples – A T & T supplies long distance services or in the communications business. • Frito Lay in the Corn Chip business or in the snack food business. • Amtrak in the business of running a railroad or transportation.

10. Class Exercise Mission Statement

11. Marketing Objectives • Building on your mission statement your plan now needs to focus on what are your goals. • What do you intend to accomplish? • Below are the key points, which could help determine marketing objectives. • A marketing objective is a statement of what is to be accomplished through Marketing activities. • Marketing objectives should be: • Realistic • Measurable – If you can’t measure it you can’t manage it • Time specific – This helps with implementation and measurement. • Objectives communicate marketing management philosophies, provide direction, serve as motivators, are a basis for control, and force business owners and managers to clarify their thinking.

12. Marketing Objectives Exercise

13. SWOT Analysis • Also called Situation Analysis • Checks the pulse of the company • Examines based on objectives • Strengths and Weaknesses are Internal • Opportunities and Threats are External • See example

14. SWOT Exercise

15. Examine Competitors • Internet: The Internet is a powerful tool for finding information on a variety of topics. • Personal visits: If possible, visit your competitors' locations. Observe how employees interact with customers. What do their premises look like? How are their products displayed and priced? • Talk to customers: Your sales staff is in regular contact with customers and prospects, as is your competition. Learn what your customers and prospects are saying about your competitors. • Competitors' ads: Analyze competitors' ads to learn about their target audience, market position, product features, benefits, prices, etc. • Speeches or presentations: Attend speeches or presentations made by representatives of your competitors. • Trade show displays: View your competitor's display from a potential customer's point of view. What does their display say about the company? Observing which specific trade shows or industry events competitors attend provides information on their marketing strategy and target market. • Written sources: Use general business publications, marketing and advertising publications, local newspapers and business journals, industry and trade association publications, industry research and surveys, and computer databases (available at many public libraries).

16. Competitor Exercise

17. Marketing Mix – 4 P’s • Product • Price • Place – Distribution – Supply Chain • Promotion

18. Product Video

19. Product • More than the physical item itself • Feature Function Benefit • Competitive Advantage • Value the features add

20. GROWTH MATURITY DECLINE INTRODUCTION Product Strategy Limited models Frequent changes More models Frequent changes. Large number of models. Eliminate unprofitable models LimitedWholesale/retail distributors Expanded dealers. Long- term relations Phase out unprofitable outlets Extensive. Margins drop. Shelf space Distribution Strategy Sales Phase outpromotion Promotion Strategy Advertise. Promote heavily Awareness. Stimulate demand.Sampling Aggressive ads. Stimulatedemand Pricing Strategy Fall as result of competition &efficient produc- tion. Prices fall (usually). Prices stabilize at low level. High to recoupdevelopment costs Product Life Cycles Time

21. Product Worksheet Exercise

22. Price Video

23. Negative Differential Value Positive Differential Value Total Economic Value Reference Value Value Price Model

24. How to determine customer value • The best way to construct this model is by conducting a needs analysis with the customer. • Listen and Learn – Your customer will respond and tell you his wants and needs. This will allow you to develop a solution that will add value to your product/service. • Ask Open ended questions, not those that require yes or no answers. • You can also use your Product Worksheet as a basis for developing your pricing. • Remember! Know what the decision maker needs see example sheet.

25. Pricing Tactics

26. Value Price Exercise

27. Place Video

28. Retailer Channel Wholesaler Channel Direct Channel Agent/Broker Channel Producer Producer Producer Producer Agents orBrokers Wholesalers Wholesalers Retailers Retailers Retailers Consumers Consumers Consumers Consumers Channels for Consumer Products

29. IndustrialDistributor Agent/Broker Channel Direct Channel Agent/Broker IndustrialChannel Direct Channel Producer Producer Producer Producer Producer Agents or Brokers Agents or Brokers IndustrialDistributor IndustrialDistributor IndustrialUser IndustrialUser IndustrialUser IndustrialUser Govt.Buyer Channels for Business Products

30. The Supply Chain Process

31. Place • Location • Physical Location • Hours • How is the location arranged

32. 6 P’s

33. Distribution Strategy Exercise • Determine how you are going to market • Where would you fit into your customer’s Supply Chain • Determine the 5th and 6th P – Presentation and Personnel

34. Overall Marketing Objectives • Promotional Mix • Advertising • Public Relations • Sales Promotion • Personal Selling • Promotion Plan • Marketing Mix • Product • Place • Promotion • Price Target Market The Role of Promotion in the Marketing Mix

35. Informing Reminding Target Audience Persuading Goals and Tasks of Promotion

36. Action Desire Conative (doing) Interest Affective (feeling) Attention Cognitive (thinking) The AIDA Concept Online

37. Additional Advertising References Half the money I spend on advertising is wasted; the trouble is I don’t know which half. John Wanamaker

38. Profit Product saves, makes, or protects money Health Appeals to body-conscious or health seekers Love or romance Used in selling cosmetics and perfumes Fear Social embarrassment, old age, losing health Admiration Reason for use of celebrity spokespeople Convenience Used for fast foods and microwave foods Key to advertising vacations, beer, parks Fun and pleasure Vanity and egotism Used for expensive or conspicuous items Environmental Consciousness Centers around environmental protection Advertising Appeals Remember – Sell the Sizzle not the Steak!

39. Newspapers Magazines Radio Television Outdoor Media Yellow Pages Internet Major Advertising Media

40. Lawn Sign Floor Ads Guerilla Advertising Subway Tunnel Ads Newsletters Video Game Ads Trade Shows/Home Shows Cell Phone Ads Alternative Media and Promotions Shopping Carts Floor Ads Personal Selling Subway Tunnel Ads DVDs Video Game Ads Interactive Kiosks Cell Phone Ads Movie Ads/Product Integration Church Bulletin Condo Newsletter Local News Editions Word of Mouth Referral Fees/Loyalty Prgorams Partnerships Chamber of Commerce Co-op Money Coupons

41. New product publicity Product placement Consumer education Event sponsorship Issue sponsorship Internet Web sites Public Relations Tools

42. Promotion Example Front Back Select Target Obtain Leads from:www.mcaepa.org and www.sjmca.org Convert leads to a spreadsheet Design Mailer Use Mail Merge and send out mailer Initial Results: 1 out of 252 response = .003%$300,000 in businessResidual Results: Door Opener for 20 new opportunities = 8%

43. Press Release Example

44. Promotion Exercise • Determine your Promotion Mix • Start to write a press release

45. Target Market Definition A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges.

46. Target Market Examples Useful Research Web Sites

47. Geography Demographics Psychographics Benefits Usage Rate • Region • Market size • Marketdensity • Climate • Age • Gender • Income • Race/ethnicity • Family life cycle • Personality • Motives • Lifestyle • Geodemo-graphics • Benefitssought • Former • Potential • 1st time • Light orirregular • Medium • Heavy Bases for Segmenting Consumer Markets

48. Geographic location Type of company User/Producer OEM Government Institutional Company size Volume of purchase Product use Bases for Segmenting Business Markets

49. Target Market Exercise • Select a market that you will take your Marketing Mix to • Utilize everything you learned in the previous exercises to complete this portion of the plan

50. Web24/7 Web Strategy ChannelPlace Promotion AdvertisingPersonal SellingCustomer ServiceCRMCouponsBrand AwarenessImage TransactionsStore DisplayNavigationReduced InventoryReduced Expenses Web Product Product DevelopmentResearchAdded Value