workshop 2: marketing & execution sales workshop leaders: connie chang & anny chih

WORKSHOP 2:

MARKETING & EXECUTION SALES

Workshop Leaders: Connie Chang & Anny Chih

Marketing Definition & ObjectivesSituational Analysis – Competitive Analysis & SWOTTarget Markets4 P’s of Marketing &Unique Selling PointsBasic Economics6 Promotional Mix ElementsMarketing ResearchMarketing Career Opportunities

Marketing & Execution

Marketing

What is marketing?

Marketing Definition

“Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.”

-American Marketing Association (AMA)

Marketing Definition

“planning and executing” Marketing is about thinking before doing

“conception, pricing, promotion, and distribution” 4 Ps of Marketing: Product, Price, Place,

Promotion “individual and organizational

objectives” Needs vs. Wants Satisfying, not creating

Marketing Objectives

Thinking before doing includes asking: What do you want to achieve? How will you know when you have achieved

your goal?

Think S.M.A.R.T.

Example of a marketing objective:“To enter the Vancouver market for

automobile repairs and capture 5% of the market share within one year.”

Marketing Objectives

How do you set a marketing objective?1. Conduct a situational analysis to find out

what’s measurable, achievable, and realistic

2. Set specific goals and a time limit to achieve those goals

Exercise:Take 5 minutes to think about your business

and set one marketing objective.

Situational Analysis

Includes Competitive Analysis, SWOT and 5 Force Analysis

Competitive Analysis answers: Who are your direct and indirect competitors? Who are your main competitors and why? What advantages and disadvantages does your business

have against those competitors?

SWOT addresses your Strengths, Weaknesses, Opportunities, and Threats

5 Force Analysis addresses Suppliers, Buyers, New Entrants, Substitutes, and Rivalry Strong / Weak industry

Competitive Analysis

Direct Competitors: Rival companies providing products / services within the same market (ex. Mars candy bars’ direct competitors include other candy bar manufacturers)

Indirect Competitors: Companies providing products / services in a different market but are seen as an alternative choice (ex. Mars candy bars’ indirect competitors include chips and other snack manufacturers)

Competitive Analysis

How do you decide which are your primary and secondary competitors?

Competitive Analysis

Strategic Maps Examples:

SWOT

Strengths and Weaknesses are INTERNAL You have control over what happens

Opportunities and Threats are EXTERNAL You do NOT have control over what

happens

SWOT Example

New software development firmStrength: Staff includes a team of the nation’s 10

top computer engineers (for a software development firm).

Weakness: No brand awareness as a new market entrant.

Opportunity: Canadian government is providing each new software development firm up to $500,000 in interest-free loans.

Threat: Several competing well-known software development firms in Canada including companies x, y and z.

SWOT Exercise

Create a SWOT analysis for McDonald’s 4 groups – 2 teams / group Point-form 5 points for each category Focus on the main strengths,

weaknesses, opportunities, and threats

15 minutes

Target Markets

Target Market: the specific group of customers that a company aims to capture. They have been identified as people with needs or wants that can be met with the products or services from this company.

Why does a company specify a target market?

How does a company define a target market?

Target Market Segmentation

Demographics – segregation by demographic variables (ex. age, gender, family size)

Psychographics – segregation by lifestyle, personality, culture, social class (ex. VALS – Values and Lifestyles)

Geographics – segregation by geographic location (ex. city, neighbourhood)

Socio-Economic Status – segregation by income, education, occupation (sometimes this information is categorized as demographics or psychographics)

Target Market Exercise

Define your business’ target market

Include: Demographics (ex. age, gender, family size) Psychographics (lifestyle, personality,

culture, social class) Geographics (ex. city, neighbourhood)

5 minutes

15 Minute Break

4Ps of Marketing

Product: What are you selling?Price: How much are you charging?Place: Where / How are you going to sell

your product / service?Promotion: How are you going to get

people interested?

The What, Where, and How are dependent on Who you’re targeting.

Unique Selling Points

What separates your product / service from your competitors?

Why should a customer purchase from you rather than a competitor?

Can be seen in the product itself and the place where the product is available but usually seen in the way the product is promoted – product positioning (ex. Coca Cola)

Chocolate Exercise

Your team has decided to sell chocolate in the GVRD. Your task is to:

Develop (a) chocolate product(s) Decide where and when to sell your product(s) Define your target market Identify your main competitors Identify your unique selling

proposition30 minutes

A team representative will present your decisions.

Chocolate Exercise Presentations

15 Minute Break

Basic Economics

The Big Idea

What message do you want to give your target audience?

6 Promotional Mix Elements

1. Advertising2. Direct Marketing3. Internet Marketing4. Sales Promotion5. Public Relations6. Personal Selling

Sales

The 10 Step Selling Process

1. Prospecting2. Pre-approach3. Approach4. Presentation5. Trial Close

6. Determine Objections

7. Meet Objections8. Trial Close9. Close10. Follow-up

Prospecting

Lead Names of people who may want to buy your

product Where can you find leads?

Referrals Cold/warm calling Trade shows Web sites List and directories

Prospecting

Qualified Prospect Ask if this person is MAD?

Money to buy?Authority to buy?Desire to buy?

How do you tell if someone is MAD? Ask the referral Research their company Know the industry Speak with non-competing salespeople

Prospecting

3 Criteria of Prospecting

1. Customize2. Concentrate3. Call back

Goal Setting1. Leads called per

day2. Prospects called

& appointments made

3. Appointments/sales made

Pre-approach

Planning your sales call and presentation Builds confidence Develops goodwill Creates professionalism Increases sales

Be a strategic problem solver Understand needs, develop creative

solutions, arrive at a mutually beneficial agreement

Pre-approach

Sales Call Planning1. Call objective (specific, measurable,

beneficial)2. Research customer and create profile3. Develop customer benefit plan (FAB

statements)4. Plan sales presentation

FAB Statements

FAB stands for Features

Tangible or intangible characteristics Advantages

Performance characteristics Benefits

What it can do for the customer Your unique selling proposition (USP)

Sales Call Planning Exercise

You’re going on your first sales call selling the Nintendo Wii/Playstation 3/XBOX 360 to Future Shop. Plan your sales call by writing down a script.

Introduce yourself and your company State the purpose of the call Respond to: “I don’t think I need it” Ask for the meeting, reinforcing benefits Confirm any other details

10 minutesA team representative will present your

decisions.

Approach

3 Objectives of the Approach1. Build rapport2. Capture buyer’s attention3. Generate interest

You have to prove you are worth the prospect’s time and attention!

Approach

Customize your approach to the customer1. Introductory2. Complimentary3. Referral4. Premium5. Product6. Showmanship7. Customer Benefit8. Curiosity9. Opinion or Survey10. Shock

Approach

Active Listening Show genuine

interest Clarifying

questions Let the prospect

talk Eye contact

Types of Questions1. Information

Gathering2. Probing3. Confirmation4. Summary

Presentation

Customer Benefit Plan1. FABs2. Marketing plan

Resell/use Non-product FABs

3. Business proposition Value/cost Payment terms

Presentation

The Sales Presentation Mix1. Persuasive Communication

Logical reasoning, suggestions, trial closes

2. Prospect Participation3. Evidence Statements4. Visual Aids5. Dramatization6. Demonstrations

Trial Close

Determines how close the prospect is to buying

Salesperson is asking for an opinion “What do you think so far?” “Can you see how this might improve your

sales?” Attempt when the prospect gives you a

signal that he/she is interested in your product

Use it early and often

Determine Objections

Objections are opposition or resistance to information or to the salesperson’s request Welcome objections! Occur at any time and often

Usually you should handle objections as they occur, but sometimes you need to postpone objections

Determine Objections

Types of Objections1. Stalling (“No Hurry”)2. “No Need”3. “No Money”4. “No Confidence”5. Hidden

Meet Objections

4 Steps to Handling Objections1. Acknowledge2. Identify and Clarify3. Meet the Objections

1. Postpone2. Anticipate3. Boomerang4. Condition of Sale5. Direct Denial6. Indirect Denial7. Third Party Answers

4. Trial Close

Trial Close

At this point of your sales call, you would use another trial close to see if your prospect still has questions or concerns about your product/service.

If they do not, you can attempt to close the sale!

Close

Definitive request of the order Close when buyer is in “conviction

stage” Earn the right to close Ask for order and be silent

Closing Clues1. Verbal2. Nonverbal

Close

Closing Techniques1. Alternative Choice2. Assumptive3. Compliment4. Summary of Benefits5. Balance Sheet6. Urgency7. Premium8. Puppy Dog9. Direct Appeal

Follow-up

Creates goodwill and opens doors Contact customers frequently and

regularly Promptly handle complaints Always do what you say you will do Sincerely thank the customers

Coffee Shop Exercise

Your team has just opened a new coffee shop downtown across from a Starbucks. You offer the same drinks at the same prices. Develop a basic marketing campaign outline. Think of the 4th P: Promotion.

$5,000 marketing campaign budget Advertisement in local paper costs $1,000 Direct mail to local homes costs $2,000 + any

sales promotion costs (ex. coupon for $x off) Cost to hire a street team member is $15 / hour Tip: Think of one “Big Idea”

30 Minutes A team representative will present your decisions.

Coffee Shop Exercise Presentations

Marketing Research

Qualitative Research Quantitative Research Primary vs. Secondary Research

Marketing Career Opportunities Agency: Marketing, Creative, Advertising

Creative, Direct Marketing, Sales Promotion, Internet Marketing, Public Relations, International Marketing, Branding & Design,

Client-Side: In-House Marketing Team, Marketing Representative

Marketing Research Database Marketing Public Relations Firms Event Marketing

…and the list goes on!

Sales Career Opportunities

Got a question? Ask away!

The End.