marketing workshop for entrepreneurs

8/12/2019 Marketing Workshop for Entrepreneurs

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Copyright Atomic Dog Publishing, 2002

Marketing basics for Entrepreneurs


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Marketing Basics

What is Marketing???

Think about organizations/companies (Google,

Apple, Samsung, Facebook, Pepsi, Revlon,

Carrefour, Atlas, Toyota, Oman Chamber of

Commerce, World Wildlife Fund, ) as well as

individuals (politicians, professional athletes, )

They all do marketing! How and why?


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Write down what comes to your mind

when you think of marketing a product orservice.


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Marketing consists of activ i t iesdesigned to

generate and facilitate exchangesintended tosat isfy human or organizational needsor wants .

Marketing Basics

Marketing

Going to the market to learn what prospects will buy,

then creating & delivering that product...

when, where and how they want it


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The Marketing Concept

Profit

CustomerSatisfaction

Total CompanyEffort

The

Marketing

Concept


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Learning outcomes Aspects of Marketing that an entrepreneur

needs to get started

Formulating the marketing strategy

Identifying the target customers

Designing the marketing mix

Creating Competitive advantage

Difference between services and consumermarketing

Building customer relationship


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Marketing Strategy

A Marketing Strategy plans the way in

which the marketingmix is used toattract and satisfy the target marketsand achieve an organizations goals.

It helps firms to make the best use ofits resources to increase sales andachieve a sustainable competitiveadvantage


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Elements of the Marketing Program

TargetMarket

Marketing

Mix

Marketing

Strategy

Time-Related

Details

Marketing

Plan

Other

Marketing

Plans

A Firms

Marketing

Program

+

++

==

=


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Market Research

Market research is the

starting point for marketing

It involves gathering andanalyzing information about

customers.

It recognize and understand

their customers needs, wants

and preferences and how bestto reach them.


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Case Study

A shoe company is seeking to export shoes sends two salespeople to a country called Naboo to investigate the market. Whenthey arrive they notice that most people dont wear shoes. Back inthe US the first salesperson tells the company owner, "Forget it,there is no market; no one there wears shoes. Whereas, thesecond owner says "Theres a huge market; no one wear shoes!.

Discuss in a group about the different perceptions of the two salespeople about the market. If you are the owner ,what will be yourapproach?


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Bottom Line of the story

Perceptions or assumptionswhat you

think your customer wants or needs

are not always right and must be tested

.


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A Marketconsists of all possible

consumers for a good or service.

A target marketstrategy

consists of analyzing

consumer demand,targeting the market, and

developing an appropriate

marketing strategy.

Market segmentation

divides the market intodistinct subsets of customers.


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Target Market is like a multi-

layered Cake


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Example: Day-care business


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Example: Day-care business

Total market (Bottom layer)-the people who live in yourtown

Total prospects( next layer): All the working parents in

your town.

Possible prospects(next layer):All the working parents inyour town with pre-school aged children.

My prospects( next layer) :All the working parents in your

neighborhood with pre-school aged children who require

day-care My buyers( the topmost layer with a flower): The working

parents in your neighborhood who use your day-care to

solve their day-care needs.


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Marketing StrategyCase Study of Pepsi & Mountain Dew


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The Marketing Mix These are the tools of

marketing where

managers need to make

decisions about the

product/service or package

of benefits that they offer to

customers.

The tools are commonly

known as the 4Ps


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The Four Ps of the Marketing Mix

Product Place

Price Promotion

C


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Product

Quality Features

Options

Style

Brand name

Packaging

Sizes

Services Warranties

Returns


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Price

The value that is put

on the exchange

process

List price Discount

Allowances

Payment period Credit terms


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Promotion (Communication)

Advertising

Personal selling

Sales promotion Public relations

Direct Marketing


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Examples of types of Promotion-

Video-Creative Ads


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Place (Distribution)

Channels

Coverage

Locations

Inventory

Transport


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Manufacturer or producer

Consumer

Procter &Gamble

DelMonte

NissanCitibank

Wholesaler

Wholesaler

Retailer

Wholesaler

RetailerRetailer

Four Examples of Basic Channels ofDistribution for Consumer Products


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Combining the Mix

The marketing manager has to identify theneeds of his or her target market through

marketing research and other investigative

techniques. The manager must understand customers

characteristics and buying habits

He/she then has to blend the componentsof the mix to formulate strategies and

tactics by which those needs can be met.


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Competitive Advantage

A competitive advantageis an advantage over

competitors gained by offering consumers greater value,

either by means of lower prices or by providing greater

benefits and service that justifies higher prices.

Nokia-Stylish design mobile phones

Toyota-Reliable,stylish cars,low runningcosts, high bulid quality

Google-Most relevant top-listed searchengines


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Think about any business idea and write down thedefinition of your target market and marketing mix

and your unique selling proposition.


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Service Marketing


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Examples of Service Industries

Health Care hospital, medical practice, dentistry, eye care

Professional Services

accounting, legal, architectural

Financial Services

banking, investment advising, insurance Hospitality

restaurant, hotel/motel, bed & breakfast,

ski resort, rafting

Travel

airlines, travel agencies, theme park Others:

hair styling, pest control, plumbing, lawn maintenance,counseling services, health club


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Defining Services Services include all economic activities

that provides added value in forms

(such as convenience, amusement,timeliness, comfort, or health) that are

essentially intangible.


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The Seven Ps

Extended mix: People

Process

Physical evidence


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People The attitudes of staff

Training of staff

Internal relations

The observable behaviour of

staff The level of service-

mindedness in theorganisation

The consistency ofappearance of staff

The accessibility of people

Customer-customer contacts


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ProcessThe manner in which the

service is delivered

Degree of customer contact

Quality control standards

Quality assurance Payment methods

(degree of convenience)

Queuing systems for customers

Waiting times


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Physical Evidence - ambienceThe environment or atmosphere inwhich the service is delivered

Buildings

Furnishings/dcor

Layout

Goods associated with the service e.g.carrier bags, tickets, brochures

All the above can help shapecustomers perceptions of the service


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Customer Expectation &

perception of Services

Customers hold Different types of

expectations for services

Customer expectations are beliefs

about a business that function as

standards or reference point againstwhich performance is judged.

Exceeding customer


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Exceeding customer

expectations

When the customer gets a little more than what

he/she expected, Good Service becomes Excellent

Service

Customer

ExpectationWhat Customer

receives

+

Customer


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Customer

Delight

Exceeding customers expectation isdelighting customers

The customer reacts with a wow inreturn for the product/service

Every interaction with the customerhas an opportunity to create delight

The challenge is to consistentlymaintain the delight factor


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Video


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Building Customer RelationshipSteps

Enhancing

Retaining

Satisfying

Getting

Example

A banking checking

account becomes a better

customer when she setsup a savings account ,

takes out a loan and or

uses the financial

advising services of the

bank.

B ildi C t R l ti hi


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Building Customer Relationship

The first step in managing a loyalty based

business system is finding and acquiring theright customers.

After acquisition of the desirable customers the

next step is to build relationships and turn them

into loyal customers who will generate a growingrevenue stream for the company.

A loyal customer is a consistent source of

revenue for the organisation. This loyalty has tobe sustained by continuously providing superior

quality and value.


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Remember. Retainingcustomer is important and costs

less than attracting a new one.


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Any

Questions

marketing workshop for entrepreneurs

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