presentation4
TRANSCRIPT
IT 01203
Marketing..
Marketing is what you do when your product is no good…..
-anonymous- The internet
WHY BUSINESSES FAIL?
• Lack of objective evaluation- many entrepreneurs lack objectivity
• No real insight into the market- Lack of information about the demand potential - Present and future size of the market- Knowledge of product life cycle- Timing
• Inadequate understanding of technical requirements- thorough in studying a new product- technical difficulties – costly problems
• Poor financial understanding- entrepreneurs are sometime ignorant of costs- victims of inadequate research and planning
WHY BUSINESSES FAIL?
• Lack of venture uniqueness- a new venture should be unique- product differentiation is needed to separate product from competitor’s
• Faulty product performanceHasty shortcuts in product development
• Ineffective marketing and sales effortsInadequate promotional efforts
• Inadequate awareness of competitive pressure
• Possible reactions of competitors-price cuts
MARKET LED MARKETING PROCESS AND THE ROLE OF RESEARCH
MARKETING PLANNING PROCESS
SituationAnalysis
MarketingProgram
Development
Implementingand Managing
MarketingStrategy
DesigningMarketingStrategy
TM 2-5
MARKETING STRATEGY DEVELOPMENT
Productstrategy
Distributionstrategy
Promotionstrategy
Pricestrategy
Target Market
Positioning strategy
UNDERSTANDING MARKETS
Mapping the Product-Market
Market Structure Analysis
Market Forecasts
Future Vision About the Market
DEFINING AND ANALYZING MARKETS
Define Product-MarketBoundaries and Structures
Describe and Analyze End-User
Analyze Industry and Value Added System
Evaluate Key Competitors
Forecast Market Size and Growth Trends
Identifying and Describing Buyers
HowBuyers
MakeChoices
BuildingCustomerProfiles
EnvironmentalInfluences
DESCRIBINGAND
ANALYZINGEND-USERS
ANALYZING COMPETITION
Define the competitive arena for the generic, specific, and variant product markets
Identify and describe key competitors
Evaluate key competitors
Anticipate actions by competitors
Identify potential competitors
MARKETING IN ACTION
INNOVATON AT KINKO’S
A copy machine operator at Kinko’s , a major chain of outlet providing copying and document services, noticed that customer demand for copying dropped off in December. People were too pre-occupied with Christmas presents. So he came up with a creative idea. Why not allow customers to use Kinko’s colour copying and binding facilities to create their own customised calendars using their personal photos for each of the months? He prototyped the idea in the store and it proved popular- people could create personalised gifts of calendars featuring favourite family photos. The operator phoned the founder and CEO of Kinko’s, Paul Orfalea, and explained the idea. Orfalea was so excited by it that he rushed out as a service in all outlets. It was very successful and a new product- custom calendars – and a new revenue stream were created.
Strategies for Obtaining Information
Strategyalternatives
Use standardizedresearch services
Collect existing information
Conduct research study
Internal Data
Published information
Subscription
Single purchase
Exploratory
Full-scale
Types of Marketing Information
Marketing research studiesStandardized information servicesManagement information systemsDatabase systemsDecision support systemsCustomer relationship management (CRM) systemsCompetitor intelligence systems
To do List
17
Sales Marketing Prospecting Sales calls Follow-up Quotation Proposals Tactical Revenue Generation
Research Forecasting Competitive analysis Cost and Profit Analysis Strategic Planning Advertising & Promotion Produce excellent collaterals Order processing Distribution Technical & Services
Marketing Fundamentals
What to do?
• Show that you have a clear cut strategy in place.• Show how to position your product to go to
market and why customers will prefer you over the competition.
STEP # 1:PRIMARY MARKET RESEARCH
• Collect the information your self– Talk to suppliers– Talk to dealers– Talk to competitors– Talk to potential customers– Talk to complimentary services/products• Use questionnaires and surveys
– Talk to bankers, lawyers and accountants– Use the Internet
STEP # 2
Based on your market research undertaken, and the strategies developed:• Identify primary market
• Who are your primary customers
• Integrate Channel Partners
• Strategize with channel and customers
• Estimate initial sales achievable
• Work out longer term variables and success factors
• Identify critical success factors
FORMAT (9-10 PAGES)
• Target customer • Compelling reason to buy • Whole product • Partners and allies • Distribution • Pricing • Competition • Positioning • Next Target customer
DUE in 2 weeks
• 19th March 2010 by 5pm
The only way to know how customers see your business is to
look at it through their eyes.
Task 2
• CEO send me a blank email with a subject :
SALES-[Company Name]
Eg your company name is lembah nikmatYour email should beSALES-Lembah Nikmat