Workshop Six - Marketing
- Welcome
- Typical Misunderstandings
- Took my class to a local bakery that did practically no promotions.
- Entre always expected the quality of its service to be sufficient.
- All of these organizations failed to understand the importance of marketing.
- Russia - Didn't trust companies that resorted to promotions!
- Had to develop a marketing campaign for custom furniture manufacturer.
- Started with stationery, brochure, displays, handling phones, references.
- Moved to finding prospects through phone book, Chamber of Commerce.
- Developed event sequencing, phone & direct visit scripts/presentations.
- Worked on confidence-building, can-do attitude, believing in opportunities.
- What is Marketing - Traditionally attempt to segregate from operations & finance.
- The process of identifying your target market and successfully positioning your
product or service within that market. (Fulfilling customer desires and/or needs.)
- A Market is a group of customers with purchasing power & unsatisfied needs.)
- Marketing, in fact, includes and is dependent on everything a firm does.
- Small business depends on a customer-driven management philosophy.
- Remember: niche, one-on-one, and value-added marketing!
- Often difficult to understand the importance of genuineness.
- Went to a specialty photo shop and treated shabbily twice in one week!
- Marketing Research
- Important to continually seek feedback on your ideas, products, and company.
- Four top sources of market research on new products: customers, networking,
instinct, and surveying potential customers.
- Kathleen Mahoney used friends & vendors, remember $300 fountain pens!
- Some entrepreneurs mistakenly make assumptions regarding existing markets.
- Secondary Data: information that has already been compiled (reference librarian).
- Primary Data: information collected by the entrepreneur (observe and question).
- Traffic counts, price surveys, display analysis, surveys, focus groups, access.
- Gathering intelligence is key to conducting war with competitors (applicants).
- Marketing Strategy - Four P's of Marketing Mix
- Product: name, packaging & design, variations (Burton 77), quality, warranty.
- Promotions: positioning, advertising (Burton & media), personal selling, signage.
- Place: channeling - direct or intermediaries (Burton resellers), issues of
immediacy, support.
- Price: issues of consistency with quality (Burton $300 to $500), competition, &
long-range planning.