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Marketing
Marketing
Course Overview
Marketing is an integral part of a business plan which
covers from the idea generation to the point where it is
designed to address or meet needs in the manner it can
be accepted by the target market.
The aim of this course is to furnish the Participant
with the needed understanding and the skills to
conceptualise their thoughts into a winning
business plan.
Course Overview contd...
Course Objectives
1. Introduce the basic concept of the marketing mix - a vital key for running a successful business.
2. Introduce marketing strategy through information on consumer, trade and competition.
3. Provide an instructional hands on application of the learning points from the course.
4. Provide the needed skills to articulate marketing and its components to business plan.
Course Outline
Marketing Plan and Marketing Strategy
Strategies for selling
Marketing Research
Marketing Plan and Marketing Strategy
This is the management process used in identifying, capturing and sustaining satisfaction in target market. The steps involved include:
a. Define your market b. Define your product/service c. Business goals and objectives
Definition of marketing
This is a process that allows businesses to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage.
It is fundamental underpinning plans designed to fill marketing objectives.
Marketing Plan and Market… Contd..
Marketing strategy
Marketing strategy involves careful scanning of the internal and external environments.
Once a thorough environmental scan is complete, a strategic plan can be constructed to identify business alternatives, establish challenging goals, determine the optimal marketing mix to attain these goals, and detail implementation.
Marketing strategy contd…
Marketing strategy contd…
A final step in developing a marketing strategy is
to create a plan to monitor progress and a set of
contingencies if problems arise in the
implementation of the plan.
Marketing strategy contd…
Analyze the situation
(5Cs)
•Collaborators
•Company
•Competitors
•Context
•Customers
Step 1
Develop an Action Plan
(G-STIC)
•Goal
•Strategy
•Tactics
•Implementation
•Control
Step 2
Implement the Plan
•Implement
•Evaluate
•Modify
Step 3
Marketing strategy contd…
• Focus
• Benchmarks
Goal
• Target market
• Value proposition Strategy
• Design value
• Communicate value
• Deliver value Tactics
• Infrastructure
• Processes
• Schedule Implementation
• Performance evaluation
• Environmental analysis Control
Marketing strategy contd…
Evaluate the
outcome
Modify the plan
Implement the plan
Marketing strategy contd…
These are the vehicles for creating value and delivering value and capturing value.
a. People
b. Place
c. Promotion
d. Process
e. Price
Marketing strategy contd… Marketing mix
Marketing Plan Components
Marketing Plan
Industry Analysis
Competition Analysis
PEST
SWOT
Value Creation
Marketing Plan Components contd...
Context
Customers
Company
Competitor
Collaborators
Product Place
Promotions Price
Target
Market
Segmentation & Targeting
Threats
Internal Factors
Weaknesses
Strengths
SWOT
Differentiation & Positioning
External Factors
Opportunities
Marketing Strategy
Before recruiting and deploying sales team to your targeted customers, you should do a segment analysis. Depending on your business, a strong sales team may be a critical component of your success. Remember that no sales no business.
An effective sales strategy is critically important for most manufacturers, publishers, software firms, and many service providers. Do not overlook the importance of formulating an effective sales strategy.
Strategies for selling
Discover your target customer: First Step is to identify your target market and
the implementation strategies that will be deployed e.g. mass marketing, differentiated marketing or niche marketing.
Strategies for selling contd…
Define the purpose and benefits of your products or services: Identify critical attractive benefits that your
product(s) or service(s) have that outweigh that of competition.
Strategies for selling contd…
Strategies for selling contd…
Market positioning:
More The Same Less
More More for More More for the
Same
More for Less
The Same The Same for
Less
Less Less for much
Less
Strategies for selling contd…
a. Positioning in relation to competitor (comparison, differential advantage)
b. Positioning in relation to a product class or attribution (e.g. low energy consumption)
c. Positioning in relation to target market
d. Positioning by price and quality (high-quality, low-price leader, luxury)
e. Repositioning (gives old product new image)
Strategies for selling contd…
Marketing budget:
i. Discuss how and where you plan to sell and distribute your product or service
ii. How will you position your product or service to optimize or capture value created? E.g. Personal selling, TV infomercials, Direct mail.
iii. What platform to use to drive the selling? E.g. Manufacturer's representatives, Telephone centers or call-centers, internet Marketing?
Strategies for selling contd
iv. HR issues as it relates to attracting the right sales team and the commensurate compensation for the team. v. Management involvement in assisting sales force reach and surpass sales target e.g. motivators.
What Marketing Research is
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The systematic gathering, processing and analysis of data (information) about a market to assist in decision making.
Marketing Research is the function that links the consumer, customer, and public to the marketer through information .
( The American marketing Association).
Marketing Research
a. Desk research (secondary research):
b. Primary research:
Customer Analysis
i. Demographics: Age, income range, sex, occupations, marital status, etc.
ii. Psychographics e.g. status seeking, socially conscious, spending habits, practical or fun seeking.
Marketing Research contd...
Marketing Research contd...
Marketing research tools
a. Questionnaire and its design.
b. In-depth interviews
c. Survey with self-administered questionnaires.
d. Market segmentation
Designing a questionnaire.
Self administered Questionnaire. List the questions. Arrange them in a logical, easy to follow order. Change the language to suit your respondents. Using data from In-depth interviews as answer options. Change font type and size to make it attractive. Or Get a sample questionnaire from the web.
12/5/2011 28
In-depth Interviews.
Involves an interviewer and
Respondent.
Use audio or video recording.
Explores consumer behaviour ,
perception of your product and
competition.
Sample usually do not represent your
population.
How Do You Segment a Market
Two basic ways 1. A priori. A priori segmentation involves
dividing a market into segments without the benefit of primary market research.
-- Manager intuition. -- Analysis of secondary data sources. --Analysis of internal customer
databases.
Post Hoc Segmentation.
2. Post hoc. Primary market research is used. Segments are not defined until after
collection and analysis of all relevant information.
WHOWINS?
