Designing a Marketing Plan for Small Businesses

Asian Women In Business

Marketing Plan for Small Business

Presented by Fanny Lawren

Marketing Consultant

[email protected]

Presentation Outline

What is Marketing

A Simple Plan

Marketing Mix: 4P’s

Promotional Mix: A.P.S.P.

Market Segmentation

Target Audience

SWOT Analysis

Market Research

Positioning

Branding

Detailed Marketing Plan

Tracking Results

What Is Marketing?

“The process of planning and executing the conception, pricing, promotion

an distribution of ideas, goods and services to create exchanges that

satisfy individual and organizational goals.”

Definition by American Marketing Association

“If the marketer does a good job of identifying consumer needs,

developing appropriate products, and pricing, distributing, and promoting

them effectively, these goods will sell very easily.”

Philip Kotler stated in Principles of Marketing

Simple Marketing Plan

Sometimes, a simple yet focused plan is enough.

Sentence 1: explains the purpose of the strategy.

Sentence 2: explains how to achieve this purpose; it should describes the competitive

advantage and benefits.

Sentence 3: describes the target market — or markets.

Sentence 4: outlines the marketing weapons to be employed.

Sentence 5: describes the niche — the positioning.

Sentence 6: reveals the identity of the business.

Sentence 7: states the budget, which should be expressed as a percentage of projected

gross revenues.

Marketing Mix & Promotional Mix

The 4 Ps & A.P.S.P.

Marketing Mix

The 4P’s of Marketing: Product , Price , Place , Promotion

Marketing Mix: Product

Types of Product:

A good is something someone can touch

-Food, Clothing, Electronic, Hardware…

A service is providing an intangible benefit to customers

-Bank, Hotel, Restaurant, Transportation, …

An idea can include concepts or images

-Music, Story, Advertising Creative…

or any combination of the above.

Added Values :

brand name, packaging, labeling, trademark, warranties…

Business products & consumer products

Marketing Mix: Price

Key:

Choose a price that will earn a fair profit, AND

that equates to the perceived value to target customers.

Elasticity of Demand:

Elastic Demand is when consumer demand

is very sensitive to changes in price.

Inelastic Demand is when a change in

price will not significantly affect demand.

Pricing Models:

Markup Pricing

Break-Even Pricing

Profit Maximization Pricing

Penetration Pricing

Skim Pricing

Marketing Mix: Place

Distribution Method –

Direct: Face-to-face / Sales rep. / Online

Indirect: Intermediary (Wholesaler / Retailer)

Geographic –

Local / National / Global

Logistics –

Distribution Process

Channel Management

Inventory Control

Costs

Marketing Mix: Promotion

Promotion consists of 4 elements known as the Promotional Mix Advertising Print, TV, Radio, Direct mail, Email Campaign, Internet Public Relations Press Releases, Community Outreach Sales Promotion Rebates, Contests, Sweepstakes Personal Selling Face-to-face, Sales Representative

The New Marketing Guerrilla Marketing WOM Marketing Freemium Marketing Social Media Marketing Viral Marketing

Market Segmentation & Target Audience

To Whom We Sell

Market Segmentation : Reasons

Definition: “The process of dividing a market into meaningful, similar and

identifiable groups.”

Why Segmentation Is Important:

Enables marketers to identify customers with similar needs, buying behavior.

Allows for the tailoring of the “Marketing mix” to specific segments (also cost effective).

Consistent with marketing concept of satisfying customer wants and needs.

Market Segmentation : B2C

Segmentations for Consumer Markets:

Geographic

By region, country, climate.

Demographic

By age, gender, income, ethnicity, education, family lifecycle.

Psychographic

By value, attitude, lifestyle.

Benefit

By the benefits customers seek.

Usage-rate

By the amount of product bought or consumed.

Market Segmentation :B2B

Segmentations for Business Markets:

Company Characteristics

By location, type of company, size of company, product use.

Buying Processes

By purchasing criteria such as price, quality, service.

Customer Relationship

By the type/significance of the relationship they have with their customer.

Target Audience

SWOT Analysis & Market Research

Understanding of the Company and Potential

SWOT Analysis

A “snapshot” of the

company’s current internal

strengths & weaknesses

(management, personnel,

financial marketing,

manufacturing, R&D) AND

The assessment of future

opportunities and threats

relating to all the

environments external to the

firm (technological, social,

political/legal, economic,

competitive, natural).

Market Research : Information Needed

Information Needed:

Proof of viability of idea/market.

Feedback on 4 Ps, including media consumption (i.e. what consumer/trade

journals are read, internet sites visited, list serve affiliations).

Association memberships and trade show attendance.

Buying process, duration, and decision makers.

Competitors and market shares.

Who to Target for Research:

Potential customers (target market) – consumers or businesses.

Potential buyers (often different than customers or “users”).

Potential channel members.

Market Research: Primary & Secondary

Secondary data can be obtained quicker and at lower costs.

When collecting secondary data, evaluate it carefully to make sure that it is:

RELEVANT

ACCURATE

CURRENT

IMPARTIAL

Primary data can be very costly and time consuming to gather.

Many ways to collect primary data.

The most common methods:

Observational approach

Survey approach

Experimental approach

Positioning & Branding

Unique Selling Proposition

Positioning

A concept to position a product in the mind of the customer. Strategy is therefore

planned in the mind, not the marketplace.

This approach is needed because consumers are bombarded with a continuous

stream of high-volume advertising.

The consumer's mind reacts to this high volume of advertising by accepting only

what is consistent with prior knowledge or experience.

In an over-communicated environment, the advertiser should present a simplified

message and make that message consistent with what the consumer already

believes by focusing on the perceptions of the consumer rather than on the

reality of the product.

It is more than just a slogan. It conveys the idea that no other company, product

or service compares.

Highlight a feature or benefit that only your product or service contains.

Positioning: Unique Selling Proposition

Branding

Why Branding is important?

A solid brand reverses the sales process.

An established brand generates trust.

A strong brand removes customer objections.

We have moved from a selling world to a buying world.

We are selling to the overwhelmed.

Familiar brands are predictable and trustworthy.

What builds a brand?

Image

Visibility

The Perception of Being the Best

Marketing Plan

A focused Strategy

A Simple Marketing Plan

Sometimes, a simple yet focused plan is enough.

Sentence 1: explains the purpose of the strategy.

Sentence 2: explains how to achieve this purpose; it should describes the

competitive advantage and benefits.

Sentence 3: describes the target market — or markets.

Sentence 4: outlines the marketing weapons to be employed.

Sentence 5: describes the niche — the positioning.

Sentence 6: reveals the identity of the business.

Sentence 7: states the budget, which should be expressed as a percentage

of projected gross revenues.

A More Complex Plan

In some cases, a more in-depth marketing plan is needed.

This plan can be structured in the following format.

Executive Summary

Challenges

Situation Analysis

SWOT

Market Segmentation

Target Audience

Selected Marketing Strategy

4Ps / Positioning / Branding

Short & Long-Term Projections

Conclusion

Appendix

TrackingMonitoring the Results

Tracking: Monitoring the Result

“The best predictor of the future is the past!” – Judith Greer Essex

ROI:

Return of Investments

Sales is the ultimate tracking data

Other metrics:

Ask the customers

Obtain stats from web host

Look at stats for key word campaign

Add a squeeze page to the website

Add a sub-domain to the ads or materials

Use different contact numbers for each ad

Use “Ask for” for each ad

42 Broadway, Suite 1748New York, New York 10004Tel: 212.868.1368 - Fax: 877.686.6870

Email: [email protected]

Asian Women In Business