Marketing Planning Workbook (.pdf 505.6 KB)

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Marketing Planning

Workshop

Name: ________________________________________________________________

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Planning your Marketing Strategy Workshop

Contents: A guide to marketing terms and acronyms Power point slides Task 1 Notes page Task 1 Answer sheet Task 2 Notes page Task 2 Answer sheet Task 3 My Customer Task 4 Marketing Methods Task 5 Marketing review and action plan Help Guides:

A guide to marketing terms and acronyms

The P’s of Marketing

Market Segmentation

Marketing Planning Additional Information Learning Objectives

The learning objectives of this workshop are:

Learning objective 1 To develop a understanding of Marketing

Learning objective 2 To understand market segmentation and identify different socio-economic groups

Learning Objective 3 To be able to use appropriate methods of marketing for your business-targeting your customers

Learning objective 4 To review your marketing plan, comparing costs against effectiveness.

Learning objective 5 To introduce a range of online marketing techniques.

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A guide to Marketing terms and acronyms

Marketing: Marketing is the process a business uses to identify or anticipate its customers’ needs and desires, and promote its products or services accordingly. Successful marketing can really boost the profitability and reputation of any business. Marketing mix: The set of marketing tools that the firm uses to pursue its marketing objectives in the target market 4 p’s: Price, product, place and promotion Direct marketing: marketing via a promotion delivered directly to the individual prospective customer Indirect marketing: Indirect Marketing is the distribution of a particular product through a channel that includes one or more resellers Market segmentation: Identifying a suitable group of customers who are most likely to buy from you is called market segmentation E-business: The use of internet technology to conduct or facilitate business. E-Commerce: The trading of goods and services over the internet.

Search engine optimization (SEO): the process of improving the volume and quality of traffic to a web site from search engines. This can be done via targeted key words.

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The Ps of Marketing

A tried and tested marketing strategy is to focus on these 4 P’s which are key to what will attract your customer, defining who your customer is, and how to reach them.

Product (Service)

Promotion

Place

Price

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Task 1: Market Segmentation Notes page …………………………………………

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Task 1: Market Segmentation answer sheet Flake-chocolate bar

Female

25 – 45

Seen as an indulgent treat

Like luxuries Yorkie - chocolate bar

Men

18-40

Employed in manual jobs

Hard working with large appetites

Magazines Vogue-Mairi Claire

Female

25-45

Likes designer labels

High end fashion follower

Professional

Takes regular holidays

Purchases clothes monthly

Like quality goods and materials

Concerned with appearances

Expensive

In depth interviews Heat-Closer

Female

16-35

Fashion conscious

High street shopper

Interested in celebrities

Cheap to buy

Sensationalises news/Gossip Newspapers Times/ Guardian – Broad Sheet

Professional

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Serious news – in depth information

Financial information – company info.

Party weighted – political

High end job sections – graduates professionals

Expensive 90p Daily Mirror – Tabloid

Popular within certain areas

Celebrity based

Sensationalises news

Easy to read

Less serious in depth stories

Cheap 45p

Party weighed political Drinks Diet Coke

Aimed at women

20-30

Single / Groups (Advert – women trapped rescued by man)

Office Setting

Feminine

Seen as a healthy option

Advertised in – Heat, lifestyle magazines

TV adverts

Coke Zero

Aimed at men

18-35

Active men (Advert – James Bond) (tidying house while girlfriend in shower Father outside the door)

Masculine

Image is not diet conscious/healthy

TV adverts

Male magazines - FHM

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Market Segmentation

Describe the market segment you are aiming to provide for, using the categories listed below that apply to your business.

* Who will be your most likely customer?

* Are they distinguishable by their age/gender/family size/income range,

where they live/work/shop?

* What is their employment group – professional/managerial;

clerical/supervisory; skilled manual/unskilled manual;

unemployed/pensioner etc?

* What are their interests and buying habits?

* Are you aiming for a budget / premium market?

* How wide is your radius – how far will clients come from?

* If you are dealing business to business, you will need to profile both your

commercial customers and the ‘end user’ of the product.

Market Segmentation – Identifying your customer base

The first step is to split the general market of customers who would buy such products (from any provider) into more manageable ‘chunks’. This will allow you to begin to identify a suitable group of customers who are most likely to buy from you. This process is called, ‘segmenting the market’. Remember that you cannot be everything to everyone. You should aim what you do best at those who are most likely to like, need and want it. This is achieved by breaking up the general market of customers into more manageable and appropriate groups; say for example - men/women, young/old, working/non-working etc. Already within these large categories a group or segment of the bigger market begins to emerge. Based on what your business can offer, the more defined your market segment is, the clearer your customer characteristics will become. This process will enable a greater understanding of who they are and what, typically they are like. This process will then allow you to aim, or ‘market’ your business more appropriately to this group. When you aim your business at a certain market segment (or customer group) with your mix of marketing activities it is called target marketing.

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Task 2: My customer is…

Start noting down who you think you customer is. Eg. What age group, gender, location etc.

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Target Marketing

It is important that you choose methods of marketing that will reach your target market. There are many different ways to reach your customer. Some examples of marketing methods:

• Free press

• Local press

• Website

• Social Media

• Leaflets/posters

• Shop front

• Direct mail/E-Mail

• Exhibitions and trade fairs

• Networking

It is important to conduct market research to ensure the methods of marketing you are considering match your customer profile.

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Task 3:

Identify marketing methods that would be appropriate for the following businesses. Remember to think about who will be the most likely customers for these businesses: • Beauty business offering luxury product range

• Accountancy firm

• Local Catering Service

• Mobile phone app developer

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Task 3: Marketing Methods answer sheet

Beauty business retailing luxury beauty products

Posters/leaflets in high end hair & beauty salons

Website

Facebook page

Twitter account

High profile glossy magazines

Networking with beauty & fashion industry

Sending sample products to high profile celebrities Accountancy Firm

Business networking events

Website

Online business directories

Business support forums

Email mail outs providing news and updates

Contacting business support agencies and banks to pass on business cards

Government taxation authority

Small Business Federation

Chamber of Commerce

Linkedin Local Catering Service

Leaflet drop

Facebook page

Local newspaper

Advertising

Large shop sign

Car adverts

Sandwich board Mobile Phone App Developer

Networking within creative & digital sector

Twitter and blog

Technology based publications

Business to business direct marketing

Linkedin

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Task 4: Marketing review and action plan

Review

What marketing have you done in the past?

How much did it cost? Did it reach your target market?

How did it go, was it worthwhile?

Action plan

What marketing could you do in the future?

How much will it cost, will it reach your target market?

How did it go, was it worthwhile?

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Marketing Planning Additional Information For additional information regarding your marketing strategy please visit Business link website (link below). Here you will find information regarding:

Defining your target market

Developing your promotional strategy

Product strategy - positioning and differentiation

Product portfolio - product life cycle

Tips and pitfalls

http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1073900352