Marketing Sally Williams. Definition To identify customers To identify what those customers need To determine how those needs will be satisfied To communicate.

Marketing

Sally Williams

Definition

• To identify customers• To identify what those customers need• To determine how those needs will be

satisfied• To communicate to the customer that you can

meet those needs• To meet these customer needs at a profit• Observe change and respond to it

Components

• Market Research• Positioning• Differentiation• Segmentation• Distribution• Marketing mix • Selling

Create product/service

Take it to market

Wonder why it isn’t selling

Waste time and money

Idea

Market research

Product development

Take it to market

Marketing Plan

• Situation Analysis• Objectives• Strategy• Tactics• Actions• Control

3 Ms

• Men (or women)• Money• Minutes

SOSTAC + 3Ms = The perfect marketing plan

Where are you now?

• Observe change and respond to it• Year on year sales figures• Takings v Profit • Profit Margin• Number of transactions• Average Transaction Value (ATV)– Takings divided by number of transactions

Where are you now?

• Repeat sales• Lost sales• Customer requests• Ratio of new products• Sales made online v shop based transactions

The SWOT Analysis

• Strengths - internal• Weaknesses - internal• Opportunities - external• Threats - external

The PEST Analysis

• Political – Mary Portas Review• Economic - Recession• Social• Technological

Exercise

• Create a quick profile of your customer• Who are you aiming to attract to your

business?• Name, age, location, lifestyle, hobbies, What

do they read? Where do they go on holiday? Where else do they shop? What is their income? What car do they drive?

What do you need to know?

• Who are they?• How many of them are there?• Where do they live?• What will they buy?• How much will they pay?• How do I find them?• What will they respond to?

Segmentation

• Geography• Education• Gender• Politics• Age• Income• Family Characteristics

Market Research

• Libraries• Internet• Questionnaires• Product testing• Focus groups• ‘Experian Mosaic’

Comments

• Need a greengrocer back in the town• Better range of mid-range shops e.g. clothing, books,

jewellery• More modern shops• Too many takeaways• More variety of restaurant food needed• Improvement to shop fronts with a coordinated colour

scheme• Clean the fascias….Smarten up• More co-ordination between shop fronts

Positioning

• How your business is perceived in the minds of the target market

• Unique Selling Proposition/Point (USP)• Niches• Positioning the town using niches– Wedding niche– Hair and beauty niche

Positioning

• Describe Leamington Spa in three words• Describe Banbury in three words• Describe Bicester Village in three words• Describe Southam in three words

The Marketing Mix

• Product• Price• Place• People• Promotion

Product

• Image• Quality• Design• Packaging• Branding• Benefits• USP

Price

• Penetration pricing• Price skimming• Cost plus• Market pricing• Credit terms• Payment period

You can charge more when:

• Product is high quality• Good after sales service• Competition is weak• Product is innovative or new• Product is supported by advertising

Place

• The right product• At the right time• In the right place• In the right quantity

People

• Trained• Motivated• Empowered• Promoting the business culture• Professional• Presentable• Knowledgeable