Marc Compeau; Wednesday 7/13/2004

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Media Planning

• Marc Compeau Wednesday 7/13/2004

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Work Sheet 3 Review

• Any progress?
• What did we learn?
• What were some of the challenges you faced?

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A couple of random thoughts

• Salesmen are mean
• Inventory can be meaner
• Get educated about accounting practices
• Ad spending / 5 gross sales
• Shoot for a 10 net profit
• Ask for help

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Structure

• Sole proprietorship simple, great for start ups
• Partnership two people cant be sole
  proprietors
• C Corporation 15 is less than 28, but not
  less than 43
• S Corporation avoid double taxation!

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The Key to Marketing

• a central foundation of marketinga deep
  understanding of consumers -- how they arrive at
  their judgments, choices and their consumption
  behaviors -- is a critical factor in success.

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Marcs Marketing Model
What do they want?

1. Measure Demands (Market Research)

4. CLEARLY tell them that you have the
solution (The 4 Ps)
3. Identify Gaps
We have what you want, and we are the best
provider of that need or want.
2. Understand Competitors (Competitive Analysis)
What can they get?
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Questions to consider when identifying Gaps

• Risks
• What are the trends in this industry?
• What are the trends with the chosen target
  market?
• Am I entering a Niche Market?
• Are there any fatal flaws?
• Is the market subject to rapid change?
• Resources
• Do I have the resources I need or can I gain
  control of them?
• Opportunities
• Are the gaps big enough?
• What type of profit margin do the gaps provide?
• Is this a short term opportunity and if so can I
  adopt changes?

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Advertising

• Advertising The impersonal presentation of an
  idea that is identified wit ha business sponsor
  and is projected through mass media
• Advertising objectives Inform, persuade and
  remind
• Types of advertising Product designed to make
  consumers aware of a specific product or service
  Institutional advertising about a company or
  firm, designed to enhance a firms image
• Frequency of advertising continuous vs. non
  continuous (new product, single event)
• Where to advertise reaching but not overreaching
  (empty reach)
• http//www.rwjf.org/news/special/badadsMiss.jhtml

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Promotional Spending

• Allocating a percentage of sales
• Advantage simple
• Disadvantage spending drops as sales drop
• How much can be spared
• Advantage widely used
• Disadvantage piecemeal approach that avoids
  analysis or reason
• Spending as much as the competition
• Advantage good for reacting to short run efforts
  of competition
• Disadvantage business could be copying mistakes
  as well as successes
• What it takes to do the job
• Advantage Preferred approach most accurate
• Disadvantage Requires comprehensive analysis of
  the market and promotional opportunities

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Marketing Mix

• An effective marketing mix clearly demonstrates a
  UNIQUE SELLING PROPOSITION (USP) in each member
  of your target audiences mind.
• Whats in it for me?

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Promotional Mix

• Promotional Mix A blend of personal and
  non-personal communication techniques aimed at a
  target market
• Mix is influenced by a blend of three
  classifications
• Geographic nature of the market broad (mass
  coverage) or focused (personal selling)
• Customer profile (target market) shotgun
  approach to advertising reached broad markets
  including no targeted customers and is expected.
  Targeted approach can take advantage of media
  profiles
• Product characteristics Technical or high end
  require personal selling, inexpensive commodity
  items can use advertising or promotional tools.

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Media Planning

1. Invite
2. Control
3. Analyze
4. Control
5. Ask
6. Control
7. Decide
8. Control
9. Analyze
10. Control
11. Adapt

• Start the process in control, dont let the media
  rep. control you
• STAY IN CONTROL It is YOUR hard earned money
• Consider the responses to your request,
  demographics?
• STAY IN CONTROL It is YOUR Business
• Questions, make the rep prove the value, can they
  do better?
• STAY IN CONTROL It is YOUR reputation that can
  change
• Based on the facts, where is your money best
  spent?
• STAY IN CONTROL It is YOUR future at stake
• Analyze impact of media plan and performance of
  reps.
• STAY IN CONTROL It is your product/service
  being sold
• As you see impact / poor performance, change
  within budget

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Templates

• Media Invitation
• Media Planning
• Resources

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Sneak Peak

• Implementing Technology
• The web and you
• Metrics and measures
• When is a gadget a good gadget?
• MSB101 Summary / Survey