Introduction to Marketing

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Introduction to Marketing
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Use this website to find FACTS about your Target
Market

• http//www.census.gov/population/www/
• Click on the Population Finder link on the left
• Enter the zipcode of your business
• Click on Fact Sheet

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Marketing the 5Ps

• The on-going process of planning and executing
  the
• (1) the product
• (2) the pricing
• (3) the promotion
• (4) the placement
• of ideas, goods or services to meet and satisfy
• (5) (People's) needs or wants

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Did you Know!?Social Media Marketing 2012

• http//www.youtube.com/watch?vwgQNZa3C7BU

• http//www.youtube.com/watch?vXVQ1ULfQawk

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The Trilogy of Social Media

1. Blogging
2. Interaction
3. Be on search engines
4. Email addresses of TM power
5. Twitter
6. 2012 500 million registered users
7. Real-time audience and info
8. Networking
9. FB Fan page
10. 2012 955 million registered users
11. More fans social likeability of you!

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Other Social Media Tools

1. Youtube Account and videos
2. Commercials
3. Tour of your Store
4. About usYour compelling story as the
   Entrepreneur interviews with Customers/Employees
   Testimonials
5. Linked In
6. Professional networking and relationship
   management website
7. 175 million other professionals who are sharing
   connections, ideas, and opportunities. And it's
   free
8. You have to build a profile

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KitchenAid tweet about Obamas grandmother
brings apology

• Story
• http//news.yahoo.com/blogs/lookout/kitchenaid-twe
  et-obama-dead-grandmother-brings-apology-130031473
  .html

• Video
• http//news.yahoo.com/blogs/lookout/kitchenaid-twe
  et-obama-dead-grandmother-brings-apology-130031473
  .html

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The Marketing MixThe 5 Ps

• Product /Service/ Idea
• description / purpose
• what are you selling?
• Placement
• where are you going to sell it
• Location, Location, Location
• Geographic location
• in what forum store/online/a selected retailer

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• 3. Price
• how much is it worth
• how valuable is it to TM TARGET MARKET
• how can you make a profit Mark-up
• What is your pricing strategy compared to
  competition
• Demand and Price relationship (elastic/inelastic)
• 4. Promotion
• What forms of promotions will you use
• how will you reach you TM
• how will you convince your TM to buy this
  service or good

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• People
• Who is the Target Market?
• Know the Demographics' population
  characteristics'
• Age Range
• Gender
• Education Level
• Income Range
• Where are these people located?
• Psychographics personality traits / likes and
  dislikes
• Accurate Information can be attained through the
  US Census Bureau http//www.census.gov/

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Part 5 The Market Analysis

• Market Analysis
• Actual assessment of the target population,
  competition, and needs for promoting a product or
  service
• This is the 1st step in determining if there is a
  NEED or WANT for your business in your proposed
  location

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Analysis of Target Market (TM)

• Who is my tm and why?
• What are their personal demographics?
• Age range
• Gender
• Income range
• Educational attainment
• What are their geographical demographics?
• City and town your TM can be found in
• Population of this city
• Is my tm businesses or private consumers?
• Is the current market saturated?
• How many competitors do I have in my area?

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Demographic Data Source

• http//quickfacts.census.gov/qfd/states/42000.html
  

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Target Market Segmentationbreaking down your TM
into smaller groups

• Key questions
• What do they buy?
• How do they buy?
• Where do they buy?
• When do they buy?
• Why do they buy?
• Who buys?

• Variables
• Demographics
• Geography
• Psychographics

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One Product Marketed to Many Segments
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Market Panera Bread to 5 different Segments

1. Parents
2. Seniors
3. Business People
4. College/Grad School
5. Health Phanatics

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Market Research

• understanding consumers and their needs/wants
• Psychology of who is the TM
• the core competence at the heart of any company
  with a vision for the future.
• the process of collecting and analyzing
  information about the customers you want to
  reach, called your target market.
• This information provides you with the business
  intelligence you need to make informed decisions.
  
• Google Analytics as an excellent, leading market
  research tool

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Most Popular Market Research Methods

1. Google Analytics ONLINE.where is your TM
   shopping, what are they reading, what are they
   clicking on!
2. Surveys
3. Focus Groups putting together a TM and asking
   for feedback
4. Personal Interviews

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Google Analytics
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Segment your TM!http//www.youtube.com/watch?vpx
cNVrwkroUfeaturerelated

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The New Look at the 4 Ps

• http//www.youtube.com/watch?vJIirzTdaey4feature
  related

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Calculate the Market Potential Market
Potential The amount of customers that are
potentially willing to buy your
product/service Math Calculation The total
amount of customers that are willing to purchase
the product of market you could REASONABLY
own This is called FORECASTING
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Why is this necessary?

• To determine if your selected geographic location
  to open your business, has the target market to
  support your business by covering all of your
  expenses and making a profit
• Do the demographics you need to support your
  business, exist in this location?

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of Market Ownership

• You must look at who are you competing with
• Use www.yellowpages.com
• List them
• Break down who owns what of the market
• See where you could fit in

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Calculate the Sales Potential
Sales Potential The maximum percentage of
Revenue that can be earned Math
Calculation Market Potential usage rate (how
many units sold per month / per year) /per
unit
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Promotions

• a paid for way of promoting products, services
  or information
• a form of communication between the company and
  the targeted market
• Use all known media forms and constantly seek new
  media, new channels of communication.

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Types of Promotions Watch www.youtube.com/watch
?vF5ftoHwsBbA

• Direct Promotions
• WORD OF MOUTH
• Website
• Emails
• TV commercials
• Magazine and Newspaper ads
• Internet ads on relevant websites
• Billboards
• Paid Celebrity Endorser
• Sponsor local and national events

• Indirect Promotions
• Product Placement in movies, tv shows, video
  games, celebs
• Every award showwho are you wearing tonight?
• Have celebrities wear your clothes/use your
  product
• Watch
• http//www.youtube.com/watch?v4LFQIoc49ZM
• http//www.youtube.com/watch?veQ5uztI9EvI

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Federal Donuts in Philly

• Success Story
• Now at 2 locations
• http//www.uwishunu.com/2011/03/federal-donuts-a-d
  onuts-and-fried-chicken-shop-from-chef-michael-sol
  omonov-to-open-in-south-philadelphia-this-summer/
• http//federaldonuts.com/main/

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Ten brands that may disappear in 2013

• Read
• http//www.marketwatch.com/Story/story/print?guid
  6FCAE664-09BA-11E2-95D5-002128049AD6

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Public Relations

• Helps raise awareness about the company through a
  variety of different means
• the management of relationships between an
  organization and the public
• Image development and control
• If a negative story comes out, how are you going
  to RESPOND??

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PR Stars

• Michael Vick The Path to Redemption
• http//www.youtube.com/watch?vgo0riZ_DfHQ
• Toyota
• http//www.youtube.com/watch?vGWsAnlFZVrY
• Five Minute Guru
• http//www.youtube.com/watch?vzTmQXsw-NSc
• Merrymead Farms

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Internet / E-Commerce

• Advertising your business through the internet,
  email and Social Networking
• Reaching your TM through YOUR website AND
  websites that your TM uses
• Selling your product / service online instead of
  OR in addition to, a physical location
• Expert in website design
• Expert in knowing where your TM is clicking

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Marketing Mix Case Study

• Introduction
• NIVEA is an established name in high quality
  skin and beauty care products. It is part of a
• range of brands produced and sold by Beiersdorf.
  Beiersdorf, founded in 1882, has grown to
• be a global company specialising in skin and
  beauty care.
• http//www.thetimes100.co.uk/downloads/nivea/nivea
  _13_full.pdf

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Business Nightmares Marketing Mess-Ups Pt 1 of 4

• http//www.youtube.com/watch?v9CtM0vCOCDg

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Primary Marketing Tool Your Website

• Important Pages
• Homepage
• About Us
• Contact Us
• Product/Service List

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Other Marketing Musts online

• Search Engine Results!
• What Google Looks for
• Link Popularity
• Content of Page
• Domain Name
• If you pay them an extra fee to be on top
  results
• Pay Per Click (pay Google/Yahoo everytime your
  link is clicked on)
• Pay for Performance (pay to be on top of reulsts
  page)
• Banners and Pop-up Ads on OTHER websites where
  your TM goes
• Online video commercials on OTHER websites where
  your TM goes
• Primarily news websites (before a person would
  watch a video, theyd have to see your
  commercial)

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Important Qualities for your Website

• Strong Brand Awareness
• Logo and slogan in the same place on every page
• Appeal to Many Segments within your Target Market
• Promotions offered to get them in the door and
  keep them checking your website for updates
• Easy navigation and menu bars (left and bottom)
• Many ways to contact them
• Email, phone, address, social networks
• Clear pricing strategy (inexpensive, moderate, or
  premium) or have actual prices listed