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

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Presentation transcript:

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

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

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