Introduction to Marketing “ If a man write a better book, a better sermon, or make a better mousetrap than his neighbour, tho’ he build his house in the woods, the world will make a beaten path to his door.” Ralph Waldo Emerson 1899

Marketing The entire process by which a product or service is moved from the producer to the consumer. Question How does a entrepreneur/business-person encourage today’s sophisticated consumer to “beat a path” to the businesses door and buy their product/service? Answer A carefully prepared and executed Marketing Strategy.

Marketing Strategy Also called a Marketing Plan. Important for all types of ventures, both for-profit and not- for-profit. Whenever something of value is exchanged for something else of value, a marketing strategy increases the chances of success. Ensures resources expended on marketing are properly aimed/focused and are appropriate.

Marketing Strategy Function One Identify target customers and define the product or service they are prepared to buy.

Marketing Strategy Function Two Indicate the size of the potential market and outline possible trends.

Marketing Strategy Function Three Identify who your potential competitors may be and how you may gain a competitive advantage over them

Marketing Strategy Function Four Identify sales expectations for a particular product or service, and the kind of promotion or advertising activity necessary to achieve those sales.

Marketing Strategy In Review Identify target customers Research the market characteristics Identify competitors and how to best them Establish sales goals and determine advertising methods