How to Expand to New Market Segments Pre-Recorded Conference Call

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Presentation transcript:

How to Expand to New Market Segments Pre-Recorded Conference Call Link: https://fccdl.in/oBISh226Cr Facilitator Jeanine McCreary, Project Coordinator Presentation Copy Available: https://www.pennsylvaniadbe.com/

Table of Contents About PennDOT Market Summary Product Definition Competition Positioning Communication Packaging and Fulfillment Launch Strategies Public Relations Advertising Other Promotions Localization Issues Success Metrics Schedule

About PennDOT The Pennsylvania Department of Transportation (PennDOT) is the custodian of over: 40,000 miles of Highways 25,000 Bridges 1,500 Buildings 25,000 Pieces of Equipment PennDOT is organized into a Central Office System: Eleven (11) Engineering Districts 54 Separate Maintenance Units To obtain a booklet on information necessary to pursue contracting and purchasing with PennDOT, please go to this website: https://www.dot.state.pa.us/public/PubsForms/Publications/PUB%204.pdf

Market Summary Market Awareness: Past, Present, and Future 11/25/2019 Review changes in: What % of your current Market do you dominate _____% Are you among the market leaders Y__ N__ if not who________ What market shifts have you witnessed during the last 6-months and 1-year ____________________________________________________________ Has your costs and pricing models changed during the last 6-months and 1-year, Y__N__ and if so why_____________________________________ Have new competitors moved into your market during the last 6-months and 1-year, Y__ N__ and if so who___________________________________ Have you noticed changes in your Target Market or is the demand for your product coming from new market entrants? ____________________________________________________________ What keeps you up at night?

Product Definition Describe the Product or Service being marketed 11/25/2019 Product Definition Describe the Product or Service being marketed ___________________________________ What are your Niche services ______________ ________________________ _______________________________________ What are the 5w’s of your product? Who: ________________ What: __________________ When: _______________ Where: _________________ Why: ________________

Competition The Competitive Landscape 11/25/2019 What are your competitors products and their strengths and weaknesses? Yes, you need to know what they are. _____________________ ____________________ Position each competitor’s product against your current Products and Niche Products and Services. ____________________ ___________________ _____________________ ___________________

Positioning Positioning of Product or Service Consumer promise 11/25/2019 Positioning Positioning of Product or Service What statement best defines your products in this current market versus your competition over time? _______________________________________ Consumer promise Statement summarizing the benefit of the Product or Service to the consumer.

Communication Strategies 11/25/2019 Communication Strategies Messaging by Audience What are three (3) characteristics of your target audience? ___________ __________ _________ What does your audience require of you? _______________________________________ Target Consumer Demographics What is the key demographic? Women__ Men__ White__ Black__ Asian__ Elderly__ Millennial__ Contractors__ Consultants__ Government__ Business demographic PennDOT__ DelDOT__ PECO__ Turnpike Commission __ Certifications DBE__ WBE__ MBE__ SBE__ DGS__

Packaging and Fulfillment 11/25/2019 Packaging and Fulfillment Product Packaging Discuss Pricing, Look, and Strategy What drives the pricing of your products in this current market____________________________ What are the drivers of your products packaging i.e. look ______________________________________________ What is your strategy for positioning your product in the current market___________________________________________ Cost of Goods Summarize where you are losing money in producing your product and services _____________________________________________

Launch Strategies Launch Plan 11/25/2019 If product is being announced or re-introduced _______________________________________ Promotion budget _____________________ ____________________ Supply backup material with detailed budget information for review.

Public Relations Strategy and Execution 11/25/2019 PR strategies _______________________________________ PR plan highlights Have backup PR plan including editorial calendars, speaking engagements, conference schedules, etc.

Advertising Strategy and Execution 11/25/2019 Overview of strategy (how do you plan to do it) _______________________________________ Overview of media, social media and timing Overview of ad spending

Other Promotion Direct Marketing Third-party Marketing 11/25/2019 Overview of Marketing Vehicles: Capability Statement, U.S. Mail and Timing cycle; Immediate, 30-Day, 60-Day and 90-Day Third-party Marketing Co-marketing arrangements with other companies _____________________ ____________________

Localization Issues Localization Distribution Issues 11/25/2019 Highlight requirements to market product locally How are products marketed in the 11-PennDOT Districts? _______________________________________ How are products marketed in your PennDOT District? _____________________________________________ How will you create relationships in the 11-PennDOT Districts to improve workflow and distribution strategies? ________________________________________

Success Metrics First year goals Additional year goals 11/25/2019 Success Metrics First year goals Develop Task and Responsibility list built around the principles of S.M.A.R.T. Goal Setting. Additional year goals Develop Task and Responsibility list built around the principles of S.M.A.R.T. Goal Setting Measures of success/failure Ensure that Task and Responsibility are measured fairly when assessing goal achievement Requirements for success Outline three (3) goals that will be clear indications of success ______________ ________________ ______________

Schedule 18-month schedule highlights 11/25/2019 Isolate timing dependencies critical to success _____________________ ____________________

Mark Corbin, Director Disadvantaged Business Enterprise Supportive Services Center Telephone: 877-PENNDBE / Email: mcorbin@cheyney.edu Jeanine McCreary, Regional Coordinator Disadvantaged Business Enterprise Supportive Services Center Telephone: 877-PENNDBE / Email: jmccreary@cheyney.edu Dominique Smiley, Project Assistant Disadvantaged Business Enterprise Supportive Services Center Telephone: 877-PENNDBE / Email: dsmiley@cheyney.edu