Building a Marketing Plan Chapter 8

 Creating and delivering desired goods and services to customers ◦ Winning the customers’ hearts ◦ Pairing needs or wants with satisfaction  Guerilla marketing ◦ Nothing to do with the animal! ◦ Low cost, unique, creative ?

1. Pinpoint target markets 2. Determine markets’ needs and wants 3. Build strategy around sources of C.A. 4. Satisfy needs and wants through marketing mix. Annual Men’s Night at Borsheims

 What is a target market?  Why do you waste money by NOT pinpointing a market?  Ability to provide superior customer service

 Kenny Chesney (my favorite marketer!)  Had local photographer go around in each tour stop and take pictures of landmarks near and dear to concert- goers  Played “Back Where I Come From” while slide show of photo montage plays on giant screen ◦ Nashville version Nashville version

 Helps you to identify trends ◦ Demographics  Systematically gathering and analyzing data  Do NOT assume a market exists for your product just because you like it!!!

 Who are my customers?  What are they looking for?  What kind of people are they?  How old are they?  What gender are they?  What’s their income and occupation?  How often do they buy my product?  What goes into their decision to buy?  What do they prefer in my product?  When do they shop?  What advertising do they listen to?  What do they think of me?

 Product, place, price, and promotion PRODUCT  Using the product life cycle ◦ Introduction, growth, maturity, decline  Creative destruction and planned obsolescence  Understanding where the gap is… what do your customers want that they can’t get? ◦ Gary Busey on white hair dye for bears Gary Busey on white hair dye for bears

PLACE  How can you best get the product to the customer?  The role of the middle man – the distributor  Possible distribution channels ◦ The Internet ◦ Retail ◦ Direct  Place utility ◦ The value of having a product conveniently near the customer.

PRICE  Affects sales volume and profits  Depends on cost structure, market, and value  Nonprice competition is best for entrepreneurs. PROMOTION  Advertising and personal sales  Emphasis on the benefits of the product  Is SERVICE a 5 th “P?” What could a business do to increase its retention rate, or number of customers who return?