1. Marketing!

2. What is Marketing? All the activities carried out by a business to promote and sell its products Examples? –Sales Promotions (coupons or special deals) –Personal Selling of product to consumer –Open Houses –Publicity in the media –Advertisements in publications/media

3. Why is Marketing Important? If products are not effectively marketed, then the business is not likely to succeed. The amount of effort put into marketing should be proportional to the size of the need. –Ex: If you only produce a small amount of maple syrup each year (enough to sell your neighbors), then you shouldn’t be spending a lot of time marketing that product to farmer’s markets, grocery stores, etc.

4. Why is Marketing Imp..cont. If no one knows about your product, how are they going to know they can buy it??? Marketing = sales and awareness of product

5. 5 P’s of Marketing 1.Product (or service): Know and understand your product and how it fits in with the community you are selling to. 2.Price: Ensure that you make a profit, and that the consumer agrees with the price versus value of the product. * 3.Place: Where do you offer your product? Choose how you’re going to sell (i.e. internet, retail location, wholesale, farmer’s markets) 4.Promotion: How do you get the word out? 5.Positioning: USP (Unique Selling Proposition) What makes your product so special??????

6. Now try this… Try to do a quick 5 P analysis of your product that you presented the last time we were in class.

7. Marketing Review What is Marketing? Why is Marketing important to a business? What are the 5 P’s of Marketing?

8. What’s the next step? How do you know if your business/product/service is appealing enough to customers that they will buy it? You ask them! This is called “Market Research”

9. Market Research a series of activities designed to identify customer needs and wants, and satisfy these while making a reasonable profit on a quality product or service. 2 types: –Primary Research –Secondary Research

10. Primary market research Original and directly interacting with the consumer Includes: –Surveys –Focus Groups –Conversation

11. Secondary market research Using other resources to find out information about your target audience. Includes: –U.S. Census Report –Books –Trade Magazines –Local Chamber of Commerce –Competitor’s websites & annual reports

12. Now you know about your target market… …so what do you do now? Come up with a plan for how you are going to get the word out to that market! This is called a Marketing Plan

13. Major Components of a Marketing Plan 1.Analysis of the Market “Where are we now?” “Why were we hired?” 2.Business Proposition “Where do we want to be?” 3.Strategies and Action Plan “How and when will we get there?” 4.Projected Budget “How much will it cost to get there?” 5.Evaluation “Did we get there?” X

14. Marketing Plan You will research and present a marketing plan for a local agricultural product, supply, or service. Groups of 3 Present the results of primary research involving the local community that provides a reasonable and logical solution to a marketing project.