1. Marketing Management Identify and Meet a Marketing Need
Entrepreneurial Ventures
April 8, 2013

2. GPS FOCUS STANDARDS
BCS-EV-31: The student analyzes the impact and influence of external factors on marketing.
BCS-EV-32: The student analyzes the role of marketing research in constructing a small business management model.
BCS-EV-33: The student develops a plan to identify, reach and retain customers in a specific target market.
BCS-EV-34: The student evaluates and applies elements of the marketing mix.

3. ESSENTIAL QUESTIONS What are the pricing strategies?
How are pricing strategies correlated to effective marketing plans?

4. Target Market

5. Identify Your Target Market
Consider the following information regarding your customers:
individuals or companies? ?
industries customers are in?
number of potential customers in my area?
who is the competition?
what is unique about my offering?

6. Market Segments

7. Customer Profile Customer profile Demographics a d age m family size e
gender p
education i

8. Customer profile Psychographics Use-based data Geographic data d
tastes
opinions
personality traits
lifestyle habits
Use-based data
Geographic data
where your potential customers live
how far customers will travel to do business with you

9. Role of market research

10. Primary Data Primary Data Survey Disadvantages of primary data i a t m
demographic information
psychographic information
Disadvantages of primary data t m

11. Secondary data Secondary data Secondary data can be found in:
publications issued by government and community organizations i
government and business websites b
trade publications n

12. Six Steps of Market Research
Although primary data collection is time consuming and expensive, it will tell you exactly what you want to know.
Primary data can uncover information that is often not available through secondary sources.

13. Six steps of market research

14. Six steps of market research
Define the Question
Determine exactly what it is you need to know.
Determine the Data Needed
Decide what data you need to answer the question.
Collect the Data
Decide the best way to gather data.
People’s opinions can be obtained through
focus groups
surveys
secondary market research
demographic data
psychographic data
economic trends
industry forecasts

15. SIX STEPS OF MARKET RESEARCH
Analyze the Data
Thoroughly analyze and interpret data.
Write down analysis results for future reference.
Take Action
Use your analysis results to develop an action plan.
Evaluate the Results
Entrepreneurs must regularly evaluate the actions they take as a result of the plan.

16. Technology-Driven Marketing
Customer relationship management
A business strategy designed to increase profitability and customer satisfaction
Uses technology to track customer interactions
Focuses on understanding customers as individuals instead of as part of a group
Interactions with Customers
Companies collect data about customers through interactions that occur via
phone
web
salespersons
product registration
product warranty cards

17. Technology-Driven Marketing
Touch points
places where a customer might have contact with a company
discussion with delivery personnel
Electronic data transfer
the movement of data between locations in a structured, computer-retrievable format

18. Customer database Data Warehouse Data Mining
a large computerized database containing all of the information collected in the CRM process
Data Mining
finds hidden patterns and relationships in the customer data stored in the data warehouse

19. Impact of Competition You should always watch the competition.
Offer products that are of equal or better quality that sell for the same or lower prices.
Understand the Competition
New businesses need to identify some special customer need or want that is not being met.
Know the Types of Competition D A

20. Impact of Competition I Large retailers A
Reasons that make it difficult for entrepreneurs to compete with large retailers include:
Large retailers can keep larger quantities of products in stock.
Large chains do not rely on a single product line.
Large companies have a larger advertising budget.

21. Competitive Analysis

23. Maintain Customer Loyalty
Listen and Respond to Feedback
Continually ask for and respond to customers’ needs.
Other strategies for Maintaining Loyalty
superior service
convenient hours
easy return policies
store-specific credit cards
personal notes or birthday cards
frequent-buyer programs