1. Market the Small Business

2. Covered in this unit -  Marketing definition  Marketing Mix  Market Research  Product Strategies  Pricing Strategies  Place Strategies  Promotional Strategies

3. Marketing is the ability to identify & satisfy customer needs at a profit Page 3

4. Identify Customers – Segment the Market Conduct Market Research Competitor ResearchCustomer ResearchIndustry Research Develop Marketing Strategies Implement Marketing Strategies Review Marketing Strategies Page 4

5. Product Price Place Promotion Page 35

6. Types of Markets  Industrial – businesses  Consumer – general public Page 8

7. Categorise by -  Location  Business type Market A = Smash Repairers in western Lake Macquarie Market B = Smash Repairers in eastern Lake Macquarie Market C = All Smash Repairers in Greater Newcastle Area Page 8

8. Categorise by –  Demographics – age, sex, income, marital status  Psychographics – lifestyle, status  Location – where do they live Market A = Women aged 30-50 in Western Lake Macquarie Market B = Women aged 30-50 in Eastern Lake Macquarie Market C = All Women aged 30-50 in Greater Newcastle Area Page 9

9.  Are your customers Industrial or Consumer  Sex - % male / female  Age – range no greater than 30 years  Type of employment  Describe their lifestyle  Where do they live  What are they looking for in your product / service  How often will they use / purchase your product / service Page 11

10. Baby Substitute DemographyOne small dog, no children Higher income Urban PsychologicalDogs Fragile indoor animals Owners very attached to dogs Dogs are finicky eaters Great desire to give what it wants ResultHigh quality, attractively packaged product at a high price with many varieties Nutritionalist DemographyMultiple dog ownership Australian Urban High / Middle income PsychologicalVery personally attached to the dog Dog belongs to woman Interested in nutrition Food is varied Cost is not the only consideration ResultProduct emphasis is on variety and nutritional content Functionalist DemographyMultiple dog ownership Animal usually owned by the children PsychologicalDogs—outdoor –hearty Eat anything no bother Little attachment to the dog Woman not involved in the dog ResultProduct is marketed as ‘value for money’ Page 10

11.  Industry  Competitor  Customer needs / wants / expectations Page 21

12.  Primary – straight from horses mouth  Secondary – research from another source  Research Sources ◦ Library ◦ Internet ◦ Yellow Pages ◦ Australian Bureau of Statistics ◦ Local Research Companies ◦ Trade Associations ◦ Industry profiles ◦ Government Departments ◦ Professional Associations Page 21

13.  What changes have occurred in your  industry?  What changes do you think may occur in the future?  What legislative restrictions may impact upon your business?  What seasonal changes occur? Page 21

14.  Who your potential customers are, how many there are?  What they need, want and expect?  Why they will use your product/service?  When they will use and how much they will use your product/service?  What will motivate them to use your product/service instead of your competitors?  What they are prepared to pay for your product/service? Page 21

15.  Who are they?  What do they sell?  Where are they located?  What are their big sales items?  What are they good and bad at when it comes to business?  Can you work in alliance with them?  How is your business different? - this must be a measurable difference Page 21