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Marketing and the Start up Firm.docx

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ECON 220
Owen Gallupe

ARBUS 200 – Marketing and the Start up Firm Marketing’s Driving Force:  Supply and Demand  Demand and Supply o Willingness and ability to buy the product The Marketing Process  Demographic-economic environment, technological-natural environment, social-cultural environment, political-legal environment.  Marketing Channels, Publics, Competitors, Suppliers  Marketing Analysis, Marketing Planning, Marketing implementation, Marketing Control  Product, Price, Promotion, Place  Target Consumers Business objectives  New Sales  Retaining sales to keep people coming back  Referral Sales  Sustainable Sales growth Your Objective  To develop and implement a powerful marketing plan to help achieve those sales! Marketing Problem  Cannot get the prospect’s attention.  Problem recognition is taking a target audience Why do Market Research?  Proves demand and that a market is worth your effort  Creates realistic sales forecasts  Improves contact to close ratio Primary Research  Questionnaire/Interview o To your potential customer o Asking entrepreneurs in your future field o Sources within the competition (using brother to extract information with quotes) o Describe your product/service o Ask for comments, closed questions  Running shoes (Example of primary) o Observation o Competition (how we beat competitive bids) o We walk and watch our competition - retail and what they do Secondary Sources/Intelligence  Formal organizations o City Hall o Financial Institutions o Chamber of Commerce et al o Real estate firms  Electronic o Stats can, Industry Canada and Strategis  Printed Materials o Newspapers, trade journals, magazines o University/college reports  Other? RECAP: Sources of marketing Information  Competition  Experts  Publications  Web Search What is Marketing - it is the art and science of targeting and educating prospects about your products and services What is Branding - ensures that customer prospects who need or want what you sell think of you first and prefer to buy from you. It’s the feeling What is Customer - someone who consistently buys from us and provides our financial security How to Segment - Considerations Quantitative o Demographics  Qualitative o Lifestyles and how we live o Behaviors or how we respond o Influences o All resulting in “the black box” Sources of prospects  Where do I get my leads? o From doing your research o Referrals and COI’s o List and database companies Marketing Mix - 4 P’s Price:  Opportunity Costs o To firm o To consumer o Value/benefit  Accounting Costs o Fixed o Variable  What are customers willing to pay Place  Where it is sold  How it gets There  New opportunities  Least exciting but has a whole lot of opportunities  Extensive vs. Isolated distribution o Ex: coco cola is about market strategy Product  Everything: o What is in the bottle  The bottle/the writing on the bottle/the box o What is on the bottle o What surrounds the bottle Promotion:  Advertising  Personal Selling  Direct Marketing - telemarketing, infomercials, hybrids of professional selling  Public Relations - dangerous because they are looking to sell more product and they won’t put your story if it does not have interest  Promotion - try something new o Rebates Repetition  We need to be stimulated several times in order for us to buy  Needed to build the brand in various forms  Need at least 20 marketing tactics before they resonate  What is the major limit on marketing? - budget Marketing Messages  “Words” are the foundation of a great marketing plan. With the right words we can get a prospect to respond positively!  What are the “words” that your prospects need to hear, read and/or be told t
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