1. Slide 1 Welcome to the Unit 8 Seminar Building a Powerful Marketing Plan

2. Unit 8 - Discussion Question 1 How does focus on the customer impact a marketing plan? What draws customers? Who are your customers? What will help you gain repeat / loyal customers?

3. Slide 3 Slide 33

4. Slide 4

5. Slide 5 Geographic – Gender - Ethnic – Generational - Targeting specific areas of the country – snow blowers in the north during winter, bathing suits in the south coast.

6. Slide 6 Geographic – Gender - Ethnic – Generational - Targeting specific products to men vs. women – different Gillette shavers for men and for women Targeting specific areas of the country – snow blowers in the north during winter, bathing suits in the south coast.

7. Slide 7 Geographic – Gender - Ethnic – Generational - Targeting specific products to men vs. women – different Gillette shavers for men and for women Targeting specific areas of the country – snow blowers in the north during winter, bathing suits in the south coast.

8. Slide 8 Geographic – Gender - Ethnic – Generational - Targeting specific ethnicities – Spanish language packaging or Kosher foods Targeting specific products to men vs. women – different Gillette shavers for men and for women Targeting specific areas of the country – snow blowers in the north during winter, bathing suits in the south coast.

9. Slide 9 Geographic – Gender - Ethnic – Generational - Targeting specific ethnicities – Spanish language packaging or Kosher foods Targeting specific products to men vs. women – different Gillette shavers for men and for women Targeting specific areas of the country – snow blowers in the north during winter, bathing suits in the south coast. Targeting specific age groups – different products for the aging baby boomers vs. Gen X’ers.

10. Slide 10 Factors not controllable by the firm Competitive forces Economic forces Political, legal, and regulatory forces Other firms selling the same, or similar, items may lower prices to match, or under cut your prices. The amount of disposable income the consumer has left after taxes and necessities plus their faith in the future determines much of their willingness to buy. Restrictions created by the government, such as FDA setting labeling requirements and the FTC setting fair trade practices Technological forces New technologies lead to new products and new ways of doing business – failing to adapt spells financial doom

11. Slide 11 The factors that the organization CONTROLS and includes: –PRODUCT –PRICING – DISTRIBUTION –PROMOTION Designing and making the items, or providing the services, that meet the customers’ needs. Setting the price such that it reflects the consumer’ perceived value of the product, while returning enough revenue to the firm to justify investing in producing the item/service.. Physically getting the product to the consumer – How the consumer will buy the product/service. (stores, directly, internet, etc) Communications that builds a favorable relationship by informing and persuading a group of consumers that the product/service best meets their needs.

12. Slide 12 “If you’re not taking care of your customer and nurturing that relationship, you can bet there’s someone else out there who will.” –pg. 286 Poor customer relations examples and consequences: o Sixty-seven % of customers who stop patronizing a particular store do so because an individual employee treated them badly. o Ninety-six percent of dissatisfied customers never complain about rude or discourteous service BUT.. o One hundred percent of those unhappy customers will tell their “horror stories” to at least 9 other people. o Thirteen percent of those unhappy customers will tell their stories to at least 20 other people!

13. Slide 13 Any Questions ?

14. Unit 8 - Discussion Question 2 How does devotion to quality impact a marketing plan? How do you address this in your marketing plan? Whom do you target with this company trait? How does your definition of quality compare to your competition?

15. Slide 15 How does devotion to quality impact a marketing plan? According to author Josh Gordon – explains that almost 60% of customers who change suppliers say they switched because of problems with a company’s products or services. TQM – Total Quality Management The philosophy of producing a high-quality product or service and achieving quality in every aspect of the business and its relationship with the customer; the focus is on continuous improvement in the quality delivered to customers.

16. Slide 16 How does devotion to quality impact a marketing plan? Some strategies for developing and retaining loyal customers: Let’s discuss each one ① Devotion to quality ② Attention to convenience ③ Concentration on innovation ④ Emphasis on speed

17. Slide 17 Any Questions ?

18. Unit 8 - Discussion Question 3 How does concentration on innovation impact a marketing plan? How does innovation make your company stand out? Why is innovation good?

19. How does concentration on innovation impact a marketing plan? Innovation is the key to future success. Markets change too quickly and competitors move too fast for a small company to stand still and remain competitive. Thanks to their organizational and managerial flexibility, small businesses often can detect and act on new opportunities faster than large companies.

20. Unit 8 - Discussion Question 3 (Part 2) How does innovation make your company stand out? Why is innovation good?

21. Unit 8 - Discussion Question 3 (Part 2) How does innovation make your company stand out? Why is innovation good? Keep raising the bar Quality and latest and greatest can be counted on Consistent feedback of customers wants and needs evidenced in your products or services Use the iPhone and smart phones as an example

22. Any Questions ?

23. Discussion Question 4 How does dedication to service impact a marketing plan? Define “dedication to service” in your marketing strategy. How will you ensure you achieve your goals in this area? How will you pass this assurance through the marketing strategy?

24. Discussion Question 4 How does dedication to service impact a marketing plan? 46% of customers walked out of a store within the last year because of poor service – Pew Charitable Trusts Survey Amdocs company found that customers are willing to withstand just two negative customer service experiences before taking their business elsewhere. Providing incomparable service – not necessarily a low price - is one of the most effective ways to attract and maintain a growing customer base. Another study suggests that 73% of customers buy for reasons other than price.

25. Discussion Question 4 Define “dedication to service” in your marketing strategy. How will you ensure you achieve your goals in this area? How will you pass this assurance through the marketing strategy? Define superior service Set standards and measure performance Examine your company’s service cycle Hire the right employee Train employees to deliver superior service Empower employees to offer superior service Treat employees with respect and show them how valuable they are Use technology to provide improved service Reward superior service Get Top Managers support View customer service as an investment, not as expense

26. Any Questions ?

27. Slide 27  How does emphasis on speed impact a marketing plan?  Is speed a draw for your target customers? Are you faster than the competition? By how much? How can you prove it?

28. Slide 28 How does emphasis on speed impact a marketing plan? Today’s customers expect business to serve them at the speed of light. Providing a quality product at a reasonable price once was sufficient to keep customers happy, but that is not enough for modern customers, who can find dozens of comparable products with just a few mouse clicks.

29. Slide 29 Is speed a draw for your target customers? Are you faster than the competition? By how much? How can you prove it? Victory in this time-obsessed economy goes to the company that can deliver goods and services the fastest, not necessarily those that are the biggest and most powerful. Business is moving so rapidly today that companies “need to accomplish in 90 days what traditionally took a year.” explains one entrepreneur. Business that can satisfy their customers’ insatiable appetites for speed have a distinct advantage.

30. Unit 8 Assignments Read Chapter 8 – Building a Powerful Marketing Plan Discussion Question – Answer and post response to at least 2 classmates’ answers – Use articles from the Internet to support your answers

31. Course Project Third portion of business plan (Marketing Plan) due! Analysis of info and write-up are real “meat” of the business plan – Competitive Edge, Marketing Strategy, Milestones Table, Explain Milestones Keep a copy to include in your final business plan for Unit 9

32. Slide 32 Questions?? Wrap-up

33. Slide 33 Next Week – Unit 9 Seminar Sources of Equity: Debt & Equity

34. Slide 34 T H A N K Y O U F O R A T T E N D I N G SEE YOU IN THE DISCUSSION THREAD QUESTIONS AND IN NEXT WEEK’S SEMINAR FUN QUESTION OF THE WEEK! What is this mascot’s name?