BUSINESS PLANS MARKETING YOURSELF

MARKETING Defines your product Defines your product Defines groups most likely to use product Defines groups most likely to use product Educates groups on product’s features and benefits Educates groups on product’s features and benefits

BUSINESS PLANNING Business idea statement Business idea statement Determine target market Determine target market Marketing mix Marketing mix Statements of action and achievement Statements of action and achievement Key operating indicators Key operating indicators Customer service Customer service Financial information Financial information Budgets Budgets

IDEA STATEMENT What business do you want to be in What business do you want to be in What needs to you wish to serve What needs to you wish to serve What clients do you wish to serve What clients do you wish to serve How will you offer services or product How will you offer services or product

TARGET MARKET Through market research Through market research Done to determine feasibility of business idea Done to determine feasibility of business idea

MARKET RESEARCH INVESTIGATION Define objectives Define objectives Conduct situational analysis Conduct situational analysis Conduct informal investigation Conduct informal investigation Determine if further investigation is needed Determine if further investigation is needed Formal investigation Formal investigation Analyze and interpret data Analyze and interpret data Prepare written report Prepare written report

MARKETING MIX Product Product Place Place Price Price Promotion Promotion

PRICE Competitive pricing Competitive pricing Cost of operation Cost of operation Pricing strategy Pricing strategy Premium pricing Premium pricing Market pricing Market pricing Introductory pricing Introductory pricing

COMPETITIVE PRICING Know what the competitors are charging Know what the competitors are charging Packaging components such as nutrition consult and exercise session Packaging components such as nutrition consult and exercise session

COSTS OF OPERATION Personnel Personnel Operations Operations Marketing Marketing

PRICING STRATEGY Discuss with administration Discuss with administration Define if your own business Define if your own business 3 strategies – premium, market, bargain (not the same as introductory pricing) 3 strategies – premium, market, bargain (not the same as introductory pricing)

PROMOTION Paid advertising Paid advertising Public relations Public relations What are target market What are target market Who are your customers Who are your customers Where do they seek information Where do they seek information Mix and level changes during product life cycle Mix and level changes during product life cycle

MARKETING PLANNER Plan time and resources on calendar Plan time and resources on calendar Promotions on calendar particularly if they have a seasonal cycle Promotions on calendar particularly if they have a seasonal cycle

STATEMENT OF ACTION AND ACHIEVEMENT

DEFINITIONS –HEALTH CARE WORLD Goal: a sweeping, open-ended statement of what you want your business to achieve Goal: a sweeping, open-ended statement of what you want your business to achieve Objectives: specific, measurable activities, name resources, time frames, and projected results Objectives: specific, measurable activities, name resources, time frames, and projected results Mission statement: what business you are in, whom you will serve, how you will fulfill clients’ needs Mission statement: what business you are in, whom you will serve, how you will fulfill clients’ needs

KEY OPERATING INDICATORS Ongoing evaluation strategies monitored at regular intervals Ongoing evaluation strategies monitored at regular intervals Identify and correct problem areas Identify and correct problem areas Establish key operating indicators in marketing, product quality, operations, finance Establish key operating indicators in marketing, product quality, operations, finance Often expressed as ratios Often expressed as ratios Documentation Documentation

CUSTOMER SERVICE Service received will determine if customers return Service received will determine if customers return

FINANCIAL INFORMATION Break-even point Break-even point Income statement – revenue, expenses, and income for several scenarios Income statement – revenue, expenses, and income for several scenarios Budget plan – target revenue and costs in a monthly and whole-year format Budget plan – target revenue and costs in a monthly and whole-year format

BUDGETS Revenue budget Revenue budget Personnel budget Personnel budget Marketing budget Marketing budget