Identify and Meet a Market Need 4 Identify and Meet a Market Need 4.1 Identify Your Market 4.2 How to do Research 4.3 Identify Competition 4.4 The Marketing Mix 4.5 Promotion and Goals

Promotion Advertising Types of Advertising Choosing your message – targeting and clarity Types of Advertising Media: Television, Radio Print: Newspaper, Magazine, Telephone Book, Direct-Mail Online Chapter 4

Promotion Other forms of advertising Publicity – free promotion Billboards Transit Public school and local publications Restaurant placemats Publicity – free promotion Media coverage Press release Chapter 4

Promotion Other forms of promotion Sales promotion / incentives Contests, free samples, coupons, rebates, frequent purchaser programs, gifts, and special events. Personal selling Telemarketing Chapter 4

Promotion Other forms of promotion Public Relations – establishing a favorable relationship with customers and the public Advertising and promotions are both public relations activities Community involvement, donations, and being personable are also PR activities Chapter 4

Establishing Your Goals Short-term goals – one year; number of customers, sales, profits Medium-term goals – two to five years; Market share – percentage of market owned by a business Long-term goals – five, ten, twenty years; mail order division, web site, larger storefront Chapter 4

Write Your Marketing Plan Do this after you have determined all your strategies and goals. May be needed to obtain financing. Quick guide to creating a marketing plan for your small business (2:19) Chapter 4

4P’s Product Price Place Promotion Chapter 4

SWOT Analysis Strengths Weaknesses Opportunities Threats Chapter 4

PETS Political Economic Social Technological factors Chapter 4