1. 1 MBE Marketing Module 6

2. 2 Week 1234567891011 Prepare for Kick-off Meeting Assign teams Team forming Review and execute consulting contract Interview and research business Draft, revise and execute team contact Draft and revise project management plan Start secondary research Draft and revise business case statement Analyze and organize secondary research Plan, draft and test primary research Conduct primary research Analyze and organize primary research Draft and revise preliminary recommendations Draft final report Draft, revise, rehearse presentation Revise final report DUE Consulting Contract Team Contract Project Manage- ment Plan Business Case Statement including SWOT analysis Primary Research Instrument Prelimin- ary Recom- mend- ations Draft report Final Present- ation Final Report

3. 3 Marketing ToolDescriptionMulticultural Markets SegmentationIdentifying market niches that are underserved, not attractive to competitors, yet profitable to the enterprise. Typical segmentation includes demographic, geographic, behavioral, and psychographic. Multicultural markets can be very small compared to segments pursued by large enterprises. Minority populations typically are not included in mainstream market analysis or may be considered in aggregate without regard to key distinctions. TargetingStrategies and programs for capturing market segment. The full breadth of current social, psychological, economic, and other factors must be assessed in targeting market segments. Cultural analysis (which includes history, art, music, etc. of the population and its home country) must be taken into consideration in targeting multicultural segments. PositioningStrategy for setting the enterprise apart from competitors on key attributes important to the customer. What is the value proposition? Could also include strategies from creating entry barriers to competitors. Minority businesses are often not aware of the importance of positioning their businesses, having operated mainly within their own ethnic groups. New value propositions include a diverse economy, corporate social responsibility, supporting local enterprises, and sustainability. BrandConsistent image of the enterprise that positions it strongly in the customer’s mind. Brand franchise will cause the customer to buy the product and pay a premium over others with similar functionality. Branding strategies include logo design, communications, public relations, events, promotions, and advertising. Minority businesses may not be aware of that creating a consistent brand image is important. With many MBEs moving to adjacent or mainstream markets, brand imagery may have to be changed. It may be appropriate to one ethnicity but not to another.

4. 4 Selling Strategies Flexibility to respond quickly Important to a business in the early stages Must have a sales pitch

5. 5 Customer Relationship Management CRM ConceptDescriptionMBE Issues Create a customer value proposition Know the customer well and create a value proposition for the customer that is uniquely identified with the business. Often there is a disconnect between what the business assumes and what the customer truly find of value. It is important for emerging MBEs to do research and communicate with the customer; then to tailor products/services to be of value and marketing to communicate that value. Target customer share versus market share Customers are much cheaper to retain than acquire. Use customer lifetime value to evaluate which customers to target. Emerging MBEs rely heavily on expensive sales efforts typically executed by the business owner. This makes Cultivate the customerUse the customer life cycle to increase customer share and acquire new customers. Without major resources for marketing programs, the best way for MBEs to grow is by growing share of its existing and adjacent customer bases. This can be done by testimonials and referrals. Manage information about your customer Maintain a customer database and use every opportunity to add to the database. With low-cost options for customer databases, smaller enterprises can compete effectively. MBEs must develop the discipline to collect, maintain, and mine customer information.

6. 6 Customer Value Proposition What does the business do for the customer that is better than its competition

7. 7 Customer share is important to MBEs

8. 8 Customer Life Cycle

9. 9 Customer Lifetime Value

10. 10 Using the Marketing Mix Product/Service Understand the customer value proposition Price Do competitive analysis and financial homework Place (Location/Distribution) Business process reengineer Promotion Target and evaluate Functionality Attributes Appearance Time Quality Packaging Warranty Support List price Discounts Allowances Financing Leasing Channel members Channel motivation Market coverage Geographic locations Logistics Cycle time Service Advertising Promotion Sales force Public relations