III. MARKETING STRATEGIES - MARKET MIX

A. Image

 

1. First, what kind of image do we want to have (such as cheap but good, or exclusiveness, or customer-oriented or highest quality, or convenience, or speed, or ...)?

__________________________________________________

B. Features

1. List the features we will emphasize:

  1. __________________________________________
  2. __________________________________________
  3. __________________________________________

 

C. Pricing

  1. We will use the following pricing strategy:
    1. Markup on cost ____ What % markup? _____
    2. Suggested price ____
    3. Competitive ____
    4. Below competition ____
    5. Premium price ____
    6. Other ____
     
  2. Are our prices in line with our image? YES___ NO___
    3.  
  3. Do our prices cover costs and leave a margin of profit? YES___ NO___
    4.  

D. Customer Services

1. List the customer services we provide:

  • a. ____________________________________________
  • b. ____________________________________________
  • c. ____________________________________________

    • 2. These are our sales/credit terms:

    • a. ____________________________________________
    • b. ____________________________________________
    • c._____________________________________________

      3. The competition offers the following services:

    • a. ____________________________________________
    • b. ____________________________________________
    • c. ____________________________________________

       

    E. Advertising/Promotion

    1. These are the things we wish to say about the business:

    ____________________________________________________

    ____________________________________________________

    ____________________________________________________

    2. We will use the following advertising/promotion sources:

    1. Television ________

    2. Radio ________

    3. Direct mail ________

    4. Personal contacts ________

    5. Trade associations ________

    6. Newspaper ________

    7. Magazines ________

    8. Yellow Pages ________

    9. Billboard ________

    10. Other__________________

  • 3. The following are the reasons why we consider the media we have chosen to be the most effective:

    • __________________________________________________

    __________________________________________________

    __________________________________________________

    _________________________________________________________________

     

    MARKETING TIPS, TRICKS & TRAPS

    1. Marketing Steps

    • Classifying Your Customers' Needs
    • Targeting Your Customer(s)
    • Examining Your "Niche"
    • Identifying Your Competitors
    • Assessing and Managing Your Available Resources
      • Financial
      • Human
      • Material
      • Production

    ________________________________________________________________

     

    NOTES AND STRATEGIES FOR YOUR BUSINESS

    _________________________________________________________________

    MARKETING TIPS, TRICKS & TRAPS

    2. Marketing Positioning

    • Follower versus Leader
    • Quality versus Price
    • Innovator versus Adaptor
    • Customer versus Product
    • International versus Domestic
    • Private Sector versus Government

    _________________________________________________________________

    NOTES AND STRATEGIES FOR YOUR BUSINESS

    _________________________________________________________________

    MARKETING TIPS, TRICKS & TRAPS

    3. Sales Strategy

    • Use Customer-Oriented Selling Approach - By Constructing
  • Agreement
    • Phase One: Establish Rapport with Customer - by agreeing to discuss what the customer wants to achieve.
    • Phase Two: Determine Customer Objective and Situational Factors - by agreeing on what the customer wants to achieve and those factors in the environment that will influence these results.
    • Phase Three: Recommend a Customer Action Plan - by agreeing that using your product/ service will indeed achieve what customer wants.
    • Phase Four: Obtaining Customer Commitment - By agreeing that the customer will acquire your product/service.
    • Emphasize Customer Advantage

     

  • Must be Read: When a competitive advantage can not
  • be demonstrated, it will not
  • translate into a benefit.

    •  

    Must be Important to the Customer: When the perception of competitive advantage varies between supplier and customer, the customer wins.

    Must be Specific: When a competitive advantage lacks specificity, it translates into mere puffery and is ignored.

    Must be Promotable: When a competitive advantage is proven, it is essential that your customer know it, lest it not exist at all.

    ________________________________________________________________

    NOTES AND STRATEGIES FOR YOUR BUSINESS

    _________________________________________________________________

    MARKETING TIPS, TRICKS & TRAPS

    4. Benefits vs. Features

    • The six "O's" of organizing Customer Buying Behavior

     

    ORIGINS of purchase: Who buys it?

    OBJECTIVES of purchase: What do they need/buy?

    OCCASIONS of purchase: When do they buy it?

    OUTLETS of purchase: Where do they buy it?

    OBJECTIVES of purchase: Why do they buy it?

    OPERATIONS of purchase: How do they buy it?

    • Convert features to benefits using the "...Which Means..."
  • Transition
    • Sales Maxim: "Unless the proposition appeals to their INTEREST, unless it satisfies their DESIRES, and unless it shows them a GAIN-then they will not buy!"
    • Quality Customer Leads:

    Level of need Ability to pay

    Authority to pay Accessibility

    Sympathetic attitude Business history

    One-source buyer Reputation (price or quality buyer)

     

     

    _________________________________________________________________

    NOTES AND STRATEGIES FOR YOUR BUSINESS


    _________________________________________________________________

    CONVERT FEATURES INTO BENEFITS-THE "...WHICH MEANS..." TRANSITION

    FEATURES "WHICH MEANS" BENEFITS

    Performance Time Saved

    Reputation Reduced Cost

    Components Prestige

    Colors Bigger Savings

    Sizes Greater Profits

    Exclusive Greater

    Convenience

    Uses Uniform Production

    Applications Uniform Accuracy

    Ruggedness Continuous Output

    Delivery Leadership

    Service Increased Sales

    Price Economy of Use

    Design Ease of Use

    Availability Reduced Inventory

    Installation Low Operating Cost

    Promotion Simplicity

    Lab Tests Reduced Upkeep

    Terms Reduced Waste

    Workmanship Long Life

    BUYING MOTIVES

    RATIONAL EMOTIONAL

    Economy of Purchase Pride of

    Appearance

    Economy of Use Pride of Ownership

    Efficient Profits Desire of Prestige

    Increased Profits Desire for

    Recognition

    Durability Desire to Imitate

    Accurate Performance Desire for Variety

    Labor-Saving Safety

    Time-Saving Fear

    Simple Construction Desire to Create

    Simple Operation Desire for

    Security

    Ease of Repair Convenience

    Ease of Installation Desire to Be

    Unique

  • Space-Saving Curiosity
  • Increased Production
  • Availability
  • Complete Servicing
  • Good Workmanship
  • Low Maintenance
  • Thorough Research
  • Desire to be Unique
  • Curiosity

    • _________________________________________________________________

    PRICE / QUALITY MATRIX

    SALES APPEALS

    PRICE/QUALITY HIGH MEDIUM LOW

    HIGH "Rolls Royce" "We Try Harder" "Best Buy"

    Strategy Strategy Strategy

    MEDIUM "Out Performs" "Piece of the Rock" "Smart Shopper"

    Strategy Strategy Strategy

    LOW "Feature Packed" "Keeps on Ticking" "Bargain

    Strategy Strategy Hunter"

    Strategy

     

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