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Understanding Marketing

Understanding Marketing. Terry L. Chambers SBDC Center Manager & Entrepreneur 509-358-7894 tchambers@iel.spokane.edu. What Is Marketing?. 1. Identifying customers. 2. Reaching them with your message. 3. Making them want what you sell. 4. Getting it to them. OR.

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Understanding Marketing

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  1. Understanding Marketing Terry L. Chambers SBDC Center Manager & Entrepreneur 509-358-7894 tchambers@iel.spokane.edu

  2. What Is Marketing? 1. Identifying customers. 2. Reaching them with your message. 3. Making them want what you sell. 4. Getting it to them. OR Finding a need and filling it!

  3. Marketing MixThe “Four P’s” P roduct P ricing P P lace (Distribution) romotion

  4. The Influence of MarketingPermeates Everyday Life Relationship marketing emphasizes lasting relationships with customers and suppliers

  5. Identifying customers • Who or what are you? Know thyself • from your customer’s perspective. • What exactly are you selling – • is it merely a product? • How much can you charge? • Who can afford to buy it? • What makes them buy from you?

  6. Who will buy from you? • Disposable income • Lifestyle • What influences their decisions • What do they want • Age, single, married, etc. • Demographics & Psychographics

  7. Geographic Variables Demographic Variables Psychographic Variables Identifying Market Segments Includes: race, age, income, mobility (number of vehicles), educational attainment, home ownership, employment status, etc. Attributes relating to personality, values, attitudes, interests, or lifestyles, etc.

  8. Personal & Environmental Factors Psychological Personal Social Cultural Marketing Factors Product Pricing Promotion Place The Consumer Buying Process Problem Recognition Information Seeking Evaluation of Alternatives PurchaseDecision Post purchase Evaluation

  9. Product Features and Benefits Features Tangible and intangible qualities that a company builds into its products. NEW Bigger IMPROVED! Relaxation Benefits The results of using those products More Family Time Fun Save Money!

  10. Personal Selling Advertising Public Relations Sales Promotions The Promotional Mix

  11. Communicate with them • Face-to-face “communication” = short message and then LISTEN • Phone calls • Email • Snailmail • Publicity – paid and unpaid • Advertising • Website • Demonstrations of the product

  12. What is your message? • Why should someone buy from you? • What exactly is your selling point(s)? • Is it your personality? Your looks? Your voice? Your personal relationships? Your product? Your service? • Is it your product’s personality, looks or voice? What are the words THEY want to hear?

  13. Advertising • Advertising is the most expensive marketing tool • Are your competitors advertising? Should you try to match their budget? • What - Where and What should you say? • Advertising is the least efficient marketing tool • ROI can be very low • Shotgun approach is used instead of the rifle shot • Bad advertising costs – good advertising sells • Don’t bankrupt yourself • Don’t listen to gurus – become an expert on YOUR customers • One size does NOT fit all • Trust your judgment and taste • How to tell good from bad • What makes a good advertisement? = ROI!!!!!!!!

  14. Why do YOUR Customers buy from you?

  15. Where and How do you Market & Advertise Now?

  16. Key factors What is it that the customer is buying? What do they want to hear from you? What type of marketing do they pay attention too? Marketing must be Consistent and Long Term! Track ROI for all marketing. Crawl, Walk and only then can you Run!

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