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Marketing

Marketing. Fundamentals for Start-Up & Small Business. Corey Smith -- Background. SE Idaho Native B.S./MBA – BYU Marriot School (Marketing Emphasis) 10 years packaged goods industry—brand management Pillsbury, HJ Heinz, Ocean Spray Cranberries 12 years retail owner/operator

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Marketing

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  1. Marketing Fundamentals for Start-Up & Small Business

  2. Corey Smith -- Background • SE Idaho Native • B.S./MBA – BYU Marriot School (Marketing Emphasis) • 10 years packaged goods industry—brand management • Pillsbury, HJ Heinz, Ocean Spray Cranberries • 12 years retail owner/operator • Eastgate/Westgate Drug, PharmEase Pharmacy, ShipPro • 2 years marketing consultant • EPIC Ventures, Entrepreneur-In-Residence • SE Idaho Entrepreneur Center – Board Chair • Yellowstone Hotel Systems, Gorgeous Garage, Etc. • Miscellaneous • Governor’s Economic Advisory Council – District 6

  3. Introduction • The Dream…Own My Own Business • SBA Statistics • 50/50 chance of success • Historical 5% annual loan default rate • National Federation of Independent Business • 39% of new business are profitable • 31% “ “ break even • 30% “ “ lose money

  4. Introduction • SBA Survey: Reasons for Small Business Failure • Started business for the wrong reason • Poor management—Lacked relevant expertise • Insufficient capital • Overexpansion • Lack of planning • Financial—capital, expenses, budgeting, cash flow • Marketing—analysis of competition, advertising, sales

  5. Introduction • The stakes are tremendously high— • Sources of Capital for Start-Up Business • 55% Personal/family savings • 10% Other personal assets • 10% Personal credit card • 10 % bank loan • 5% government loans • 10% Outside investors 75% 15% 10%

  6. #1 Question asked to a marketer? • How should I spend my marketing budget? TACTICS

  7. Correct Answer……… Fundamentals First • “Some people try to find things in this game that don’t exist, but football is only two things—blocking and tackling.” Vince Lombard STRATEGY

  8. Marketing FundamentalsTable of Contents to Marketing Plan • Company Background • Market • Target Audience • Competition • Product • Messages • Sales and Buying Process • Pricing

  9. Market • What is the opportunity? Size? • What are the market characteristics? What are the market trends? What business cycles and seasonality are anticipated? • What is the economic, legal, demographic and political climate? How will changes affect my success? • What are the barriers to entry to this market? • What are the major market segments?

  10. MarketRealistic View of Market

  11. MarketSegmentation/Business Markets Product design specifications… Domestic vs. international, regional vs. national… Size of company, number of buyers…

  12. MarketSegmentation/Consumer Markets Attitudes, lifestyle, behavior… Age, race, family size, education… Region, population, zip code… Comfort, safety, luxury, brand loyalty…

  13. Competition • Which companies pose the greatest competition? How do they differentiate themselves? SWOT

  14. COMPETITION:Layers

  15. Product • What features differentiate us from our competition? • What modification will our competition make to their product offering when we enter the market? Differentiation Matrix PRODUCT FEATURES a b c d e f g h i… z COMPETITORS 1Y X 27 ☐ − 2 N -- 18  + 3 N -- 17  +

  16. Product • Where are we in the product life cycle for our category?

  17. Product Life Cycle Strategies IntroductionGrowthMaturityDecline Objectiveawareness/trial build share extend use profit taking Competitionfew moderate peaks declining Product standardize differentiate cost few extension reductions Price skim/penetrate segment competitive stable Distribution one channel broad loyalty phase out Promotion informational compare channel minimal/none

  18. Message Delivery

  19. Online Ad Spending Trend

  20. Fundamental MarketingSources of Information (Secondary Research) • Company websites, advertising, annual reports • Press releases • Trade associations (magazines, websites, conference papers) • SEC filings • Federal statistical sources • Industry trend sources • Investment analyst reports

  21. Sources of Information (Secondary Research) • Published market research reports • Patents and technical literature • Consumer demographic sources • Product Catalogs • Employees, vendors, contractors

  22. Essential Research Sites • Edgar Online • Annual report service • PR newswire company • CNN financial network • BNET • Biztech network • CI Strategies and tools

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