Marketing Principles

PRINCIPLES OF MARKETING TOPICS THIS SEMESTER 1. Marketing Principles and Strategies 2. Customer Relationship: Customer Service 3. Market Opportunity Analysis and Consumer Analysis 4. Developing the marketing mix 5. Managing the Marketing Effort Market Analysis (SWOT) Marketing planning, implementation, and marketing control WHAT IS PRINCIPLES OF MARKETING? lesson 6: Workshop and Presentation of Marketing Plan 1. Preparing a Marketing Plan A. How to Write the Marketing Plan As a student, you must learn the rudiments in preparing a Marketing Plan. This is in preparation for your future career as Marketing a Marketer.Plan may not be at top of every business owner’s to do list, but it should be. While a business plan helps map the direction for your company, a marketing plan helps your company understand how to get there by detailing Almeria’s life and her “The single most important thing small business to include in its marketing plan is a very clear understanding of its customers and its competitors” BY: THOMAS ROBERT Let us review the principles behind a Marketing Plan which has been covered in the previous chapter. Though a marketing plan can be formal or informal, at a minimum it describes who your customers are, where they get information, and how you are going to reach them. Thomas said the development of a marketing plan requires four specific tasks: 1. Development a very clear and focused insight into why a potential customer would use your business. 2. Identify your target customers. 3. Identify competitors that would also want your target customers. 4. Write down your brand- Some of the most popular channels for today’s businesses include: a. Social Media Marketing - Social media has become an essential part of businesses’ marketing plans. Businesses that have yet to realize the opportunities that Facebook, Twitter, Google+, LinkedIn and other networks provide them are Brett Farmiloe, founder of Internet marketing company Markitors, advised companies that are just getting started in social media to get to know their b. Email Marketing Through email marketing may not be as new of a concept as social media marketing, it is an affective and popular choice for many small business owners. c. Mobile Marketing The popularity of smartphones and tables has helped to change the way companies target their customers. As a result, companies are looking to implement strategies that reach customer on their devices. NEXT STEPS Once strategies have been identified for each channel, you need to figure out your strategy. 1. How much are you willing to spend in each channel? 2. What outcomes do you expect to see? B. Template of a Marketing Plan ( ) To grow your business, you need a marketing plan. The right marketing plan identifies: 1. Who your target customers are 2. How you will reach them 3. How you will retain your customers so they repeatedly buy from you. CONTENT of the Marketing Plan A marketing plan for a small business typically includes: 1. Executive Summary 2. Description of the product or service, including special features 3. Marketing budget, including the advertising and promotional plan 4. Description of the business location, including advantages and disadvantages for marketing 5. Pricing strategy 6. Market Segmentation