Learn How to Find Customers; and What to do with them when you get them
This course is designed as a program to help you firstly understand the marketing world; then assist you in making decisions and developing skills in marketing.
- MARKETING INVOLVES...
- ATTRACTING CUSTOMERS
- PERSUADING THEM TO BUY
- KEEPING CUSTOMERS SATISFIED (so they come back!)
... BY USING THE ABOVE ACTIVITIES
Throughout this course emphasis is placed on profitability and efficiency!
The content the ten lessons is as outlined below:
- Marketing and the Business What is marketing, and its significance, Considering alternative approaches to business & marketing, Alternative enterprises (eg. goods or services based, sole proprietor or partnership etc).
- Scope of Marketing Understanding basic economics (eg. supply & demand); the difference between the potential market, available market, target market, and penetrated market for a product/service of your choice; Different advertising approaches, Controlling Growth, Improving Results in Business, etc
- Target Marketing Understanding the market place; Stages that sellers move through in their approach to a market, What is targeting, Advantages of target marketing as compared to mass marketing and product-differentiated marketing
- The Marketing Mix and Managing the Marketing Effort Product, price, place, and promotion; Affects and interactions between marketing and other operations of a business.
- Product Presentation and Packaging Importance of product knowledge, Core, tangible and augmented products; Differences in packaging & presentation for different products.
- Promotion Communication skills, Merchandising, Shop Floor Layout, Displaying Products, Signs, Understanding Selling and Increasing Sales, Sales Methods, Publicity Marketing,
Structuring an Advertisement or Promotion, Advertising budgets, etc
- Product Pricing and Distribution Pricing, Profitability Ratios, Increasing Turnover, etc
- Customer Service Methods of assessing customer satisfaction; Significance of Customer Service; Different types of customers in the market place, and how best to approach each; Difference between selling, publicising, marketing and advertising, etc
- Market Research The research process, What to research, Surveys, Developing and conducting a market research program, where to find useful statistics,
- Organisations - Structures and Roles Business law; Financial Management, Business Structures, Business terminology, etc.
- Discuss the role of marketing in different enterprises.
- Describe the scope of marketing in different enterprises.
- Define the target market for a product or service.
- Determine and manage an appropriate mix of marketing activities for a small enterprise or marketing campaign.
- Evaluate the presentation (including packaging) of a product or service.
- Determine an effective approach to promoting a product or service.
- Compare options for distribution and determine an appropriate price for a product or service.
- Evaluate customer service.
- Conduct relevant market research.
- Consider the impact of internal and external organisations (including legal authorities) upon the marketing activities of an enterprise.
What Should You Charge?
Setting prices is one of the most important factors in successful marketing. Pricing has to take in account both the wholesale and retail factors as a successful product will need to be analysed from start to finish.
A general methodology for setting prices:
Establish your market objectives
Formulate your marketing strategy
Develop pricing policies and potential risks
Choosing pricing strategies, and set price tactics.
When establishing market objectives, it is always helpful to look at a similar product and use it as a guideline to gather information, ideas and material.
Three types of price strategies can be described as:
Cost oriented pricing – by product price
Demand oriented – by the perceptions of the demand intensity
Completion oriented – how the competitors are charging.
Learning how to set an appropriate price is just one part of this course!
Marketing and Selling are Not the Same
MARKETING is often confused with selling however SELLING is only part of the whole marketing process.
Marketing involves every aspect of getting the product or service from the supplier to the consumer (apart from the actual service or product itself). ie. marketing includes advertising, promotions, packaging, distribution, sales and after sales services.
The consumer market for almost any product or service is dynamic and extremely competitive, year by year competition increases. Each year new competing products, services or businesses are launched and not all of these will succeed in fact only a small percentage will become established in the marketplace on a long term basis. As an example the wholesaler or manufacturer is competing for space on retail shelves, this leads the retailer to restrict what they are willing to display on their shelves opting for the most profitable and popular lines. The wholesaler or manufacturer therefore needs to convince the retailer that their product deserves shelf space. The service provider and retailer must also compete with other similar businesses for a share of the market once again they need to convince their customers that they are offering the best on the market. The best way to achieve this is through a marketing strategy.
For a business or product to succeed it has to be marketed. Marketing plays an integral role in the business process and marketing strategies should be included from the outset, when an idea for a new business or product is put forward. The market for a particular service/product needs to be identified and prices set where applicable. This is difficult for a service type of business, but these types of operations should use the ‘going market rate’ as a guideline.
In identifying the target market for your business you can tailor your advertising to suit that market, for example if you are setting up a surf shop with an identified market demographic of people under the age of thirty, there is no point advertising at the local senior citizens club.
A marketing strategy should consider the following:
- Identify the target market.
- Market saturation (are there too many of this type of product/service already?)
- Compare similar businesses/products/services.
- Where will you operate? (i.e. near your market, from home, etc.).
- Decide on price (in relation to a product or service as discussed earlier).
- How will your products be distributed? (If applicable).
- How will you promote your business (advertising, word of mouth etc?)
Marketing is concerned with relating the supply of products to its potential demand in such a way as to satisfy the needs and wants of buyers and create a profit for the supplier.
Marketing should add maximum value to the product at minimum cost.