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Module designed by Tera Sandvik, LRD, Program Coordinator; Julie Garden-Robinson, PhD, LRD, Food and Nutrition Specialist; and Kathleen Tweeten, MBA, Director, Center for Community Vitality, Community Economic Development Extension Specialist
The following tips will help you navigate through each module.
Click the left mouse button or the down arrow to continue on to the next bullet or slide. Before you begin, youll take a presurvey.
The presurvey will open in a new window. When you are finished with the presurvey, close the window to return to the module.
A symbolizes a question slide. Youll need to click your mouse once to see the answer.
After visiting the site, close the Internet browser to return to the module. Click your mouse once to see the answer.
When you are finished with the module, you will take a post-survey.
The post-survey will open in a new window. When you are finished with the post-survey, close the window to return to the module.
Presurvey
Before we begin, lets take a presurvey to see how much you already know. Click here to begin the presurvey.
If you do, thats great, but keep in mind businesses need more than a great product to be successful. A high percentage of home-based food businesses fail their first year because they didnt have a market to support their product.
Marketing is based on the importance of customers to a business and has two important principles:
All company policies and activities should be directed toward satisfying their customer wants or needs.
Profitable sales volume is more important than maximum sales volume.
Marketing Strategy
A marketing strategy identifies target customers that a particular business can better serve than its competitors, and tailors product offerings, prices, distribution, promotional efforts and services toward those target customers. The strategy should address unmet customer needs that offer adequate potential profitability. A good strategy helps a business focus on the target markets it can serve best.
Target Marketing
Owners of small businesses often have limited resources to spend on marketing. Concentrating their efforts on one or a few key market segments - target marketing - gets the most return from small investments. These are two main methods used to segment a market:
Geographical Customer
There are two main methods to segment a market. Do you know what they are?
Click to see the answer.
Concentrating on a narrow product line Developing a highly specialized product or service Providing a product-service package containing unusually high-quality service
Promotion
Promotion strategies include advertising and direct customer interaction. Good salesmanship is essential for small businesses because of their limited ability to spend on advertising. Good telephone book advertising is important. Direct mail is an effective, low-cost medium available to small businesses. Web presence may be an important and effective part of a successful strategy
Pricing
The right price is crucial for maximizing total revenue. Generally, higher prices mean lower volume and vice versa. Small businesses often can command higher prices because of their personalized service.
Distribution
The manufacturer and wholesaler must decide how to distribute their products. Working through established distributors or manufacturers' agents is generally easiest for small manufacturers. Small retailers should consider cost and traffic flow in site selection, especially since advertising and rent can be reciprocal:
Distribution Cont.
Products/services, promotion, pricing and distribution combine into an overall marketing program.
Purchases based on impulse should be in a high-traffic and visible area. Location is less of a concern for products or services that customers are willing to go out of their way to find.
Distribution Cont.
The availability of fast shipping and highly segmented mailing lists, developed or purchased from list brokers, magazines or other companies, has enabled certain small businesses to operate from any location, yet serve national or international markets.
Which of the following is not one of the key components to a marketing plan?
A. B. C. D. Pricing Promotion Distribution Planning
Marketing Performance
Entrepreneurs must evaluate their marketing program. Every program should have performance standards to compare with actual results.
Researching industry norms and past performances will help develop appropriate standards.
Entrepreneurs should audit their company's performance at least quarterly. The key questions are:
Is the company doing all it can to be customeroriented? Do employees ensure the customers are satisfied and leave wanting to come back? Can the customer easily find what he or she wants at a competitive price?
Market research Location Customer group you have targeted Competition Positioning Product and service you are:
Whats your product or service? Where are you selling your product or service (neighborhood, regional or national)? Whos your competition? How are you different from the competition? Whats your price? How do your competitors market their product? What are your promotion methods? How are you going to distribute your product or where will your business be located?
Newsweek
The final stage in your marketing plan should be your overall promotional objectives:
To communicate your message To create an awareness of your product or service To motivate customers to buy and increase sales
Post-survey
Lets see what youve learned. Click here to begin the post-survey.
The last slide shows additional resources. After the slideshow is done go to File and click on Print. A box will open up. Click on Slides under Print Range. Type in 36 and click on okay.
Additional Resources
Marketing Plans