1. The Marketing Plan
2. Price/Quality Matrix
3. Marketing Tips, Tricks & Traps
The Entrepreneur's Marketing Plan
This is the marketing plan of: (name)
I. Market Analysis
A. Target Market: Who are the customers?
1. We will be selling primarily to (check all that apply):
(Total Percent of Business)
a. Private sector _____________
b. Wholesalers ______________
c. Retailers ________________
d. Government _____________
e. Other __________________
2. We will be targeting customers by:
a. Product line/services.
We will target specific lines ________________
b. Geographic area? Which areas? ________________
c. Sales? We will target sales of ________________
d. Industry? Our target industry is ________________
e. Other? _______________
3. How much will our selected market spend on our type of product or service this coming year?
$________________
B. Competition
1. Who are our competitors?
Name__________________ Address_________________
Years in Business__________
Market Share_____________
Price/Strategy ____________
Product/Service
Features ________________
Name__________________ Address_________________
Years in Business__________
Market Share_____________
Price/Strategy_____________
Product/Service
Features ________________
2. How competitive is the market?
High ___________________
Medium _________________
Low ____________________
3. List below your strengths and weaknesses compared to your competition (consider such areas as location, size of resources, reputation, services, personnel, etc.):
Strengths/Weaknesses
1._____________________
1._____________________
2._____________________
2._____________________
3._____________________
3._____________________
4._____________________
4._____________________
C. Environment
1. The following are some important economic factors that will affect our product or service (such as trade area growth, industry health, economic trends, taxes, rising energy prices, etc.):
1. Describe here what the product/service is and what it does:
_______________________
_______________________
_______________________
_______________________
_______________________
B. Comparison
1. What advantages does our product/service have over those of the competition (consider such things as unique features, patents, expertise, special training, etc.)?
1. First, what kind of image do we want to have (such as cheap but good, or exclusiveness, or customer-oriented or highest quality, or convenience, or speed, or ...)?
Assessing and Managing Your Available Resources
-Financial
-Human
-Material
-Production
2. Marketing Positioning
Follower versus Leader
Quality versus Price
Innovator versus Adaptor
Customer versus Product
International versus Domestic
Private Sector versus Government
3. Sales Strategy
Use Customer-Oriented Selling Approach -- By Constructing Agreement
Phase One: Establish Rapport with Customer - by agreeing to discuss what the customer wants to achieve.
Phase Two: Determine Customer Objective and Situational Factors - by agreeing on what the customer wants to achieve and those factors in the environment that will influence these results.
Phase Three: Recommend a Customer Action Plan - by agreeing that using your product/ service will indeed achieve what customer wants.
Phase Four: Obtaining Customer Commitment - By agreeing that the customer will acquire your product/service.
Emphasize Customer Advantage
Must be Read: When a competitive advantage can not be demonstrated, it will not translate into a benefit.
Must be Important to the Customer: When the perception of competitive advantage varies between supplier and customer, the customer wins.
Must be Specific: When a competitive advantage lacks specificity, it translates into mere puffery and is ignored.
Must be Promotable: When a competitive advantage is proven, it is essential that your customer know it, lest it not exist at all.
4. Benefits vs. Features
The six "O's" of organizing Customer Buying Behavior
ORIGINS of purchase: Who buys it?
OBJECTIVES of purchase: What do they need/buy?
OCCASIONS of purchase: When do they buy it?
OUTLETS of purchase: Where do they buy it?
OBJECTIVES of purchase: Why do they buy it?
OPERATIONS of purchase: How do they buy it?
Convert features to benefits using the "...Which Means..."
Transition
Sales Maxim: "Unless the proposition appeals to their INTEREST, unless it satisfies their DESIRES, and unless it shows them a GAIN-then they will not buy!"
Quality Customer Leads:
Level of need/Ability to pay
Authority to pay/Accessibility
Sympathetic attitude/Business history
One-source buyer/Reputation (price or quality buyer)
Convert features into benefits -- the "...WHICH MEANS..." transition features/benefits:
Performance/Time Saved
Reputation/Reduced Cost
Components/Prestige
Colors/Bigger Savings
Sizes/Greater Profits
Exclusive/Greater Convenience
Uses/Uniform Production
Applications/Uniform Accuracy
Ruggedness/Continuous Output
Delivery/Leadership
Service/Increased Sales
Price/Economy of Use
Design/Ease of Use
Availability/Reduced Inventory
Installation/Low Operating Cost
Promotion/Simplicity
Lab Tests/Reduced Upkeep
Terms/Reduced Waste
Workmanship/Long Life
Buying Motives Rational/Emotional
Economy of Purchase/Pride of Appearance
Economy of Use/Pride of Ownership
Efficient Profits/Desire of Prestige
Increased Profits/Desire for Recognition
Durability/Desire to Imitate
Accurate Performance/Desire for Variety
Labor-Saving/Safety
Time-Saving/Fear
Simple Construction/Desire to Create
Simple Operation/Desire for Security
Ease of Repair/Convenience
Ease of Installation/Desire to Be Unique
Space-Saving/Curiosity
Increased Production/Availability
Good Workmanship/Low Maintenance
Thorough Research/Desire to be Unique
Price/Quality Matrix
Sales Appeals (Price/Quality: High/Medium/Low)
HIGH: "Rolls Royce" "We Try Harder" "Best Buy"
MEDIUM: "Out Performs" "Piece of the Rock" "Smart Shopper"
LOW: "Feature Packed" "Keeps on Ticking" "Bargain Hunter"
