Transcript Marketing - Mr. Lee`s English Class

Business Plan Project
Sophomore Business English Majors
Mr. Lee
Marketing Overview
 Marketing: The process of communicating the value of
a product or service to customers, for the purpose of
selling the product or service.
 In brief, the purpose of marketing is to:
 Find a need
 Fulfill that need
Marketing Overview
 Marketing is very broad, so we’re going to focus on
only a few points
 Market analysis
 Advertising
Market Analysis
 Market Analysis: The process of discovering and
determining who your target market will be
 Demographic: A segment of the total population
 Age: The elderly, Adults, Middle Aged ______, 30-somethings, 20somethings, Youth, Children
 Race: Black (or African American), Hispanics, Whites, Asians
 Sex: male or female
 Socio-economic status: Upper class, Middle Class, Low Class
 Residence: Urban, suburban, rural
 Industry: Engineering, education, administrative, politics, retired
 Region: Tianjin, Beijing, America, Japan, the whole world
 The list goes on…
Market Analysis
 Target Market: Your ideal customer
 The intersection of different demographic segments
 For example:
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Upper class urban white male youth ages 18 to 25 in the engineering
industry
Middle class suburban Hispanic elderly retired females ages 55 to 65
 Marketing scope: how many possible customers exist in your
demographic segment
 Is it better to have a small marketing scope or a large
marketing scope?
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It depends: if your group is committed to your product, that is better
than a large group with less commitment
Finding your target market is the key to success
Advertising Principles
 Business can be grown in one of four ways:
Acquire more customers
Persuade each customer to
buy more products
Persuade each customer to
buy more expensive products
Persuade each customer to
buy more profitable products
Advertising Principles
 Product life cycle
 Very few products or services will remain popular
forever, and this graph demonstrates the correlation
between time and sales
Advertising Principles
 Development
 Introduction
 Growth
 Maturity
 This is typically when market saturation occurs
 Market saturation: The majority or all of the potential
customers have purchased the product
 Decline
Advertising Principles
 Your product or service will enter the market, so you
should take that into consideration with your
proposal. However, you must also consider how you
will adjust your pricing and advertising according to
the product life cycle.
Advertising
 Brand management: The practice of maintaining your company
or product’s image
 Advertising Medium: The method that you use to promote your
product.
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Online banner ads
Email marketing
Word of mouth
Television and Radio adverts
Print adverts
Walk-ins
Posters (on the subway, bus stops, etc.)
Brand sponsorship
Sales representatives
Retail stores
Sales Funnel
 In your Proposal, consider the sales funnel
 You won’t be able to make everyone in your target
market a customer
 Estimate how many customers you will have for how
many advertisements you send out
 It can be rough…you might end up spending a lot per
customer!
Sales Funnel
 For example:
 1000 print advertisements mailed out
 950 people actually receive your ad
 250 actually open your letter
 20 people read and respond
 1 person becomes a customer
 If you spent $200 on the print advertisements, the
yield is $200/new customer using that advertising
medium
 You have a 1000:1 ad to customer ratio
Sales Funnel Example
Sales Funnel Example
Advertising Strategies
 There are many different kinds of advertising
strategies…too many to list here!
 I’m going to give you the major ones
 If you’re interested in advertising and you’d like an
extremely thorough list, check:
 http://www.buzzle.com/articles/types-of-advertising-
appeals.html
 http://www.articleswave.com/advertisingarticles/types-of-advertising-appeals.html
Advertising appeals
 Top 5 advertising appeals:
 Fear
 Humor
 Rational
 Sex
 Bandwagon
Humor appeal
Rational appeal
Sex appeal
Bandwagon appeal
Fear appeal
Business Plan Proposal
 Market Analysis
 Is your product b2b or b2c?
 What is your product or service’s target market?
 How many people are in your target market?
 Are there other competitors competing for your target market?
What is your competitive advantage over them?
 How much will your product sell for?
 Marketing Plan
 What is your slogan? Your call to action?
 What advertising mediums will you use?
 What advertising techniques will you employ to gain customers?
 What significant images will you use?
 Is there anything in your advertising that’s offensive?