Transcript MBE Marketing - Bellevue College

MBE Marketing
Module 6
1
Week 1
2
3
4
5
6
7
8
9
10
11
Prepare for Kick-off Meeting
Assign teams
Team forming
Review and execute consulting contract
Interview and research business
Draft, revise and execute team contact
Draft and revise project management plan
Start secondary research
Draft and revise business case statement
Analyze and organize secondary research
Plan, draft and test primary research
Conduct primary research
Analyze and organize primary research
Draft and revise preliminary recommendations
Draft final report
Draft, revise, rehearse presentation
Revise final report
DUE
Consulting
Contract
Team
Contract
Project
Management Plan
Business
Case
Statement
including
SWOT
analysis
Primary
Research
Instrument
Preliminary
Recommendations
Draft
report
Final
Presentation
2
Final
Report
Marketing Tool
Description
Multicultural Markets
Segmentation
Identifying market niches that are
underserved, not attractive to
competitors, yet profitable to the
enterprise.
Typical segmentation includes
demographic, geographic, behavioral,
and psychographic.
Multicultural markets can be very small compared to
segments pursued by large enterprises.
Minority populations typically are not included in mainstream
market analysis or may be considered in aggregate
without regard to key distinctions.
Targeting
Strategies and programs for capturing
market segment.
The full breadth of current social, psychological, economic,
and other factors must be assessed in targeting market
segments.
Cultural analysis (which includes history, art, music, etc. of
the population and its home country) must be taken
into consideration in targeting multicultural segments.
Positioning
Strategy for setting the enterprise apart
from competitors on key attributes
important to the customer. What is
the value proposition? Could also
include strategies from creating entry
barriers to competitors.
Minority businesses are often not aware of the importance of
positioning their businesses, having operated mainly
within their own ethnic groups.
New value propositions include a diverse economy,
corporate social responsibility, supporting local
enterprises, and sustainability.
Brand
Consistent image of the enterprise that
positions it strongly in the customer’s
mind. Brand franchise will cause the
customer to buy the product and pay
a premium over others with similar
functionality. Branding strategies
include logo design, communications,
public relations, events, promotions,
and advertising.
Minority businesses may not be aware of that creating a
consistent brand image is important. With many MBEs
moving to adjacent or mainstream markets, brand
imagery may have to be changed. It may be
appropriate to one ethnicity but not to another.
3
Selling Strategies
• Flexibility to respond quickly
• Important to a business in the early stages
• Must have a sales pitch
4
Customer Relationship Management
CRM Concept
Description
MBE Issues
Create a customer value
proposition
Know the customer well and create a value
proposition for the customer that is uniquely
identified with the business.
Often there is a disconnect between what the
business assumes and what the customer
truly find of value. It is important for emerging
MBEs to do research and communicate with
the customer; then to tailor products/services
to be of value and marketing to communicate
that value.
Target customer share versus
market share
Customers are much cheaper to retain than
acquire. Use customer lifetime value to
evaluate which customers to target.
Emerging MBEs rely heavily on expensive sales
efforts typically executed by the business
owner. This makes
Cultivate the customer
Use the customer life cycle to increase customer
share and acquire new customers.
Without major resources for marketing programs, the
best way for MBEs to grow is by growing
share of its existing and adjacent customer
bases. This can be done by testimonials and
referrals.
Manage information about your
customer
Maintain a customer database and use every
opportunity to add to the database.
With low-cost options for customer databases,
smaller enterprises can compete effectively.
MBEs must develop the discipline to collect,
maintain, and mine customer information.
5
Customer Value Proposition
• What does the business do for the customer that
is better than its competition
6
Customer share is important to MBEs
Customer Share versus Market Share
Get the most sales out of each
customer.
Capture
percent of
market.
7
Customer Life Cycle
Customer Life Cycle
How did the
customer get
to know the
business?
Customer
Awareness
What
triggered the
initial buy
decision?
Intent to
Purchase
How to get
customer to
recommend
business?
What can
be crosssold?
Repurchase
How long does a
customer stay
with the
business?
Advocacy
Customer
Sales
Create
brand
awareness.
Time
Create
profile
for lead
generation.
Satisfaction
surveys.
Events to
trigger cross
sells.
Develop
relationship.
Viral
marketing.
Continued
contact.
8
Customer Lifetime Value
Salesprofit  Otherbenefits

n
(1  discountrate)
i 1
n
9
Using the Marketing Mix
Product/Service
Understand the
customer
value
proposition
Price
Do competitive
analysis and
financial
homework
Functionality
Attributes
Appearance
Time
Quality
Packaging
Warranty
Support
List price
Discounts
Allowances
Financing
Leasing
Place
(Location/Distribution)
Business process
reengineer
Channel members
Channel motivation
Market coverage
Geographic locations
Logistics
Cycle time
Service
Promotion
Target and
evaluate
Advertising
Promotion
Sales force
Public
relations
10