Transcript Market the Small Business - Part 1 - NSW E

Market the
Small Business
Covered in this unit  Marketing definition
 Marketing Mix
 Market Research
 Product Strategies
 Pricing Strategies
 Place Strategies
 Promotional Strategies
Marketing is the ability to identify &
satisfy customer needs at a profit
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Identify Customers –
Segment the Market
Conduct Market Research
Competitor Research
Customer Research
Industry Research
Develop Marketing Strategies
Implement Marketing Strategies
Review Marketing Strategies
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Product
Price
Place
Promotion
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Types of Markets
 Industrial – businesses
 Consumer – general public
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Categorise by  Location
 Business type
Market A = Smash Repairers
in western Lake Macquarie
Market A
Market B
Market C
Market B = Smash Repairers
in eastern Lake Macquarie
Market C = All Smash
Repairers in Greater
Newcastle Area
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Categorise by –
 Demographics – age, sex, income, marital status
 Psychographics – lifestyle, status
 Location – where do they live
Market A = Women aged 30-50
in Western Lake Macquarie
Market A
Market B
Market C
Market B = Women aged 30-50
in Eastern Lake Macquarie
Market C = All Women aged
30-50 in Greater Newcastle
Area
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Are your customers Industrial or Consumer
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Sex - % male / female
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Age – range no greater than 30 years
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Type of employment
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Describe their lifestyle
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Where do they live
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What are they looking for in your product / service
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How often will they use / purchase your product /
service
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Baby Substitute
Demography
Psychological
Result
Nutritionalist
Demography
Psychological
Result
Functionalist
Demography
Psychological
Result
One small dog, no children
Higher income
Urban
Dogs Fragile indoor animals
Owners very attached to dogs
Dogs are finicky eaters
Great desire to give what it wants
High quality, attractively packaged product at a
high price with many varieties
Multiple dog ownership
Australian Urban
High / Middle income
Very personally attached to the dog
Dog belongs to woman
Interested in nutrition
Food is varied
Cost is not the only consideration
Product emphasis is on variety and nutritional
content
Multiple dog ownership
Animal usually owned by the children
Dogs—outdoor –hearty
Eat anything no bother
Little attachment to the dog
Woman not involved in the dog
Product is marketed as ‘value for money’
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Industry
Competitor
Customer needs / wants / expectations
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Primary – straight from horses mouth
Secondary – research from another source
Research Sources
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Library
Internet
Yellow Pages
Australian Bureau of Statistics
Local Research Companies
Trade Associations
Industry profiles
Government Departments
Professional Associations
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What changes have occurred in your
industry?
What changes do you think may occur in the
future?
What legislative restrictions may impact upon
your business?
What seasonal changes occur?
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Who your potential customers are, how many there
are?
What they need, want and expect?
Why they will use your product/service?
When they will use and how much they will use your
product/service?
What will motivate them to use your product/service
instead of your competitors?
What they are prepared to pay for your
product/service?
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Who are they?
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What do they sell?
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Where are they located?
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What are their big sales items?
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What are they good and bad at when it comes to
business?
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Can you work in alliance with them?
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How is your business different? - this must be a
measurable difference
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