Transcript Marketing - Anny Chih

WORKSHOP 2:
MARKETING & EXECUTION
SALES
Workshop Leaders: Connie Chang & Anny Chih
Marketing & Execution
Marketing Definition & Objectives
Situational Analysis – Competitive Analysis & SWOT
Target Markets
4 P’s of Marketing &Unique Selling Points
Basic Economics
6 Promotional Mix Elements
Marketing Research
Marketing Career Opportunities
Marketing
What is marketing?
Marketing Definition
“Marketing is the process of planning and executing
the conception, pricing, promotion, and
distribution of ideas, goods, and services to create
exchanges that satisfy individual and
organizational objectives.”
-American Marketing Association (AMA)
Marketing Definition

“planning and executing”
 Marketing

“conception, pricing, promotion, and distribution”
4

is about thinking before doing
Ps of Marketing: Product, Price, Place, Promotion
“individual and organizational objectives”
 Needs
vs. Wants
 Satisfying, not creating
Marketing Objectives
Thinking before doing includes asking:
 What
do you want to achieve?
 How will you know when you have achieved your goal?
Think S.M.A.R.T.
Example of a marketing objective:
“To enter the Vancouver market for automobile repairs
and capture 5% of the market share within one year.”
Marketing Objectives
How do you set a marketing objective?
1.
Conduct a situational analysis to find out what’s
measurable, achievable, and realistic
2.
Set specific goals and a time limit to achieve those
goals
Exercise:
Take 5 minutes to think about your business and set
one marketing objective.
Situational Analysis
Includes Competitive Analysis, SWOT and 5 Force Analysis
Competitive Analysis answers:
 Who are your direct and indirect competitors?
 Who are your main competitors and why?
 What advantages and disadvantages does your business
have against those competitors?
SWOT addresses your Strengths, Weaknesses, Opportunities,
and Threats
5 Force Analysis addresses Suppliers, Buyers, New Entrants,
Substitutes, and Rivalry  Strong / Weak industry
Competitive Analysis


Direct Competitors: Rival companies providing
products / services within the same market (ex. Mars
candy bars’ direct competitors include other candy
bar manufacturers)
Indirect Competitors: Companies providing products
/ services in a different market but are seen as an
alternative choice (ex. Mars candy bars’ indirect
competitors include chips and other snack
manufacturers)
Competitive Analysis
How do you decide which are your primary and
secondary competitors?
Competitive Analysis
Strategic Maps Examples:
SWOT

Strengths and Weaknesses are INTERNAL
 You

have control over what happens
Opportunities and Threats are EXTERNAL
 You
do NOT have control over what happens
SWOT Example
New software development firm
Strength: Staff includes a team of the nation’s 10 top
computer engineers (for a software development firm).
Weakness: No brand awareness as a new market
entrant.
Opportunity: Canadian government is providing each
new software development firm up to $500,000 in
interest-free loans.
Threat: Several competing well-known software
development firms in Canada including companies x, y
and z.
SWOT Exercise
Create a SWOT analysis for McDonald’s
 4 groups – 2 teams / group
 Point-form
 5 points for each category
 Focus on the main strengths, weaknesses,
opportunities, and threats
15 minutes
Target Markets

Target Market: the specific group of customers that
a company aims to capture. They have been
identified as people with needs or wants that can
be met with the products or services from this
company.
Why does a company specify a target market?
How does a company define a target market?
Target Market Segmentation




Demographics – segregation by demographic
variables (ex. age, gender, family size)
Psychographics – segregation by lifestyle,
personality, culture, social class (ex. VALS – Values
and Lifestyles)
Geographics – segregation by geographic location
(ex. city, neighbourhood)
Socio-Economic Status – segregation by income,
education, occupation (sometimes this information is
categorized as demographics or psychographics)
Target Market Exercise
Define your business’ target market
Include:
 Demographics (ex. age, gender, family size)
 Psychographics (lifestyle, personality, culture, social
class)
 Geographics (ex. city, neighbourhood)
5 minutes
15 Minute Break
4Ps of Marketing
Product: What are you selling?
Price: How much are you charging?
Place: Where / How are you going to sell your
product / service?
Promotion: How are you going to get people
interested?
The What, Where, and How are dependent on Who
you’re targeting.
Unique Selling Points



What separates your product / service from your
competitors?
Why should a customer purchase from you rather
than a competitor?
Can be seen in the product itself and the place
where the product is available but usually seen in
the way the product is promoted – product
positioning (ex. Coca Cola)
Chocolate Exercise
Your team has decided to sell chocolate in the GVRD.
Your task is to:
 Develop (a) chocolate product(s)
 Decide where and when to sell your product(s)
 Define your target market
 Identify your main competitors
 Identify your unique selling
proposition
30 minutes
A team representative will present your decisions.
Chocolate Exercise Presentations
15 Minute Break
Basic Economics
The Big Idea

What message do you want to give your target
audience?
6 Promotional Mix Elements
1.
2.
3.
4.
5.
6.
Advertising
Direct Marketing
Internet Marketing
Sales Promotion
Public Relations
Personal Selling
Sales
The 10 Step Selling Process
1.
2.
3.
4.
5.
Prospecting
Pre-approach
Approach
Presentation
Trial Close
6.
7.
8.
9.
10.
Determine Objections
Meet Objections
Trial Close
Close
Follow-up
Prospecting
Lead


Names of people who may want to buy your product
Where can you find leads?
 Referrals
 Cold/warm calling
 Trade shows
 Web sites
 List and directories
Prospecting
Qualified Prospect
 Ask if this person is MAD?
Money to buy?
Authority to buy?
Desire to buy?

How do you tell if someone is MAD?
Ask the referral
 Research their company
 Know the industry
 Speak with non-competing salespeople

Prospecting
3 Criteria of Prospecting
1.
Customize
2.
Concentrate
3.
Call back
Goal Setting
1.
Leads called per day
2.
Prospects called &
appointments made
3.
Appointments/sales
made
Pre-approach

Planning your sales call and presentation
 Builds
confidence
 Develops goodwill
 Creates professionalism
 Increases sales

Be a strategic problem solver
 Understand
needs, develop creative solutions, arrive at
a mutually beneficial agreement
Pre-approach
Sales Call Planning
1.
Call objective (specific, measurable, beneficial)
2.
Research customer and create profile
3.
Develop customer benefit plan (FAB statements)
4.
Plan sales presentation
FAB Statements
FAB stands for
 Features
 Tangible or intangible characteristics
 Advantages
 Performance characteristics
 Benefits
 What it can do for the customer
 Your unique selling proposition (USP)
Sales Call Planning Exercise
You’re going on your first sales call selling the
Nintendo Wii/Playstation 3/XBOX 360 to Future
Shop. Plan your sales call by writing down a script.
 Introduce yourself and your company
 State the purpose of the call
 Respond to: “I don’t think I need it”
 Ask for the meeting, reinforcing benefits
 Confirm any other details
10 minutes
A team representative will present your decisions.
Approach
3 Objectives of the Approach
1.
Build rapport
2.
Capture buyer’s attention
3.
Generate interest

You have to prove you are worth the prospect’s
time and attention!
Approach

Customize your approach to the customer
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Introductory
Complimentary
Referral
Premium
Product
Showmanship
Customer Benefit
Curiosity
Opinion or Survey
Shock
Approach
Active Listening
 Show genuine interest
 Clarifying questions
 Let the prospect talk
 Eye contact
Types of Questions
1.
Information Gathering
2.
Probing
3.
Confirmation
4.
Summary
Presentation
Customer Benefit Plan
1.
FABs
2.
Marketing plan


3.
Resell/use
Non-product FABs
Business proposition


Value/cost
Payment terms
Presentation
The Sales Presentation Mix
1.
Persuasive Communication

2.
3.
4.
5.
6.
Logical reasoning, suggestions, trial closes
Prospect Participation
Evidence Statements
Visual Aids
Dramatization
Demonstrations
Trial Close


Determines how close the prospect is to buying
Salesperson is asking for an opinion
 “What
do you think so far?”
 “Can you see how this might improve your sales?”


Attempt when the prospect gives you a signal that
he/she is interested in your product
Use it early and often
Determine Objections

Objections are opposition or resistance to
information or to the salesperson’s request
 Welcome
objections!
 Occur at any time and often

Usually you should handle objections as they occur,
but sometimes you need to postpone objections
Determine Objections
Types of Objections
1.
Stalling (“No Hurry”)
2.
“No Need”
3.
“No Money”
4.
“No Confidence”
5.
Hidden
Meet Objections
4 Steps to Handling Objections
1.
Acknowledge
2.
Identify and Clarify
3.
Meet the Objections
1.
2.
3.
4.
5.
6.
7.
4.
Postpone
Anticipate
Boomerang
Condition of Sale
Direct Denial
Indirect Denial
Third Party Answers
Trial Close
Trial Close


At this point of your sales call, you would use
another trial close to see if your prospect still has
questions or concerns about your product/service.
If they do not, you can attempt to close the sale!
Close




Definitive request of the order
Close when buyer is in “conviction stage”
Earn the right to close
Ask for order and be silent
Closing Clues
1.
Verbal
2.
Nonverbal
Close
Closing Techniques
1.
Alternative Choice
2.
Assumptive
3.
Compliment
4.
Summary of Benefits
5.
Balance Sheet
6.
Urgency
7.
Premium
8.
Puppy Dog
9.
Direct Appeal
Follow-up





Creates goodwill and opens doors
Contact customers frequently and regularly
Promptly handle complaints
Always do what you say you will do
Sincerely thank the customers
Coffee Shop Exercise
Your team has just opened a new coffee shop downtown
across from a Starbucks. You offer the same drinks at
the same prices. Develop a basic marketing campaign
outline. Think of the 4th P: Promotion.
 $5,000 marketing campaign budget
 Advertisement in local paper costs $1,000
 Direct mail to local homes costs $2,000 + any sales
promotion costs (ex. coupon for $x off)
 Cost to hire a street team member is $15 / hour
 Tip: Think of one “Big Idea”
30 Minutes
A team representative will present your decisions.
Coffee Shop Exercise Presentations
Marketing Research



Qualitative Research
Quantitative Research
Primary vs. Secondary Research
Marketing Career Opportunities

Agency: Marketing, Creative, Advertising






Creative, Direct Marketing, Sales Promotion, Internet
Marketing, Public Relations, International Marketing,
Branding & Design,
Client-Side: In-House Marketing Team, Marketing
Representative
Marketing Research
Database Marketing
Public Relations Firms
Event Marketing
…and the list goes on!
Sales Career Opportunities
The End.
Got a question? Ask away! 