marketing_your_food_product

100 %
0 %
Information about marketing_your_food_product
Business-Finance

Published on January 8, 2009

Author: aSGuest9612

Source: authorstream.com

Marketing Your Food Product : Marketing Your Food Product Adapted from: www.sba.gov/ Module designed by Tera Sandvik, RD, Program Coordinator; Julie Garden-Robinson, PhD, LRD, Food and Nutrition Specialist; and Kathleen Tweeten, MBA, Director, Center for Community Vitality, Community Economic Development Extension Specialist 2007 The following tips will help you navigate through each module. : The following tips will help you navigate through each module. Click the left mouse button or the down arrow to continue on to the next bullet or slide. Before you begin, you’ll take a presurvey. The presurvey will open in a new window. When you are finished with the presurvey, close the window to return to the module. A symbolizes a question slide. You’ll need to click your mouse once to see the answer. Slide 3: A means you’ll need to go to the site listed to answer the question. After visiting the site, close the Internet browser to return to the module. Click your mouse once to see the answer. When you are finished with the module, you will take a post-survey. The post-survey will open in a new window. When you are finished with the post-survey, close the window to return to the module. Presurvey : Presurvey Before we begin, let’s take a presurvey to see how much you already know. Click here to begin the presurvey. Slide 5: Who's going to buy it? What will they pay for it? Where should I sell it? Do you have a new, exciting product? : Do you have a new, exciting product? If you do, that’s great, but keep in mind businesses need more than a great product to be successful. A high percentage of home-based food businesses fail their first year because they didn’t have a market to support their product. Let’s learn about marketing basics : Let’s learn about marketing basics Slide 8: Marketing is based on the importance of customers to a business and has two important principles: All company policies and activities should be directed toward satisfying their customer wants or needs. Profitable sales volume is more important than maximum sales volume. How do I use these principles? : How do I use these principles? Find your customer wants or needs through market research. Analyze your competitive advantages to develop a market strategy. Select specific markets to serve by target marketing. Determine how to satisfy customer needs by identifying a mix of products (market mix) they want. Marketing Strategy : Marketing Strategy A marketing strategy identifies target customers that a particular business can better serve than its competitors, and tailors product offerings, prices, distribution, promotional efforts and services toward those target customers. The strategy should address unmet customer needs that offer adequate potential profitability. A good strategy helps a business focus on the target markets it can serve best. Target Marketing : Target Marketing Owners of small businesses often have limited resources to spend on marketing. Concentrating their efforts on one or a few key market segments - target marketing - gets the most return from small investments. These are two main methods used to segment a market: Geographical Customer Geographical Segmentation is: : Geographical Segmentation is: Specializing in serving the needs of customers in a particular geographical area. For example, a neighborhood convenience store may send advertisements only to people living within one-half mile of the store. Customer Segmentation is: : Customer Segmentation is: Identifying those people most likely to buy the product or service and targeting those groups. There are two main methods to segment a market. Do you know what they are? : There are two main methods to segment a market. Do you know what they are? Click to see the answer. Geographical and customer What type of segmentation is the following example? : What type of segmentation is the following example? A local pizza place puts fliers in everyone’s mailbox within a one-mile radius of the pizza place. Geographical Customer Click to see the answer. Managing the market mix : Managing the market mix Every marketing program contains four key components: Products and services Promotion Distribution Pricing 1 2 3 4 Products and Services : Products and Services Product strategies may include: Concentrating on a narrow product line Developing a highly specialized product or service Providing a product-service package containing unusually high-quality service Promotion : Promotion Promotion strategies include advertising and direct customer interaction. Good salesmanship is essential for small businesses because of their limited ability to spend on advertising. Good telephone book advertising is important. Direct mail is an effective, low-cost medium available to small businesses. Web presence may be an important and effective part of a successful strategy Pricing : Pricing The right price is crucial for maximizing total revenue. Generally, higher prices mean lower volume and vice versa. Small businesses often can command higher prices because of their personalized service. Distribution : Distribution The manufacturer and wholesaler must decide how to distribute their products. Working through established distributors or manufacturers' agents is generally easiest for small manufacturers. Small retailers should consider cost and traffic flow in site selection, especially since advertising and rent can be reciprocal: A low-cost, low-traffic location means spending more on advertising to build traffic. Distribution Cont. : Products/services, promotion, pricing and distribution combine into an overall marketing program. The nature of the product or service is also important in citing decisions. Purchases based on impulse should be in a high-traffic and visible area. Location is less of a concern for products or services that customers are willing to go out of their way to find. Distribution Cont. Distribution Cont. : The availability of fast shipping and highly segmented mailing lists, developed or purchased from list brokers, magazines or other companies, has enabled certain small businesses to operate from any location, yet serve national or international markets. Distribution Cont. Which of the following is not one of the key components to a marketing plan? : Which of the following is not one of the key components to a marketing plan? Pricing Promotion Distribution Planning Click to see the answer. Marketing Performance : Marketing Performance Entrepreneurs must evaluate their marketing program. Every program should have performance standards to compare with actual results. Researching industry norms and past performances will help develop appropriate standards. Slide 25: Entrepreneurs should audit their company's performance at least quarterly. The key questions are: Is the company doing all it can to be customer-oriented? Do employees ensure the customers are satisfied and leave wanting to come back? Can the customer easily find what he or she wants at a competitive price? Let’s move on to our marketing plan. : A sound marketing plan is key to the success of any business. Marketing plans include: Market research Location Customer group you have targeted Competition Positioning Product and service you are: Selling Pricing Advertising Promoting Let’s move on to our marketing plan. Positioning your product is defined as: : Positioning your product is defined as: Pricing your product higher than its competition Pricing your product lower than its competition Creating a unique, consistent and recognized customer perception about a firm's offering and image None of the above Click here to help find the answer. Click to see the answer. Marketing, planning and promoting : Marketing, planning and promoting Begin with current information about the marketplace. Visit the local library. Talk to customers. Look at other businesses’ advertising strategies. Consult with relevant industry associations. Write down your plan : Write down your plan Define your business What’s your product or service? Where are you selling your product or service (neighborhood, regional or national)? Who’s your competition? How are you different from the competition? What’s your price? How do your competitor’s market their product? What are your promotion methods? How are you going to distribute your product or where will your business be located? Define your customer : Define your customer Who is your customer? Age Sex Income Neighborhood How will your customers learn about your product or service? Advertising Direct mail Word of mouth Yellow Pages Web site Slide 31: Patterns or habits your customers and potential customers share Where they shop What they read, watch and listen to Qualities your customers value most about your product or service Selection Convenience Service Reliability Availability Affordability Qualities your customers dislike about your product or service Newsweek Define your plan and budget : Define your plan and budget Know previous marketing methods used to reach your customers. Know methods that have been effective. Know cost compared to sales. Know cost per customer. Research possible future marketing methods to attract new customers. Figure out what percent of profits you can use for your marketing campaign. Examples of marketing tools : Examples of marketing tools Newspaper Magazine Yellow Pages Radio or television advertising Internet Direct mail Telemarketing Public relations activities The final stage in your marketing plan shouldbe your overall promotional objectives: : The final stage in your marketing plan shouldbe your overall promotional objectives: To communicate your message To create an awareness of your product or service To motivate customers to buy and increase sales Post-survey : Post-survey Let’s see what you’ve learned. Click here to begin the post-survey. The last slide shows additional resources. After the slideshow is done go to “File” and click on “Print.” A box will open up. Click on “Slides” under “Print Range.” Type in “36” and click on “okay.” Additional Resources : Additional Resources Marketing plan outline www.bplans.com/targetonline/index.cfm?s=specs&id=4&affiliate=sba Create and update your plan on-line at: http://nd.bizpathways.org/Bizpathways/Index.aspx Marketing strategies for the growing business. http://www.sba.gov/smallbusinessplanner/manage/marketandprice/SERV_MARKETSTRATEGY.html Marketing Plans http://www.bplans.com/targetonline/index.cfm?s=specs&id=4&affiliate=sba

Add a comment

Related presentations

Related pages

How to Bring a Food Product to Market | Inc.com

How to Bring a Food Product to Market. So you can cook, preserve, brew, pickle, or roast with the best of 'em.
Read more

Marketing Your Food Product — Food Entrepreneurs — Penn ...

Marketing Your Food Product; Home Food Processing; Registering Your Business; Insurance for Food Entrepreneurs; Working with Pennsylvania Department of ...
Read more

How to Market & Sell a New Food Product to Grocery Stores ...

How to Market & Sell a New Food Product to Grocery Stores by Melinda Gaines . Design an appealing label before marketing your food product to grocery stores.
Read more

Marketing Your Food Product (Pre-survey)

Web survey powered by SurveyMonkey.com. Create your own online survey now with SurveyMonkey's expert certified FREE templates.
Read more

Marketing Your Food Product (Post-survey)

We are interested to find out if these online modules were useful to you, so we are inviting you to complete a pre-survey and post-survey to see what you ...
Read more

Marketing your food product - Chowhound

Read the Marketing your food product discussion from the Chowhound food community.
Read more

Marketing Your Food Product Adapted from: Module designed ...

Marketing Your Food Product Adapted from: www.sba.gov/www.sba.gov/ Module designed by Tera Sandvik, LRD, Program Coordinator; Julie Garden-Robinson, PhD,
Read more

Marketing Your Food Product Workshop - On The Menu

Julie Bush and Rebekah Spetnagel, from On The Menu, will be presenting on nutrition labeling at the Marketing Your Food Product Workshop.
Read more

How to Create a Marketing Plan for a Retail Food Product ...

To create a marketing plan for a food retail product, you need to analyze your product using the Product, Positioning, Price, Place -- or "4 Ps" -- method ...
Read more

Marketing Your Food Product — Food and Nutrition

Food Entrepreneurship Learning Module - adapted from Small Business Administration
Read more