WestMarketingWorkshop2006.ppt

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Business-Finance

Published on November 24, 2008

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Young Enterprise Marketing and Finance Workshop : Young Enterprise Marketing and Finance Workshop Programme for the Workshop Introduction 5.00 to 5.10 Finance Workshop 5.10 to 5.55 Break 5.55 to 6.10 Marketing Workshop 6.10 to 6.55 Review and close 6.55 to 7.00 Slide 2: Young Enterprise Marketing Workshop Nigel Garbutt 11th October 2006 Slide 3: An Introduction to Marketing & Sales Slide 4: An Introduction to Marketing & Sales What is Marketing (and how it relates to Sales) The Role of Marketing Analysis and Research The Marketing 'P's The Marketing Plan Some YE Examples Executing the Plan Slide 5: An Introduction to Marketing & Sales New Recruits to the Salesforce What do they need to know? Slide 6: An Introduction to Marketing & Sales New Recruits to the Salesforce What do they need to know? What? To Whom? Where? How? Why will they buy? Marketing – Three Possible “Definitions” (1) : Marketing – Three Possible “Definitions” (1) Marketing is the whole business activity of a company as seen from the point of view of the customer – everyone is involved in Marketing Marketing – Three Possible “Definitions” (2) : Marketing – Three Possible “Definitions” (2) Marketing is the whole business activity of a company as seen from the point of view of the customer – everyone is involved in Marketing having the right product, in the right place, at the right time, at a price that people are prepared to pay Marketing – Three Possible “Definitions” (3) : Marketing – Three Possible “Definitions” (3) Marketing is the whole business activity of a company as seen from the point of view of the customer – everyone is involved in Marketing having the right product, in the right place, at the right time, at a price that people are prepared to pay selling goods that don't come back to people that do The Role of Marketing is(1) to define five key elements, and (2) to execute the Marketing Programme : The Role of Marketing is(1) to define five key elements, and (2) to execute the Marketing Programme Key Elements of Analysis and Research : Key Elements of Analysis and Research What is the market? Who are the competitors? Who are they targeting? Where are they distributed? How are they performing in terms of market share? Are they profitable? etc Who are they? What customer segments? Which brands do they buy and how do they choose? How much do they buy and how often? What is it about customers that make them prime candidates for your product? PEST analysis Political factors Environmental factors Social factors Technological factors Summarise learnings in a SWOT summary : Summarise learnings in a SWOT summary Strengths The Marketing 'P's : The Marketing 'P's There are usually 6 ‘P’s in Marketing: Product Person – who the target customer is Pricing Positioning Promotion – how you promote your product or brand Place – where your product is distributed (how your target customer can access it) Defining the Marketing 'P's : Defining the Marketing 'P's From your analysis and research, you need to be able to define The Product Strategy The Person The Pricing Strategy The Positioning Defining the Marketing 'P's : Defining the Marketing 'P's From your analysis and research, you need to be able to define The Product Strategy The Person The Pricing Strategy The Positioning Promotion Strategy and Place (Distribution) require some further explanation Promotion:- which promotional activities? - what message to communicate and in what media? Place: - a marketing plan can allocate marketing budget (both time and money) to increase distribution Developing Strategy : Promotion & Place : Developing Strategy : Promotion & Place In developing the Marketing Plan, the most difficult task is allocating the marketing budget, to get the right balance between volume sales and brand image Mapping the 6 'P's back to the Jigsaw : Mapping the 6 'P's back to the Jigsaw A YE Company - (1) Product Short List : A YE Company - (1) Product Short List Brainstorming 30-40 ideas Initial Sift Can we make/buy product? Can we sell enough? Can we make a profit? Will we enjoy this product? Long List 5-10 ideas Research Products to get a short list of 1-3 products.......... A YE Company - (2) Final Product Selection : A YE Company - (2) Final Product Selection When reducing the Long List to the Short List, try to answer the following research questions for each idea What are you selling? Who will buy it? How much will they pay and how many will they buy? How much will it cost you to obtain (both time and money)? From where will you get it (or the materials to make it)? Why will customers buy from your company? From the answers to these questions estimate the quantities, costs, revenues and profits that you might expect Choose your Product(s) A YE Company - (3) The Marketing Plan : A YE Company - (3) The Marketing Plan For your chosen Product(s), you now need to firm up the answers to the Research questions and the Marketing 'P's Marketing/Operations agree what's to be bought/made Marketing/Sales agree where & when to sell what quantities Marketing/Sales agree what promotional support is needed Marketing/Finance agree final prices including any “offers” Marketing/Personnel agree availability of effort to make/sell All of this information becomes the Marketing Plan which should be presented by Marketing to the Company Board When agreed by the Board, the Marketing Plan becomes a part of the Company Business Plan A YE Company - (4) Communications : A YE Company - (4) Communications How are you going to communicate with your target customers? Letters, presentations, leaflets, electronic media, posters, stalls, press articles, etc? A YE Company - (5) Communications : A YE Company - (5) Communications How are you going to communicate with your target customers? Letters, presentations, leaflets, electronic media, posters, stalls, press articles, etc? And what are you going to say to them? And how? What is the key message? Brand or volume? What do you want their ‘takeout’ to be? What is your communication style? Keep it simple............... Summary : What it means to you : Summary : What it means to you The Product Define Positioning Image (Rational / Emotional benefits to customers) Price vs Competitors Define - Describe them, who they are, what they do, what they value, where you can reach them, etc Define Over-riding strategic objectives Image Commercial Specific Marketing Objectives Specific Strategies to deliver these Define Which activities you will do How you will communicate with customers Allocation of marketing budget between Brand Image spend Volume sales spend Distribution spend Marketing – Three Possible “Definitions” : Marketing – Three Possible “Definitions” Marketing is the whole business activity of a company as seen from the point of view of the customer – everyone is involved in Marketing having the right product, in the right place, at the right time, at a price that people are prepared to pay selling goods that don't come back to people that do And Finally ……Execute and Evaluate ! : And Finally ……Execute and Evaluate ! The best Marketing Plans fail if they are badly executed …………and Average Marketing Plans can be very impactful if executed well. A key part of good execution is close liaison between Sales and Marketing You need to work out, in advance, how you are going to evaluate your Marketing Plan – so that in the second month you know what to repeat from the first month and what was unsuccessful A perfect example of “Learning by Doing” Young Enterprise Marketing and Finance Workshop : Young Enterprise Marketing and Finance Workshop Review Young Enterprise Marketing and Finance Workshop : Young Enterprise Marketing and Finance Workshop www.surrey.yese.co.uk Send your company email address to office@yese.org.uk (Make sure it's an email address that is checked regularly!!)

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