|
|  |
| |
|
| | The The CopyWriters Connection Network is not currently active and cannot accept new posts | | A Collaborative Modern Marketing Concept | Views: 249 | | Jul 30, 2005 3:17 pm | | A Collaborative Modern Marketing Concept | # | 
Steven Boaze | |
One great need of small business managers is to
understand and develop marketing programs for
their products and services. Long term small
business success depends on the ability to
maintain a strong body of satisfied customers
while continually increasing this body with new
customers. Modern marketing programs build around
the marketing concept, which directs managers to
focus their efforts on identifying, satisfying,
and following up the customer's needs - all at a
profit.
THE MARKETING MIX
Before the marketing mix decision is made,
determine what purpose these marketing efforts
are going to serve. Are they to:
¤ Deepen the customer base?
¤ Increase the market share? If so, by how much?
¤ Increase sales? If so, by how much?
¤ Reach new geographic markets?
¤ Increase customer traffic?
¤ Sell remaining inventory to prepare for a new
product line?
After these objectives are established, determine
a date for accomplishing the objective.
The marketing mix allows owner-managers to
combine different marketing decision areas such
as products and services, promotion and
advertising, pricing, and place to construct an
overall marketing program.
MARKETING PERFORMANCE
After the marketing mix decision is implemented,
the next step is to evaluate performance. With a
detailed list of company objectives, monitor how
well the decisions are developing. Evaluate
objectives such as:
¤ Market share. Has the increased share been
captured?
¤ Sales Volume. Was the increase reached?
¤ Strategy. Did the combinations of target markets
and strategy work effectively? Which ones didn't?
Also, evaluate the following decisions and others:
¤ Did advertising efforts reach the target groups?
¤ Were promotions timely?
¤ Did customers respond to sales, coupons, or
rebates?
Additionally, consider the following:
¤ Is the company doing all it can to satisfy the
customer?
¤ Do the employees make sure the customer's needs
are truly satisfied, leading to the vial repeat
purchase and customer loyalty?
¤ Is it easy for customers to find what they want
at a competitive price?
What to look for
Market research should investigate four areas:
customers, customer needs, competition, and
trends. The research conducted should answer
questions like:
¤ Customers.
Identify their:
age
income
occupation
family size
marital status
residence
interests and hobbies
¤ Customers wants:
is the product needed for a limited time
(diapers, for example)?
are customers looking for quicker service?
do customers want guarantees with the products?
will customer come frequently (for example a
grocery store) or seldom (a car dealership)?
are customers looking for a wider distribution
or more convenient locations?
¤ Competition:
what is the competitions' market share?
How much sales volume do they do?
How many similar firms exist?
What attracts customers to them?
What strengths do they advertise?
¤ Trends. Are there:
Population shifts? (Baby boom, for example)
Legal or regulatory developments?
Changes in the local economic situation?
Lifestyle changes? (single parents, working women,
smaller family size)
Where to get it
There are two general sources of information that
can be gathered: data already available and data
that can be collected by the business.
The following sources may provide already
accessible data:
¤ Department of Commerce
¤ Local area Chamber of Commerce
¤ Trade associations in the line of business
¤ Professional market research services
¤ Local library
Data can also be obtained by the business' own
research efforts through the following means:
¤ Telephone surveys
¤ Local and national newspapers
¤ Surveys sent by mail
¤ Surveys sent by e-mail
¤ Questionnaires
¤ Local TV and radio stations
¤ Interviewing
¤ Customer service cards
If these objectives were not reached, what were
the reasons? If they worked well, what elements
were most effective? By evaluating performance
after decisions, there is reference for future
decision-making, based on past results.
In addition, periodically assess customers'
feelings and opinions toward the business and how
well their needs are being satisfied. This can be
done through surveys, customer comment cards, or
simply by asking them, "How are we doing?"
Assessing performance and asking for customer
input brings us back around market research
again. Your marketing plan is a continuous
effort to identify and adapt to changes in
markets, customer taste, and the economy for the
success of your small business.
Steven BoazePrivate Reply to Steven Boaze | | |
| |
| |
