Chapter 8 outline


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S ECTION III. B UILDING THE B USINESS P LAN : M ARKETING AND F INANCIAL C ONSIDERATIONS ——————————————————————————————————————————————————————————————————————— Chapter 8 Building a Powerful Marketing Plan Ohapter Outline    At a glance Introduction I. Building a Guerrilla Marketing Plan II. Pinpointing the Target Market III. Determining Customer Needs and Wants Through Market Research IV. Plotting a Guerrilla Marketing Strategy Customer Relationship Marketing: Focus on the Customer Devotion to Quality Attention to Convenience Concentration on Innovation Dedication to Service Emphasis on Speed V. Marketing on the World Wide Web VI. The Marketing Mix and the Product Life Cycle Chapter 8
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Creating a solid business plan improves an entrepreneur’s odds of building a successful company. The business plan captures many of the topics discussed, and in addition, it includes a concise statement of how an entrepreneur plans to achieve success in the marketplace. This section focuses on building the marketing plan. I. Building a Guerrilla Marketing Plan Marketing is the process of creating and delivering desired goods and services to customers and involves all of the activities associated with winning loyal customers. Guerilla marketing strategies are unconventional, low-cost, creative techniques – small companies can get more “bang” from their marketing bucks. The required marketing investment is scaled to fit the often limited marketing resources of the organization. A guerilla marketing plan should accomplish four objectives: 1. It should determine customer needs and wants through market research. 2. It should pinpoint the specific target markets the company will serve. 3. It should analyze the firm's competitive advantages and build a marketing strategy around them. 4. It should help create a marketing mix that meets customer needs and wants. II. Pinpointing the Target Market Target markets are the specific groups of customers at whom the company aims its goods or services. Pinpointing the target market offers greater marketing efficiency. Mass marketing techniques of the past are expensive and risky. The marketing strategy can then be built to reach that specific targeted group that has the highest propensity to buy and be an ongoing customer. Target customers must permeate the entire business—merchandise, music, layout, décor, Web site, and the total experience. Market research can be invaluable to better understand, segment, and identify target markets. Chapter 8
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This note was uploaded on 05/05/2008 for the course MGMT 3850 taught by Professor Russell during the Spring '08 term at North Texas.

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