Comm320-04-MarketingWK4

Comm320-04-MarketingWK4 - Marketing And Small Business...

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    Marketing And Small  Business Developing A Marketing Strategy
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    Marketing: The Objective  The whole idea of marketing is the pursuit of  opportunity Marketing is the process of delivering goods/services  to customers at the right place, time, and price  Identification of the  target market  is crucial to the  success of the business What makes a firm successful is not just having a  good product  it is good marketing supported by  reliable goods or services It has a become very difficult to get consumers’ attention –  (ex. Body tattoos, Moscow car dealership)
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    Marketing Strategy Determine consumers’ needs through market research Analyze the existing competition, discover its advantage, and  devise strategies to beat it Devise competitive strategies  designing and developing a  product or service to meet the consumers’ needs Select target market Set a sensible price for the product or service Choose a channel of distribution Sell -- advertising and promotion to communicate the benefits of  the good / service  Effective strategy development requires analysis, reasoning,  justification and planning at every step!
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  Setting your Marketing Strategy Analyze Competition Analyze product costs and set pricing Promotional Campaign Distribution Develop Product/Service Features Analyze Customers Marketing Strategy
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    Market Research Analysis: Goals Evaluate the various  target markets  and choose the appropriate group Identify your particular market segment (people who will buy what your  firm is offering) Analyze data about the buying habits of this group  Develop an understanding of purchase habits and the selling experience  this TM is used to i.e. direct sales, retail, catalogue etc. Use your  competitive analysis  to set your positioning strategy Low cost, differentiation, focus Understand the strengths and weakness of your competition Use this data to determine product/service features, price, promotion,  distribution etc.  Environment Understand the legal, government and economic factors  Such as taxes, economic trends, regulations etc.  This information will be the foundation of marketing plan  
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    Types Of Market Research Secondary research:compiled by others Outside information: census data, government, chamber of  commerce, Statistics-Canada, trade associations.
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This note was uploaded on 04/14/2010 for the course COMM comm 320 taught by Professor Denisbeauschesne during the Winter '10 term at Concordia Canada.

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Comm320-04-MarketingWK4 - Marketing And Small Business...

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