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mktingplantoolkit - 10 Minute Guide Marketing planning...

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10 Minute Guide CIM 14280 | DS | May 2009 Marketing planning toolkit for small business Membership Services Moor Hall, Cookham Maidenhead Berkshire, SL6 9QH, UK Telephone: 01628 427500 www.cim.co.uk/marketingresources © The Chartered Institute of Marketing, 2009. All rights reserved. Permission to reproduce or extract material from this publication must be sought from The Chartered Institute of Marketing.
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10 Minute Guide Marketing planning toolkit for small business 1 Introduction This planning tool has been written with the aim of providing marketing support, whatever your background or level of expertise. It will also provide you with a brief overview of marketing, answering some of the most commonly asked questions. 2 What is marketing The Chartered Institute of Marketing defines marketing as follows: "Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably." This process calls for management decisions on product, pricing, distribution, promotion and personal selling, and in some instances customer service. These elements are known as the 'marketing mix'. 3 How can marketing help my business Without customers you don't have a business. Satisfying customers' needs whilst making a profit should be the central drive of any business – you have to produce what the customer wants. Matching the wants of your customers to your company's Products or Services should achieve the objectives of both parties. When people buy products or services they do not simply want the products, they also want the benefits from using them. Products and services help to solve a customer's problems – it is the solution to these problems that customers are buying. If your company understands customers it can develop products that appeal to them. An understanding of marketing techniques allows you to serve your target audience better than your competitors do. You can use promotional techniques to differentiate your product from competition and in doing so provide competitive advantage. 4 Goals and objectives 4.1 Goals Your goals and overall vision should be the key statements that drive your business. For example what type of company are you and where do you want to be in five years time? Because the business environment is constantly changing, when thinking about your goals you may want to consider the factors that might affect your business now and in the future. The table below provides some suggestions. With the advent of the internet, there are now many sources of information on your competitors and your environment. You may also be surprised how much business information is available from your nearest city library. And remember, company reports are a good source of competitive information and can be found at www.companies-house.gov.uk.
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