2012 chapter 15 geb 5516 customized presentation

8/13/2019 2012 Chapter 15 GEB 5516 Customized Presentation

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Copyright Houghton Mifflin Company. All rights reserved. 15 | 2

The ProductAdoption/Diffusion CurveIt groups customers into categories based on

how quickly they adopt a new product

InnovatorsEarly adopters Early m ajor i tyLate major i tyLaggards


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The Marketing Plan (continued)

The marketing plan in one paragraph

Contents:

Purpose of the marketing plan

Benefits of the product/service

The target market

The market niche

The marketing tactics

The companys convictions and identity

Percentage of sales represented by the

marketing budget


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Marketing Plan..(An EP)

The One-Paragraph Overview

Identify key marketing issues that will affectcompany success

Launch objectives and milestones

Brand strategy

Strategic alignment

Assessing effectiveness


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Advertising and Promotion> Advertising-employed to pull the product through the distribution channel

(Pull Strategy)

> Promotion-tends to be more price-focused or incentive-focused (Push Strategy)


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Taking Advantage of Publicity

Publicity and word-of-mouth (referrals) are twoof the most effective entrepreneurial marketingtools around because they dont cost thecompany any money

Require a compelling story

Network with the media

Issue a press release



Constructing an EffectivePress Release

Contents: Date

Name of contact person

Phone number

Release date Descriptive headline

Release information

The who, what, where, when, and why

Photo/Illustration Explanatory note regarding why the release was

sent



Internet Marketing and New and Social Media

Internet advertising$$$ Billions?

Traditional media boundaries changing

Barriers to content creation are open

New challenges and opportunities forentrepreneurs


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Giving It Away

When the customer is likely to return

The cost for each additional item is low andmargins are high

When customers need to try theproduct/service in order to risk the money tobuy it

When samples of the product/service can beoffered at a large event



Personal Selling

Become a value-added company by tailoringproducts to meet customer needs

Improve personal selling skills

What do customers want from the sale?

Give them what they want

Trade shows and exhibits

Expose products

Network on site and after the show

Rent a hospitality suite


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2012 chapter 15 geb 5516 customized presentation

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