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WORKSHOP 2:
MARKETING & EXECUTION SALES
Workshop Leaders: Connie Chang & Anny Chih
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Marketing Definition & ObjectivesSituational Analysis – Competitive Analysis & SWOTTarget Markets4 P’s of Marketing &Unique Selling PointsBasic Economics6 Promotional Mix ElementsMarketing ResearchMarketing Career Opportunities
Marketing & Execution
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Marketing
What is marketing?
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Marketing Definition
“Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.”
-American Marketing Association (AMA)
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Marketing Definition
“planning and executing” Marketing is about thinking before doing
“conception, pricing, promotion, and distribution” 4 Ps of Marketing: Product, Price, Place,
Promotion “individual and organizational
objectives” Needs vs. Wants Satisfying, not creating
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Marketing Objectives
Thinking before doing includes asking: What do you want to achieve? How will you know when you have achieved
your goal?
Think S.M.A.R.T.
Example of a marketing objective:“To enter the Vancouver market for
automobile repairs and capture 5% of the market share within one year.”
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Marketing Objectives
How do you set a marketing objective?1. Conduct a situational analysis to find out
what’s measurable, achievable, and realistic
2. Set specific goals and a time limit to achieve those goals
Exercise:Take 5 minutes to think about your business
and set one marketing objective.
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Situational Analysis
Includes Competitive Analysis, SWOT and 5 Force Analysis
Competitive Analysis answers: Who are your direct and indirect competitors? Who are your main competitors and why? What advantages and disadvantages does your business
have against those competitors?
SWOT addresses your Strengths, Weaknesses, Opportunities, and Threats
5 Force Analysis addresses Suppliers, Buyers, New Entrants, Substitutes, and Rivalry Strong / Weak industry
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Competitive Analysis
Direct Competitors: Rival companies providing products / services within the same market (ex. Mars candy bars’ direct competitors include other candy bar manufacturers)
Indirect Competitors: Companies providing products / services in a different market but are seen as an alternative choice (ex. Mars candy bars’ indirect competitors include chips and other snack manufacturers)
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Competitive Analysis
How do you decide which are your primary and secondary competitors?
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Competitive Analysis
Strategic Maps Examples:
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SWOT
Strengths and Weaknesses are INTERNAL You have control over what happens
Opportunities and Threats are EXTERNAL You do NOT have control over what
happens
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SWOT Example
New software development firmStrength: Staff includes a team of the nation’s 10
top computer engineers (for a software development firm).
Weakness: No brand awareness as a new market entrant.
Opportunity: Canadian government is providing each new software development firm up to $500,000 in interest-free loans.
Threat: Several competing well-known software development firms in Canada including companies x, y and z.
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SWOT Exercise
Create a SWOT analysis for McDonald’s 4 groups – 2 teams / group Point-form 5 points for each category Focus on the main strengths,
weaknesses, opportunities, and threats
15 minutes
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Target Markets
Target Market: the specific group of customers that a company aims to capture. They have been identified as people with needs or wants that can be met with the products or services from this company.
Why does a company specify a target market?
How does a company define a target market?
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Target Market Segmentation
Demographics – segregation by demographic variables (ex. age, gender, family size)
Psychographics – segregation by lifestyle, personality, culture, social class (ex. VALS – Values and Lifestyles)
Geographics – segregation by geographic location (ex. city, neighbourhood)
Socio-Economic Status – segregation by income, education, occupation (sometimes this information is categorized as demographics or psychographics)
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Target Market Exercise
Define your business’ target market
Include: Demographics (ex. age, gender, family size) Psychographics (lifestyle, personality,
culture, social class) Geographics (ex. city, neighbourhood)
5 minutes
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15 Minute Break
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4Ps of Marketing
Product: What are you selling?Price: How much are you charging?Place: Where / How are you going to sell
your product / service?Promotion: How are you going to get
people interested?
The What, Where, and How are dependent on Who you’re targeting.
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Unique Selling Points
What separates your product / service from your competitors?
Why should a customer purchase from you rather than a competitor?
Can be seen in the product itself and the place where the product is available but usually seen in the way the product is promoted – product positioning (ex. Coca Cola)
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Chocolate Exercise
Your team has decided to sell chocolate in the GVRD. Your task is to:
Develop (a) chocolate product(s) Decide where and when to sell your product(s) Define your target market Identify your main competitors Identify your unique selling
proposition30 minutes
A team representative will present your decisions.
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Chocolate Exercise Presentations
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15 Minute Break
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Basic Economics
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The Big Idea
What message do you want to give your target audience?
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6 Promotional Mix Elements
1. Advertising2. Direct Marketing3. Internet Marketing4. Sales Promotion5. Public Relations6. Personal Selling
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Sales
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The 10 Step Selling Process
1. Prospecting2. Pre-approach3. Approach4. Presentation5. Trial Close
6. Determine Objections
7. Meet Objections8. Trial Close9. Close10. Follow-up
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Prospecting
Lead Names of people who may want to buy your
product Where can you find leads?
Referrals Cold/warm calling Trade shows Web sites List and directories
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Prospecting
Qualified Prospect Ask if this person is MAD?
Money to buy?Authority to buy?Desire to buy?
How do you tell if someone is MAD? Ask the referral Research their company Know the industry Speak with non-competing salespeople
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Prospecting
3 Criteria of Prospecting
1. Customize2. Concentrate3. Call back
Goal Setting1. Leads called per
day2. Prospects called
& appointments made
3. Appointments/sales made
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Pre-approach
Planning your sales call and presentation Builds confidence Develops goodwill Creates professionalism Increases sales
Be a strategic problem solver Understand needs, develop creative
solutions, arrive at a mutually beneficial agreement
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Pre-approach
Sales Call Planning1. Call objective (specific, measurable,
beneficial)2. Research customer and create profile3. Develop customer benefit plan (FAB
statements)4. Plan sales presentation
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FAB Statements
FAB stands for Features
Tangible or intangible characteristics Advantages
Performance characteristics Benefits
What it can do for the customer Your unique selling proposition (USP)
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Sales Call Planning Exercise
You’re going on your first sales call selling the Nintendo Wii/Playstation 3/XBOX 360 to Future Shop. Plan your sales call by writing down a script.
Introduce yourself and your company State the purpose of the call Respond to: “I don’t think I need it” Ask for the meeting, reinforcing benefits Confirm any other details
10 minutesA team representative will present your
decisions.
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Approach
3 Objectives of the Approach1. Build rapport2. Capture buyer’s attention3. Generate interest
You have to prove you are worth the prospect’s time and attention!
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Approach
Customize your approach to the customer1. Introductory2. Complimentary3. Referral4. Premium5. Product6. Showmanship7. Customer Benefit8. Curiosity9. Opinion or Survey10. Shock
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Approach
Active Listening Show genuine
interest Clarifying
questions Let the prospect
talk Eye contact
Types of Questions1. Information
Gathering2. Probing3. Confirmation4. Summary
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Presentation
Customer Benefit Plan1. FABs2. Marketing plan
Resell/use Non-product FABs
3. Business proposition Value/cost Payment terms
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Presentation
The Sales Presentation Mix1. Persuasive Communication
Logical reasoning, suggestions, trial closes
2. Prospect Participation3. Evidence Statements4. Visual Aids5. Dramatization6. Demonstrations
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Trial Close
Determines how close the prospect is to buying
Salesperson is asking for an opinion “What do you think so far?” “Can you see how this might improve your
sales?” Attempt when the prospect gives you a
signal that he/she is interested in your product
Use it early and often
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Determine Objections
Objections are opposition or resistance to information or to the salesperson’s request Welcome objections! Occur at any time and often
Usually you should handle objections as they occur, but sometimes you need to postpone objections
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Determine Objections
Types of Objections1. Stalling (“No Hurry”)2. “No Need”3. “No Money”4. “No Confidence”5. Hidden
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Meet Objections
4 Steps to Handling Objections1. Acknowledge2. Identify and Clarify3. Meet the Objections
1. Postpone2. Anticipate3. Boomerang4. Condition of Sale5. Direct Denial6. Indirect Denial7. Third Party Answers
4. Trial Close
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Trial Close
At this point of your sales call, you would use another trial close to see if your prospect still has questions or concerns about your product/service.
If they do not, you can attempt to close the sale!
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Close
Definitive request of the order Close when buyer is in “conviction
stage” Earn the right to close Ask for order and be silent
Closing Clues1. Verbal2. Nonverbal
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Close
Closing Techniques1. Alternative Choice2. Assumptive3. Compliment4. Summary of Benefits5. Balance Sheet6. Urgency7. Premium8. Puppy Dog9. Direct Appeal
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Follow-up
Creates goodwill and opens doors Contact customers frequently and
regularly Promptly handle complaints Always do what you say you will do Sincerely thank the customers
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Coffee Shop Exercise
Your team has just opened a new coffee shop downtown across from a Starbucks. You offer the same drinks at the same prices. Develop a basic marketing campaign outline. Think of the 4th P: Promotion.
$5,000 marketing campaign budget Advertisement in local paper costs $1,000 Direct mail to local homes costs $2,000 + any
sales promotion costs (ex. coupon for $x off) Cost to hire a street team member is $15 / hour Tip: Think of one “Big Idea”
30 Minutes A team representative will present your decisions.
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Coffee Shop Exercise Presentations
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Marketing Research
Qualitative Research Quantitative Research Primary vs. Secondary Research
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Marketing Career Opportunities Agency: Marketing, Creative, Advertising
Creative, Direct Marketing, Sales Promotion, Internet Marketing, Public Relations, International Marketing, Branding & Design,
Client-Side: In-House Marketing Team, Marketing Representative
Marketing Research Database Marketing Public Relations Firms Event Marketing
…and the list goes on!
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Sales Career Opportunities
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Got a question? Ask away!
The End.