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True/False: The proper marketing strategy will make or break your business
-True
True/False: Marketing does not take work
-False
What are the 4 P’s of Marketing?
-Product
-Price
-Place
-Promotion
Why is marketing important?
-having a great product or service is not enough
-you need to not only make people aware of your business but also make them change their habits
-you need to retain your customers
-you need to expand your customer base
What do all business plans need?
-mission, vison, and core values
What do you have to do to know the clientele?
-understand the community: demographics
-understand your space: is your location in an area that will attract customers
-understand the competition; who are the biggest competitors
SWOT:
-Strength
-Weakness
-Opportunities
-Threats
True/False: Do not ignore the results if you do not like them
-True
What does branding include:
-the look, feel and smell of your space.
how your employees interact with your customers
your advertising and social media
Goods or services that you offer/provide:
-Product
True/False: A great product does not necessarily equal success
-True
What is often more important than a great product?
-Customer service
What must you know in order to set a price?
-you must know your market and what they will pay
Factors to determine before setting a price:
-Cost of providing goods and services
-demand
-competition
-perception
What are things you have to consider about Place?
-physical location
-intensity of distribution
-selective distribution
-exclusive distribution
How do you promote the product/service?
-traditional paid advertising: TV, Radio, Billboards, Direct mail, Printed publications, Sponsorships
-Digital paid advertising: search, social, review sites
-Newsletters
website
organic social media content
-publicity/ public relations
-promotions, events, loyalty programs
True/False: Your social media presence should be authentic and on brand
-True
How much should be spent on marketing?
-small business $1,000 per month is a good starting point
-may fluctuate depending on demand and need
SMART Goals:
-Specific
-Measurable
-Achievable
-Relevant
-Time-bound
How often should you check your progress towards goals?
-regularly every month
What ways can you recieve feedback for product/services?
-regularly survey your customers about their experience, where they discovered you, why they came
-mystery shoppers, focus groups, employee feedback
-check stats