Marketing For Fun and Profit

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