Standard: Develop a marketing plan to identify, reach, and retain customers in a specific target market.
EQ: How can you create an effective market plan?
the action or business of promoting and selling products or services, including market research and advertising.
Market Segmentation 7.1
the process of dividing a market of potential customers into groups, or segments, based on different characteristics (behavioral, demographic, psycho graphic, and geographic differences)
Primary and Secondary Sources 7.2
Primary: New information collected specifically for your purposes, directly from people in the know.
Secondary: public information that has been collected by others
Customer Profile 7.3
Way of describing a consumer categorically so that they can be grouped for marketing and advertising purposes.
True or False: Split into teams. Use the Clappers to answer the true or false Questions!
Advantages and Disadvantages of Advertising Mediums 7.4
Advantages: (1) introduces a new product in the market, (2) expansion of the market, (3) increased sales, (4) fights competition, (5) enhances good-will, (6) educates the consumers
Disadvantages: (1). Cost (2.) Misleading Claims (3). Encouragement of Monopoly (4). Small Businesses Have Restricted Access (5) Confusion About Characteristics of Products
(1). Print Advertising
(2) Broadcast Advertising (3)Outdoor Advertising
(4) Digital Advertising
Community Relations 7.5
a business should actively help in the community. Examples of helping in the community are: donate to things like homeless shelters,Give school supplies for the less fortunate, and helping with the clean up of a local park.
Creating a Marketing Plan 7.6
Establish Your Marketing Plan
Create a Plan of Action
Know Your Target Audience
A Consistent Message is Key
Game Time: Duck, Duck, Goose. However if you're picked as goose you have to give an answer of something you learned from today or about entrepreneurship.
Technology Importance 7.7
(1). Distance has become less of an obstacle
(2) Customer service is faster, more accurate, and more personalized
(3) Key decision makers can be reached more easily
(4) Sales and marketing costs can be reduced
(5) Customers can reach you, and be reached, through social media
Increasing Market Sharing 7.8
Puts companies at a competitive advantage. Companies with high market share often receive better prices from suppliers
Strengthening customer relationships
Almost invariably have the most skilled and dedicated employees
Acquiring a competitor to grow
Maintaining Customers 7.9
Trust, Mutual Respect, Mindfulness, Welcoming Diversity, Open communication,
Don’t leave them hanging, Listen to what they have to say, Apologize and think of how to fix it (If it’s a concern)
4 Corners: There will be 4 teams. Each team will have a captain that will come to the center of the class room. They will close their eyes and count from 7 to 1. The remaining teams will go to a corner including the captains. Then the person in the center will pick a number 1-4 and the team in that corner must recite something they learned TODAY in 7 seconds.