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Learning Objectives
1. Describe the principles of building a guerrilla marketing plan and explain the benefits of preparing one. 2. Explain how small businesses can pinpoint their target markets. 3. Discuss the role of market research in building a guerrilla marketing plan and outline the market research process. 4. Describe how a small business can build a competitive edge in the marketplace using guerrilla marketing strategies: customer focus, quality, convenience, innovation, service, and speed.
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An effective marketing campaign does not require large amounts of money but it demands creativity, ingenuity and understanding of customers buying habits. A sound marketing plan reflects a companys understanding of its customers and recognizes that satisfying them is the foundation of every business. Its purpose is to build a strategy of success for a business but from customers point of view
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1. It should Pinpoints the specific target markets the small company will serve.
2. It should determines customer needs and wants through market research.
3. It should analyzes a firms competitive advantages and creates a marketing strategy to build a competitive edge.
4. It should helps to create a marketing mix that meets customer needs and wants.
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Target market: the specific group of customers at whom the company aims its products or services. Pinpointing the target market offers greater marketing efficiency. Mass marketing techniques of the past are expensive and risky. The marketing strategy can then reach that specific targeted group that has the highest propensity to buy and be an ongoing customer. Marketing strategy must be built on a clear definition of a companys target customers. When companies follow a customer driven marketing strategy they find that Target customer permeate the entire business from the merchandise sold and background music played on the sound system to the location, layout, dcor of the store.
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These business owners have an advantage over their large rivals because the images they have created for their companies appeal to their target customers. Without a clear image of its target market, a small company tries to reach almost everyone and ends up appealing to few. Increasing diverse population offers marketing opportunities to business to reach them and offer goods and services specifically designed for them.
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Market research can be invaluable to better understand, segment, and identify target markets and determining customer needs. Market research serves as the foundation for the marketing plan. Its objective is to learn how to improve the level of satisfaction for existing customers and to find ways to attract new customers. By performing some basic market research, small business owners can detect key demographic and market trends. Market research does not have to be time consuming, complex, or expensive to be useful. A company that ignore demographic trends and fail to adjust their strategies accordingly run the risk of failing business.
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Demographics are the characteristics and trends of a population including age, income, gender (composition), education, household size, race, and ethnicity. A demographic trend is like a train; a business owner must find out where it is going and decide whether or not to get on board. Small companies that spot demographic trend early and act on them can gain a distinctive edge in the market. By performing market research small business can detect key demographic and market trends Market research is the vehicle for gathering the information that serves as the foundation for the marketing plan and can avoid basing your marketing plan on assumptions rather than facts.
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Read many diverse current publications Watch the top 10 TV shows because they show consumer attitudes and values. See the top 10 movies, they also influence customer behavior like fashion. Talk to at least 150 customers a year, what they are buying and why Talk with the 10 smartest people you know, they can offer valuable Listen to your children and their friends, they can be guides for you.
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Market Research
How to Conduct Market Research: the goal of market research is to reduce risks associated with making business decisions. It can replace misinformation and assumption with facts. It has four steps
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Define the objective: define the research objective clearly and concisely. for example declining sales is not a problem it is a symptom. To get to the matter list all the possible factors that could caused it.
Do we face new competition, are sales representatives impolite, have customer taste changed, is our product line too narrow, is our website give customer what they want.
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Market Research
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3.
4.
Collect the data: the marketing technique that dominates today is Individualized (one-to-one) marketing. A system based on gathering data on individual customers and developing a marketing program designed to appeal specifically to their need, tastes and preferences Analyze and interpret the data: the results of market research alone do not provide a solution to the problem. Business owners must attach some meaning to them. What do the facts means? Draw conclusions and act: after understanding what the facts really means. The owner must decide o use that information.
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A competitive edge is crucial for business success. A company can establish a competitive edge when customers perceive that one organizations products or services are superior to those of its competitors. Successful entrepreneurs often use the special advantages that flow from their companies small size to build a competitive advantage over their larger rivals like lowest prices. Small businesses can exploit their size to become more effective than large firms at relationship marketing.
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1. Analyze
Conduct detailed customer intelligence to pinpoint most valuable customers and to learn all you can about them, including their lifetime value (LTV) to the company.
Build Relationships
Based on what you have learned, contact customers with an offer designed for them. Make customers feel special and valued.
Make contact with most valuable custom and begin building a customer database using data mining and data warehousing techniques.
Learn from your customers by encouraging feedback from them; develop a thorough customer profile and constantly refine it.
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Find a niche and fill it: Lets begin with finding a niche and filling it. many successful small companies choose their niches carefully and defend them well. A niche strategy allows a small company to maximize the advantages of its size and to compete effectively. Use the power of publicity: The power of publicity and be another cost effective way to get exposure to your target market. Writing articles, sponsoring events, and getting online exposure are just a few of the ways to leverage publicity. Dont just sell; entertain: Retail stores and restaurants apply the principle of entertailing to attract and amaze customers. Strive to be unique through creating a one-of-a-kind image for customers enabling you to stand out from competitors.
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Connect with customers on an emotional level by building trust and defining a unique selling proposition, known as a USP Define a unique selling proposition (USP) A key customer benefit of a product or service that sets it apart from its competition. Answers key customer question: Whats in it for me? Consider intangible or psychological benefits as well as tangible ones. Communicate your USP to your customers often.
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Create an identity for your business through branding. A brand is companys face in the market place and it is built on companys promise to provide quality goods and services. Embrace social networking: by getting connected through Facebook, LinkedIn, Twitter and other social networking sites. This can be simple, it does not cost to participate, and prove to be powerful way to connect with existing and prospective customers Start a blog. Economical and effective online communication. Guidelines for blog: Be honest, balanced, and interesting. Post blog entries consistently so that readers have a reason to return. Ask customers for feedback.
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Strive to cultivate the image of an expert or a trusted friend on a topic that is important. Use services such as Google Alerts that scan the Web for a companys name and send e-mail alerts when they find posts. Promote the blog via e-mail and promotional Web Sites.
Create online videos. Host a special event: to connect with your business community. This creates a forum to allow customer to meet you and others.
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Retain existing customers: to form loyal, long-term relationships. Retaining these customers may be the best investment in the future of a business. A focus on the customer can directly correlate to higher customer retention rates and is based on the response to these four questions: What are we doing right? How can we do that even better? What have we done wrong? What can we do in the future?
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Examine your companys service cycle Set standards and measure performance See customer complaints as a mechanism for improving customer service Listen to customers Define superior service When you create a negative customer experience, apologize and fix it fast Empower employees to offer superior service Train employees to deliver superior service Hire the right employees Get top managers support
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Is your business conveniently located near customers? Are your business hours suitable to your customers? Would customers appreciate pickup and delivery services?
Do you make it easy for customers to buy on credit or with credit cards?
Do your employees treat customers with courtesy? Are your employees trained to handle business transactions quickly, efficiently, and politely? Does your company offer extras that would make customers lives easier? Can you bundle existing products to make it easier for customers to use them? Can you adapt existing products to make them more convenient for customers? Does your company handle telephone calls quickly and efficiently?
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Concentration on Innovation: is a key to future success. In order to keep up with changing markets, small businesses must be innovative. Small businesses are frequently leaders in innovation even though they may lack resources compared to larger businesses. Emphasis on speed enables companies to be competitive and reduce the time it takes to develop, design, manufacture, and distribute a product, which results in reduced costs, increased quality, and increased market share.
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The marketing mix is a business tool used in marketing. The marketing mix is often crucial when determining a product or brand's offering, and is often synonymous with the four Ps: price, product, promotion, and place; "Marketing mix" is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. Putting the right product in the right place, at the right price, at the right time. In service marketing, however, the four Ps have been expanded to the Seven Ps or eight Ps to address the different nature of services
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Product: A product is seen as an item that satisfies what a consumer needs or wants. It is a tangible good or an intangible service. Intangible products are service based like tourism , hotel and financial industry. Tangible products are those that have an independent physical existence like motor car, disposable razor. Every product is subject to a life cycle including a growth phase followed by a maturity phase and finally an eventual period of decline as sales falls. Here are some examples of the product decisions to be made: Brand name Functionality Styling Quality Safety Packaging Repairs and Support Warranty Accessories and services
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Price: the amount a customer pays for the product. The price is very important as it determines the company's profit and hence, survival. Adjusting the price has a profound impact on the marketing strategy, and depending on the price elasticity of the product, often it will affect the demand and sales as well. Some examples of pricing decisions to be made include: Pricing strategy (skim, penetration, etc.) Suggested retail price Volume discounts and wholesale pricing Cash and early payment discounts Seasonal pricing Bundling Price flexibility Price discrimination
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Promotion: all of the methods of communication that a marketer may use to provide information to different parties about the product. Promotion comprises elements such as: advertising, public relations, personal selling and sales promotions.
Marketing communication decisions include: Promotional strategy (push, pull, etc.) Advertising Personal selling & sales force Sales promotions Public relations & publicity Marketing communications budget
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Placement: It not only includes the place where the product is placed, all those activities performed by the company to ensure the availability of the product tot he targeted customers. Availability of the product at the right place, at the right time and in the right quantity is crucial in placement decisions.
Some examples of distribution decisions include: Distribution channels Market coverage (inclusive, selective, or exclusive distribution) Specific channel members `Inventory management Warehousing ` Distribution centers Order processing Transportation Reverse logistics
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