Effective Marketing Strategies for Young Entrepreneurs PDF

TRAILBLAZING TRENDS: EFFECTIVE MARKETING STRATEGIES FOR YOUNG ENTREPRENEURS BY: DR. ARIEL E. TORIALES, CHRA WHAT IS MARKETING?  WHAT IS MARKETING? Is a form of communicating or promoting the VALUE of product, service, or brand to the consumers The American Marketing Association defines marketi...

TRAILBLAZING TRENDS: EFFECTIVE MARKETING STRATEGIES FOR YOUNG ENTREPRENEURS BY: DR. ARIEL E. TORIALES, CHRA WHAT IS MARKETING?  WHAT IS MARKETING? Is a form of communicating or promoting the VALUE of product, service, or brand to the consumers The American Marketing Association defines marketing as “the activity, set of institution, and processes for creating, communicating, delivering and exchanging offerings that have VALUE for customers. GOALS OF MARKETING Understand the Introduce and Capture customer market and its innovate products value to create consumers, and and services that profit satisfy their improve human changing needs and condition and wants quality of life  THE MARKETING PROCESS SITUATION ANALYSIS MARKETING STRATEGY - The market FORMULATION - Customers - Market Segmentation -Competition - Target Market Selection - SWOT - Value Proposition - Product Positioning MARKETING MIX IMPLEMENTATION DECISION AND CONTROL - Price - Process - Implementation - Place - People - Monitoring - Product - Physical Evidence - Marketing Mix Adjustments - Promotion MARKETING MIX In order to appeal to the customers, entreprenuers should remember to align all the seven elements of the marketing mix effectively. All seven elements must focus on the TARGET MARKET. They should create VALUE by SATISFYING the customer's needs and wants. TARGET MARKET is defined as the group of individual or organization customers who have both the WILLINGNESS and FINANCIAL CAPABILITY to purchase a particular product or service.  PRODUCT After identifying a need in the market, a company may already have a product that is capable of satisfying the need.  PRODUCT The following questions should be asked: 1. What is the product's function, appearance, quality, design, features, packaging, and brand? 2. What need does it satisfy? 3. What value does it offer to customers? 4. What makes it unique? 5.What is the unique selling proposition (USP)? UNIQUE SELLING PROPOSITION more commonly referred to as a USP, is the one thing that makes your business better than the competition. It’s a specific distinctive feature benefit that makes your business stand out when compared to other businesses in your market. UNIQUE SELLING PROPOSITION We offer a culinary journey that celebrates the fusion of flavors from around the world, meticulously crafted by our award- winning chefs. Unlike any other dining experience in the area, our restaurant combines innovative recipes with locally- sourced ingredients to create dishes that tantalize the taste buds and awaken the senses. UNIQUE SELLING PROPOSITION Whether you're craving exotic spices from Asia, savory classics from Europe, or bold flavors from South America, our diverse menu promises a culinary adventure that transports you to new culinary heights. With an ambiance that exudes warmth and hospitality, paired with impeccable service, dining isn't just a meal – it's an unforgettable gastronomic experience that leaves a lasting impression.  PRICE KA MAHAL MAN SINA!!!!  PRICE The price that a marketer charges for a product or service is a vital decision that has far reaching consequences. From the point of view of an entreprenuer, products and services are offered with the intention of making profit. However, the customer has a specific price in mind that he considers as “FAIR” and “EQUITABLE”.  PRICING STRATEGY Penetration Pricing This strategy involves setting a relatively low initial price for a product or service to penetrate the market quickly and gain market share. The goal is to attract customers with a competitive price and then gradually increase prices over time.  PRICING STRATEGY Competitive Pricing Competitive pricing involves setting prices based on competitors' prices. Entreprenuers may price their products or services slightly below, at, or above competitors' prices, depending on their market positioning and differentiation strategies.  PRICING STRATEGY Promotional Pricing Promotional pricing involves temporarily reducing prices to stimulate sales and attract customers. Common promotional tactics include discounts, coupons, limited-time offers, and buy-one-get-one (BOGO) deals.  PRICING STRATEGY Psychological Pricing Psychological pricing involves setting prices based on psychological factors such as perception, emotions, and cognitive biases. Tactics include setting prices just below round numbers (299 instead of 300), using odd-even pricing (599.99 instead of 600), or emphasizing discounts to create a perception of value.  PRICING STRATEGY Psychological Pricing Psychological pricing involves setting prices based on psychological factors such as perception, emotions, and cognitive biases. Tactics include setting prices just below round numbers (299 instead of 300), using odd-even pricing (599.99 instead of 600), or emphasizing discounts to create a perception of value. PLACE  PLACE How can a company deliver its products to its customers effectively and efficiently? Place ensures that products or services are conveniently accessible to customers when and where they need them. By selecting appropriate distribution channels and locations, companies can reach their target market effectively and make it easy for customers to purchase their offerings.  PLACE How can a company deliver its products to its customers effectively and efficiently? Place ensures that products or services are conveniently accessible to customers when and where they need them. By selecting appropriate distribution channels and locations, companies can reach their target market effectively and make it easy for customers to purchase their offerings. PLACE PLACE PROMOTION  PROMOTION Refers to the range of actions and strategies used to convince target customers of the benefits of goods or services and encourage them to make a purchase. In order to raise brand awareness, create curiosity, stimulating desire, and eventually increase sales, promotion is essential.  PROMOTION Advertising Advertising involves paid messages communicated through various channels such as television, radio, print media, online platforms, and outdoor signage.  PROMOTION Sales Promotion Sales promotion tactics include discounts, coupons, rebates, contests, samples, and loyalty programs designed to stimulate immediate sales or encourage repeat purchases. Sales promotions are often used to attract price-sensitive customers or generate short-term sales spikes.  PROMOTION Personal Selling Personal selling involves direct communication between a salesperson and potential customers to educate, persuade, and assist them in making purchase decisions. Personal selling is common in industries such as automotive, real estate, and business-to-business (B2B) sales, where relationships and customization are important.  PROMOTION Digital Marketing Digital marketing utilizes online channels and platforms such as websites, social media, search engines, email, mobile apps, and digital advertising to reach and engage customers. Digital marketing strategies include content marketing, social media marketing, search engine optimization (SEO), pay-per-click (PPC) advertising, and influencer marketing.  PROMOTION Digital Marketing Digital marketing utilizes online channels and platforms such as websites, social media, search engines, email, mobile apps, and digital advertising to reach and engage customers. Digital marketing strategies include content marketing, social media marketing, search engine optimization (SEO), pay-per-click (PPC) advertising, and influencer marketing.  PROMOTION Content Marketing Content marketing involves creating and distributing valuable, relevant, and consistent content to attract and retain a target audience. Content formats may include blog posts, articles, videos, infographics, podcasts, and webinars. Content marketing aims to educate, entertain, or inspire customers while subtly promoting products or services.  PROMOTION Word-of-Mouth Marketing Word-of-mouth marketing relies on satisfied customers to recommend products or services to others through personal recommendations, reviews, referrals, or social sharing. Positive word-of-mouth can significantly impact brand reputation and drive sales through social proof and trust.  PROCESS Processes in marketing refers to how your business delivers its service at the customer interface : through each step of the customer experience. Imagine, for example, entering a restaurant and being met by lovely staff who take your order competently and without undue delay, striking the right balance between friendly helpfulness and efficiency. Your food is served in a timely manner and the evening goes off smoothly, with no glitches. This would be an example of excellent processes in marketing.  PROCESS Now imagine, on the other hand, a restaurant where dishes you didn’t order are served, the wine isn’t delivered without you having to remind the waiting staff, the bill is incorrect and so on. This might be how processes in marketing can go terribly wrong.  PROCESS Process strategy helps streamline marketing operations by defining clear procedures, workflows, and protocols. This can create seamless and personalized experiences that delight customers at every interaction. A positive customer experience leads to higher satisfaction, increased loyalty, and positive word-of-mouth referrals. PHYSICAL EVIDENCE  PHYSICAL EVIDENCE Physical evidence refers to everything your customers see when interacting with your business. This includes: the physical environment where you provide the product or service the layout or interior design your packaging your branding. Physical evidence can also refer to your staff and how they dress and act.  PEOPLE People refer to the staff and salespeople who work for your business, including yourself. When you provide excellent customer service, you create a positive experience for your customers, and in doing so market your brand to them. In turn, existing customers may spread the word about your excellent service and you can win referrals. PEOPLE HIRE THE RIGHT PEOPLE!