thinking of starting a business? marketing - importance and methodology ignite your imagination...
TRANSCRIPT
Thinking of Starting a Business?
Marketing - Importance and MethodologyIgnite Your imagination
Pervez (Mustafa) NooruddinP.Eng, CMA, MBA, MDAP, CMC, CQM, PMP, ATM-B/CL
Page 2
Meeting Agenda
Thinking of Starting a Business The Three things to do
Marketing and Sales – the difference Putting the Three things to practice
Marketing by Small Businesses What is well and what is not!
Marketing Analytics The science of measuring effectiveness
Page 3
Meeting Agenda
Thinking of Starting a Business The Three things to do
Marketing and Sales – the difference Putting the Three things to practice
Marketing by Small Businesses What is well and what is not!
Marketing Analytics The science of measuring effectiveness
Page 4
The First Thing! What is you Passion? Do you have an Idea? Do you have MORE THAN
ONE OPTION to implement your idea? If NOT, review your Passion If YES, document your
OPTIONS
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The Second Thing! Is there a Market? What is the
Market Size? What is your
Market Segment? What is your
Target Market?
Global
Segment
Local
Target
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The Third Thing! Competitors? Buyers? Suppliers? Substitutes? Regulations? New Entrants?
YOU KNOW WHAT YOU
DO NOT KNOW
YOU KNOW WHAT YOU
KNOW
YOU DO NOT KNOW WHAT YOU DO NOT
KNOW
YOU DO NOT KNOW WHAT YOU KNOW
YOUR KNOWLEDGE
KN
OW
LED
GE O
F
YO
UR
KN
OW
LED
GE
KNOWLEDGE PUZZLE
Low ---------------------- High
Low
---
----
---H
igh
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The Third Thing! Competitors? Buyers? Suppliers? Substitutes? Regulations? New Entrants?
IgnoranceUnderstand
(Explicit)
UnawareIntuition(Tacit)
YOUR KNOWLEDGE
KN
OW
LED
GE O
F
YO
UR
KN
OW
LED
GE
KNOWLEDGE PUZZLE
Low
---
----
---H
igh
Low ---------------------- High
Page 8
The Three Perspectives
The Business Product or Idea The Target Market The Knowledge Domain
Page 9
Meeting Agenda
Thinking of Starting a Business The Three things to do
Marketing and Sales – the difference Putting the Three things to practice
Marketing by Small Businesses What is well and what is not!
Marketing Analytics The science of measuring effectiveness
Page 10
The Marketing Fit!
What is Marketing? What is Sales?
MarketingStrategy to Execution Driving
Business - Building Brands
Page 11
The Marketing Fit!
YOURBUSINESS
IDEA
POTENTIALMARKET
FOR YOURIDEA
Target
Market
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Understanding the Fit?
Market Awareness
Product/Service Expansion
Market Penetration M
ark
et
Pote
nti
al
Do not know Will not buy
Know about it Will and can buy
Knowledge
Ignorance Intuition
Unaware
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Meeting Agenda
Thinking of Starting a Business The Three things to do
Marketing and Sales – the difference Putting the Three things to practice
Marketing by Small Businesses What is well and what is not!
Marketing Analytics The science of measuring effectiveness
Page 14
Marketing by Small Businesses? What? Word of Mouth Flyers Posters/Signs Advertisements
Newspapers Promotional
Giveaways Radio/TV
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Marketing Pitfalls Do not understand the value of Marketing Confuse Marketing with Sales Failure to understand the Market
General Market Segmented Market Target Market Customer Relationship Management (CRM)
No tool or measurement of success (ROI)
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What Small Business Do Not Do
Events & Campaigns Community Support News Release
Announcements Events
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Meeting Agenda
Thinking of Starting a Business The Three things to do
Marketing and Sales – the difference Putting the Three things to practice
Marketing by Small Businesses What is well and what is not!
Marketing Analytics The science of measuring effectiveness
Page 18
Marketing as Science Large businesses
can predict the cost of Marketing
Small business can measure the effectiveness of marketing and then learn to predict
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Marketing Analytics
Qualitative
Ethnography Consumer observation Store Visits Active work
Dine-along Shop-along Work along
State of the Future Competitive Product/Service
Testing Communispace Chat Room Customer phone calls
Quantitative
Primary ResearchPrimary Research Secondary ResearchSecondary Research ModelsModels BenchmarksBenchmarks Principles of analysisPrinciples of analysis
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In Conclusion
Marketing is Understanding The Market exists or can be created Your idea can tap (engage) the Market The Market is Measurable The market is Profitable Marketing is Continuous Good Business Practice requires
Marketing budgets 5 - 20% of profits
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Questions?
Ignite Your imaginationPervez (Mustafa) Nooruddin
P.Eng, CMA, MBA, MDAP, CMC, CQM, PMP, ATM-B/CL