Marketing in 60 Minutes
Professor Perry Lowe from Bentley College put together a fantastic 60 minute workshop on marketing - I'm totally jealous of his students at Bentley College. Here's the 100 word version. I'm sure that I can't do it complete justice...
1. Target Consumer - Is your model selling business to business or business to consumer? Acquiring a new customer costs much more than maintaining a current relationship, think in terms of lifetime customer value.
2. Segmentation - Do you want to own a small part of a large market (generic cola), or a large part of a niche market? (a popular root beer, for example)
3. Positioning - Consider an X and Y axis with quality and price. Now think about where on the graph a product might place - high quality, high price (Ferrari, Maserati, etc) - Conduct market research to determine your own positioning
4. Product - Packaging (Is it an impulse purchase product?), naming (legal search and intellectual property), selling training and support services
5. Price - Price can be equated to quality and perceived value, consider pricing in volumes, and pricing relative to competitors (airlines match each others pricing)
6. Place - Direct distribution to consumers, or indirect distribution to consumers (through warehouses), just-in-time distribution, and keeping a small inventory that can satisfy demand
7. Promotion - Personal selling (direct sales force), selling to customers (grocery store warehouse) and store shelves (push the product) ,then marketing to consumers so that they purchase it from the shelves (pull the product), public relations (unpaid and uncontrolled advertising), advertising (paid communications)
Perry Lowe can be reached at email@example.com.