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    Add as FriendMaster Leadership Lesson 10

    by: Yasser

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    1 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 1 LESSON 10 – BUSINESS BASICS PART III - MARKETING & SALES
    2 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 2 Introduction:   Create it, Get the word out, and Sell it A company’s financial health starts with sales.   In this lesson we will go over the basic concepts of marketing and sales.  This will include market strategies, market research, the 4 P’s of marketing, sales tactics, type of sales, the sales force and the keys to developing successful products. 
    3 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 3 What is a Market and the Marketing Department? A Market is a group of customers or potential customers.   The market starts with the total population, then Potential markets that have an interest, then Available markets that have the money, then Target markets that are the customers the company has determined to serve (the served market), then finally the Penetrated markets who have already bought your products and/or services.   Marketers need to be creative people as there is a lot of competition out there.   Marketing is always trying to develop satisfying relationships with customers that benefit both the customer and the organization. 
    4 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 4
    5 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 5 The marketing environment has tow components: 1-Microenvironment deals with internal factors that can influence the company directly. The internal decision makers within the company need to look at the manpower, money, machinery, materials, and markets that are all part of the internal environment    2-Macro environment deals with the external factors outside of your company’s direct control.  Demographic and Social trends, Economic issues which impacts what people can afford to buy, Environmental factors such as the availability and cost of raw materials, the cost of energy and levels of pollution, Technological rate of change, and Political pressures such as legislation and effects from agencies like the FDA, FCC, or EPA that can stop certain marketing moves.  
    6 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 6 Some considerations of a company’s marketing program are  consumption that seeks to get people to purchase more and more,  customer satisfaction that’s more concerned with happy customers than pushing a product people may not like,  choice that gives many products to choose from (however may be costly to the company), and  lifestyle that focuses on improving a person’s quality of life.
    7 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 7 What are the Five Marketing Philosophies? 1-Production concept, which is based on the fact that consumers favor products that are available and affordable.   2-Product concept, which is based on ways to improve the quality, performance, and features to attract buyers.   3-Selling concept, which places the focus on sales rather than what people actually need or want.   4-Marketing concept, which focuses on what people need and want more than the needs of the seller.   5-Societal marketing concept focuses around the products benefit to the betterment of society as a whole.  
    8 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 8 Market Research Market Research helps companies understand and analyze their customers.  1-Demographic characteristics.   2-Buying behaviors.  3-Lifestyle or psychographics.   4-Customer Satisfaction.    
    9 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 9 types of market research 1-Primary market research, which involves asking questions through a survey, an observational approach, or experimental approach 2- Secondary market research, which involves checking articles in newspapers, magazines, and books. 
    10 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 10 the primary research survey questionnaire these 7 steps 1-What are the goals of the survey?    2-Who will you survey?   3-How will you perform the survey?   4-Create the questionnaire.   -(A)-Quantitative information (closed-ended questions, YES OR NO )  -(B)-Qualitative information  (open-ended questions ) 5-Present the survey.   6-Analyze the data.   7-Act on the results.  
    11 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 11 Analyzing your Customers and Competitive Market Strategies Types:- ·         Consumer market, that buys your goods for individual or family use. ·         Industrial market, such as manufacturers, who buy your goods for use in the production of other goods that are then sold to others. ·         Reseller market, that buys your goods, usually through a distributor, in order to resell or rent to their customers. ·         Government market, that purchase your goods to carry out governmental functions. ·         International market, who buys your goods globally.
    12 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 12 Four strategies marketers use as a competitive edge, is to best determine if they are: 1-Market leaders. Companies like Microsoft would fall into this category.  2-Market Challengers . Pepsi challenging Coke 3-Market Followers . who are happy to stay at their current position.  4-Market Nichers. who are looking at just a few target markets and not trying to compete with the overall market. 
    13 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 13 Market Segments and Targeting your Market Six common segmentation strategies are: 1-Geographic segmentations 2-Demographic segmentation 3-Psychographic segmentation 4-Behavioristic segmentation 5- Product segmentation 6-Sales channel segmentation
    14 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 14 Targeting your market  There are three potential strategies to use: 1-Undifferentiated marketing. develop one market. it looks to attract the largest segments and ignores the smaller segments. 2- Differentiated marketing .develop more market. 3-Concentrated marketing . focuses on getting a large share of just one or two market segments The next step would be to try and measure the current market demand for the product by means of total market demand, area market demand, and actual sales and market shares
    15 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 15 The Marketing Mix or “The 4 P’s of Marketing” The term “Marketing Mix” refers to a combination of many elements that a company uses to market its product .
    16 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 16 If your company is a manufacturer of the product, you need to know: ·         How is it going to be produced? ·         What materials and labor are needed? ·         What R&D has been conducted and what is expected in the future? ·         Is there a good Q/A or Quality Assurance test plan ? **If your company is providing a service, you need to know:   ·         What services do you offer? ·         How do they work? ·         What kind of skilled labor is needed? ·         What materials and equipment is needed? ·         What are the steps involved with providing this service?
    17 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 17 Price Here are some basic pricing strategies:
    18 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 18 Place (Distribution) distribution strategy 1-Directly to consumers 2-Directly to retailers  3-Directly to resellers  4-To wholesalers  How and who is going to stock your product.? 1-intensive distribution 2-exclusive distribution  3-selective distribution   
    19 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 19 Here are some other ways to get your product out to the marketplace:  1-Through the company’s internal and external sales force. 2-Telemarketing 3-Purchasing online 4-Delivery and manufacture-on-demand. 5-Directly selling 6-Agents who do not work for the company, but make commissions when they sell the product. 7-Internationally by means of exporting. 8-Joint marketing agreements in which your company supplies your product to a larger company to sell. 
    20 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 20 The basic objective for your physical distribution operations is to: 1-Get the right products, to the right place, at the right time, in good condition, for the least cost. 2-Have a streamlined order processing method from the time the order is placed, to the time it is ready to ship. 3-Have your warehouse in the most logical, yet least expensive, location to deliver and receive the products on time and without having to constantly maneuver goods due to lack of space
    21 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 21 Promotion Promotion (Communication).  This is the essence of marketing.   AIDA is an acronym for: 1-Get Attention by using humor, color, models, etc. 2-Hold Interest with a question or statement that makes you think about the product. 3-Arouse Desire that makes you want the product. 4-Obtain Action that tells you what you need to do to get the product.
    22 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 22 USP is an acronym for Unique Selling Proposition.   The promotional mix is made up of four main tools 1-Advertising – (Creative messages --Statement messages --Creative and Statement messages ) 2-Personal Selling  (face-to-face communication. ) 3-Sales Promotion  4-Public Relations (PR) (TV. magazine)
    23 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 23 People, Process, and Physical Evidence (Packaging) People.  An extremely important part of any company is having the right people to support the company’s products and/or service. Process.  Solid procedures and policies that are in place, which pertains to the company’s products and/or service Physical Evidence/Packaging.  This refers to the way your product, service, and everything about your company, appears from the outside.     
    24 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 24 Positioning the Product  Positioning is the way a consumer sees your product as it compares to other similar products on the market.  The goal is to position the product in the customers mind to create a certain perception, impression, and feeling that will end up offering the greatest sales potential and hopefully surpass your competitors.    
    25 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 25 This tool helps identify new market opportunities by considering four possible directions: 1-Market Penetration 2-Market Development 3-Product Development 4-Diversification, which is used to grow the business by starting up an entirely new product line outside the present business. ·         Concentric Diversification Strategy: ·         Conglomerate Diversification Strategy: ·         Horizontal Diversification Strategy:   
    26 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 26 The 5 C’s and Strategic Marketing Basics A good guideline to make the right decisions, while constructing a marketing plan and strategy, are the 5 C’s: 1-Customer – 2-Company – 3-Competition – 4-Collaborators – 5-Context –  Determine if there are any limitations due to (Political -Economic -Social -Technological  )
    27 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 27 Here are the 5 decision-making steps: will likely influence the decision-making process for their target market.  1-The initiator 2-The influencer 3-The decider 4-The buyer 5-The user  
    28 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 28 The buying process consists of: 1-Problem recognition 2-Information search 3-Evaluation of alternatives 4-Purchase decision 5-Post-purchase behavior
    29 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 29 Creating a Marketing Plan 1-Executive Overview    (summarizes the marketing plan including a brief overview of steps 2 through 9).   2-Market Review Trends overview   (How big is the potential market?  Is it growing? Competitors?) Market segments (see Market Segments and Target Market section of this lesson) Target market   (see Market Segments and Target Market section of this lesson)  3-Competitive Review    (those who offer a similar product with similar attributes)   4-Product or Service Review    (see Products and Prices section in this lesson)  
    30 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 30 5-Strengths, Weaknesses, Opportunities, Threats    (SWOT – see the 5’Cs in this lesson) 6-Goals and Objectives    (describe where you want to be both short-term and long-term) Sales objectives     (measurable in dollars, specific timetable, and expected profit) Marketing objectives     (i.e. increase existing customers' buying rate by 25%) 7-Strategies    (see the associated “P’s” segments throughout this lesson along with strategic marketing decisions) Product Pricing Place/Distribution Promotion People Process Physical Evidence/Packaging Positioning  
    31 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 31 8-Action Plan and Implementation   (such as how are you going to achieve the goals? What is the timeframe or marketing calendar?  What are the projected costs? Who is doing what?)   9-Evaluation   (How will it all be tracked and measured?)   10-Conclusion   (Wrap it all up.  Try to make the overall marketing plan as short and to the point as possible)
    32 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 32 Marketing vs. Sales  Marketing generates the interest, sales brings in the money.  The way to find harmony within the two departments is making sure they constantly work together , truly understand each other, and are always making decisions together. sales tactically tries to win the customers.  Marketing gets the word out, and sales helps the customers find what they want.     
    33 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 33 Sales Types, Process, Tactics and Growth The different possible sales types are: 1-·         Order Takers 2-·         Active Selling 3-·         Inside Sales 4-·         Outside Sales The sales process and tactics starts with two simple goals; selling to current customers, and finding new ones.   A sales lead is the name of a person who has been identified as a prospect.  The term “sales call” can refer to a phone call or a personal visit.
    34 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 34  Here are 5 ways for sales to try and achieve those goals: 1-Increase the price of the product or service 2-Sell other products to existing customers 3-Sell new products to existing customers 4-Sell existing products to new customers 5-Sell new products to new customers
    35 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 35 The Sales Force – Size, Organizing, Training, Motivating & Compensating The best way to motivate the sales force is through compensation.  Sales are usually paid in the following three ways: 1-Straight Commission 2-Straight Salary 3-Salary Plus Commission
    36 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 36 Customer Relationship Management or CRM It is a process or methodology used to learn more about customers' needs and behaviors in order to develop stronger relationships with them.  Within a CRM there is software that has the following possibilities: 1-Contact management 2-Lead management 3-Self Service eCRM 4-Survey management 5-Customer Service 6-Contract management
    37 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 37 Quick Lesson Summary 1-A Market is a group of customers or potential customers.   2-The Marketing Department’s key responsibilities is to determine the needs 3-Marketing needs to know how their decisions could lead to problems for other departments within the company.   4-Market Research helps companies understand and analyze their customers.   5-There are basically two types of market research; primary market research, which involves surveys, observations and experimental approaches, and secondary market research, which involves checking articles in newspapers, magazines, and books. 
    38 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 38 6-Four strategies marketers use as a competitive edge is to best determine if they are Market leaders who are looking to dominate the industry, Market Challengers who are looking to challenge the market leaders, Market Followers who are happy to stay at their current position, and Market Nichers who are looking at just a few specialized target markets. 7-Market Segments are parts of a market that are different from one another.  Six common segmentation strategies are Geographic, Demographic, Psychographic, Behavioristic, Product, and Sales channel. 8-The 4 P’s of the Marketing Mix refers to the Product, Price, Place, and Promotion. They are the foundation to the marketing mix.  There is also the 7 P’s, which include People, Process, and Physical Evidence (including Packaging).  Positioning, which is also sometimes known as one of the P’s, can be part of the marketing mix as well. 
    39 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 39 9-A strategic decision companies face is to choose whether they will compete on price or quality.  Marketing would then focus its efforts on the results of that decision. Companies also compete on service such as post-sales support and warranties.  10-Whenever a new product is released, 2.5% of the buyers will be the innovators, 13.5% will be the early adopters, 34% will be the early majority, 34% will be the late majority, and 16% will be the laggards.  This tends to follow the product life-cycle curve in which in the introduction phase, the sales are slow and the challenge is finding the innovators and early adopters.  In the growth phase, the sales rise and the challenge is to beat the competitors getting to the early adopters.  In the maturity phase, sales growth levels off and in the decline phase, the sales decrease. These last two phases hold the late majority and laggards.
    40 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 40 11-The difference between marketing and sales is basically; marketing sells the idea of a product and/or service to everyone, whereas sales sells the product and/or service one-on-one. 12-The different possible sales types are Order Takers, Active Selling, Inside Sales, and Outside Sales.  The sales force needs to be properly organized, motivated and compensated in order to have the right size to do the workload, alignment to cover all needs, and keeping them happy and selling.  A common system used by marketing and sales to learn more about customers' needs and behaviors, is CRM or Customer Relationship Management.
    41 : 19/06/2013 04:34 ? DR/Yasser Abdelmaksoud 41 THE END LESSON 10

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