MGMT project

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10/20/21, 4:17 PM Implementing the Plan

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Implementing the Plan

Once you have the vision, it must be implemented. Once the vision or parts of the vision are in place, then the marketing begins. You have to sell your product or service to ensure the competition doesn't override your plans. It is important to market creatively so that your product or service is recognized and stands out over other competitors. If you are selling a product such as a vacuum cleaner that has proven to be an excellent piece of equipment and you have done every experiment with many other vacuums and you know this vacuum works better and lasts longer than any other vacuum that alone will not sell vacuums. You need to market the product. You can set up shop in a Costco and give demonstrations; you can stand outside your store and lure customers in the front door. But, no matter how wonderful your product may be, it won’t sell unless you find a way to reach customers.

If you take the example of a product such as Downy fabric softener. You may see a wonderful commercial on TV advertising Downy using a cute little naked baby with a soft blanket wrapped around his body and a puppy cuddled up on top of the edge of the Downy smelling blanket. The TV ad costs the company lots of money. They have to raise the price of the product to compensate

Then there is the time you have that splitting headache and you go to the store for some Advil. The 30 count Advil is $5.00. On the shelf, right next to Advil is the CVS generic brand for $4.40. Your headache is killing you and you don’t want to mess around with anything that won’t work. However, you check the ingredients on the back of the box, and there it is. Exactly the same ingredients as ADVIL and exactly the same dose. You buy the cheaper generic brand and find that it was just as effective as the name brand. You were not fooled by the packaging this time!

But what about marketing for services? Does everyone have to market? It is quite obvious that if you want to expand your business, in most cases you will need to market in some way. Is spreading the word verbally (word of mouth) marketing? Of course, it is. If you are a landscaper and you have a truck to conduct your business, why wouldn’t you put a big advertisement on the side of the truck? Then, when you are parked at a customer’s house, it is easy to have neighbors see the good work you do, the professionalism of your employees, the quality of the trees you are planting and without spending a dime, you have advertised your business. One year you decide to have flyers printed out and delivered by the post office.

10/20/21, 4:17 PM Implementing the Plan

for the cost of the advertising. So, the bottle of Downy fabric softener may be sold for $3.00 rather than $2.75. Then you go to the store and you need fabric softener. There is the nice blue bottle of Downy with that cute little baby on the cover. Right next to the Downy is the generic CVS brand or the ACME brand softener. The CVS and ACME brand is $2.69 rather than $3.00, but you have the vision of that commercial and you want that same experience when you wash your blankets. You buy the Downy brand!

It costs you $7,000 which is a huge expense for you as a little landscaper. But that year, you were awarded seven additional jobs (over and above the previous year) bringing in a total gross income of $83,000. Can you make the assumption that the Flyers increased business? I think that would be a good assumption. Would you do flyers again the following year, or would you try a different venue?

10/20/21, 4:17 PM Implementing the Plan

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Implementing the Plan

Once you have the vision, it must be implemented. Once

the vision or parts of the vision are in place, then the

marketing begins. You have to sell your product or

service to ensure the competition doesn't override your

plans. It is important to market creatively so that your

product or service is recognized and stands out over other

competitors. If you are selling a product such as a

vacuum cleaner that has proven to be an excellent piece of

equipment and you have done every experiment with

many other vacuums and you know this vacuum works

better and lasts longer than any other vacuum that alone

will not sell vacuums. You need to market the product.

You can set up shop in a Costco and give demonstrations;

you can stand outside your store and lure customers in the

front door. But, no matter how wonderful your product

may be, it won’t sell unless you find a way to reach

customers.

If you take the example of a product such as Downy fabric

softener. You may see a wonderful commercial on TV

advertising Downy using a cute little naked baby with a

soft blanket wrapped around his body and a puppy

cuddled up on top of the edge of the Downy smelling

blanket. The TV ad costs the company lots of money.

They have to raise the price of the product to compensate

Then there is the time you have that splitting headache and

you go to the store for some Advil. The 30 count Advil is

$5.00. On the shelf, right next to Advil is the CVS

generic brand for $4.40. Your headache is killing you and

you don’t want to mess around with anything that won’t

work. However, you check the ingredients on the back of

the box, and there it is. Exactly the same ingredients as

ADVIL and exactly the same dose. You buy the cheaper

generic brand and find that it was just as effective as the

name brand. You were not fooled by the packaging this

time!

But what about marketing for services? Does everyone

have to market? It is quite obvious that if you want to

expand your business, in most cases you will need to

market in some way. Is spreading the word verbally

(word of mouth) marketing? Of course, it is. If you are a

landscaper and you have a truck to conduct your business,

why wouldn’t you put a big advertisement on the side of

the truck? Then, when you are parked at a customer’s

house, it is easy to have neighbors see the good work you

do, the professionalism of your employees, the quality of

the trees you are planting and without spending a dime,

you have advertised your business. One year you decide

to have flyers printed out and delivered by the post office.

10/20/21, 4:18 PM Consumer Wants and Needs

Consumer Wants and Needs

Marketing is one of the value-chain activities of an organization's operations. It communicates the need for a product or service. Strategic marketing is valuable to help achieve the long term and short term goals of the organization. Marketing can be viewed as a one-way communication tool where an organization disseminates information about a product or service. But, effective marketing has a two-way communication process in that consumer wants and needs are considered to produce better products and services.

It could be said that strategic marketing will, in essence, convince the consumer to purchase a product or service. In many cases, organizations use marketing to choose who they want their customers and competitors to be. As an example, if a company is selling small and economical cars, they are going to advertise to a certain market, most likely young people and couples with young families. It may be beneficial to advertise on TV shows that you know are watched by this group of people. You may want to set up a booth at the local county fair to show off the newest model of that car and hand out flyers. Marketing strategies should always work toward consumer loyalty.

Niche Marketing Some products or services are meant for a certain small group of customers. This is called niche marketing. Products or services offered to niche markets often come with higher prices and higher quality. Reputation and customer loyalty generally drive sales in niche markets. Niche marketing reduces competition and provides a barrier of entry to new competition.

10/20/21, 4:18 PM Consumer Wants and Needs

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Consumer Wants and Needs

Marketing is one of the value-chain activities of an organization's operations. It

communicates the need for a product or service. Strategic marketing is valuable

to help achieve the long term and short term goals of the organization.

Marketing can be viewed as a one-way communication tool where an

organization disseminates information about a product or service. But, effective

marketing has a two-way communication process in that consumer wants and

needs are considered to produce better products and services.

It could be said that strategic marketing will, in essence, convince the

consumer to purchase a product or service. In many cases, organizations use

marketing to choose who they want their customers and competitors to be. As

an example, if a company is selling small and economical cars, they are going

to advertise to a certain market, most likely young people and couples with

young families. It may be beneficial to advertise on TV shows that you know

are watched by this group of people. You may want to set up a booth at the

local county fair to show off the newest model of that car and hand out flyers.

Marketing strategies should always work toward consumer loyalty.

Niche Marketing

Some products or services are meant for a certain small group of customers.

This is called niche marketing. Products or services offered to niche markets

often come with higher prices and higher quality. Reputation and customer

loyalty generally drive sales in niche markets. Niche marketing reduces

competition and provides a barrier of entry to new competition.