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Posts Tagged ‘swot’

How Can a Marketer Help Reduce Financial Risk? – Buyers Remorse

In everyday life on October 25, 2010 at 1:09 pm

Hey guys,

With whats going on in the economy I figured I’d write an article on how to reduce financial risk in a small in a product, for any type of bsiness for that matter. Please read my other posts to understand some of the things I talk about.

How can a marketer reduce financial risk in a product?

There are a few ways a marketing expert or even a business owner can do that. Anyone who’s looking to make their business do better and feel more secure abut expanding can follow these simple ideas.

We’re aiming on reducing what I like to call ‘Buyers Remorse’. It’s when the consumer is very ‘ify’ or unsure on buying a product, or service, because after he will feel that the’s wasted his money and time, which in turn makes him not want to buy the product in the first place.

1. Warranty→ Guarantee. set up a satisfaction guarantee or a 90 day warranty. Herr’s potato chips has a statement on the back that says if you are dissatisfied with our product send it back and we will refund your price. Now, no one usually sends it back, but because they introduce the fact that they know there product is satisfactory then the consumer feels good and reduces ‘Buyer Remorse’
2. Brand Loyalty – A very key importance. Especially when dealing with a service for a concentration local community. Sometimes new business will partner with existing business who do something similar, but not exactly, so they can use their name or branding.
3. Testimonials – Also very important for a service.
4. Definition of Buyers Remorse – Post purchase dissonance.
5. Purchase decision process. Follow these steps, as if you were buying your own product.
– Stage 1- Problem recognition
– Stage 2- Information Research
– Stage 3- Alternative Evaluation
– Stage 4- Purchase Decision.
– Stage 5- Post Purchase Behavior

Would you buy your product?

If yes, how can you make it better, stay ahead, maximize profits.

If no, find out which step caused the problem and fix it. Remember that the first step in solving a problem is knowing the problem.

Enjoy 🙂 and comment,

See ya.

Marketing Plan for a New Small Business

In everyday life on September 24, 2010 at 3:17 am

Hello all,

I recived a great comment today “how would someone create one (SWOT) with a start-up company? How can we be sure that what we put down is correct? Who can we go to, to discuss are SWOT with?”

Let me answer a question with the basics.

First, create a mission statement about your company or service.

Mission Statement about myself: Young, hardworking entrepreneur with experience in marketing, advertising, design, website administration, programming and human resources.

Then the company should set strategies: Do a deep analysis of company strengths, weaknesses, opportunities, and threats. Which is the SWOT Analysis.

4 Ps of Marketing

Everyone should know the the 4 P’s of business.

Product,

Price,

Promotion,

Place.

These revolve around the consumer needs.

So now you have your prduct and youre ready to market it to the world (or local community)

Marketing Research, we have 2 kinds

Primary Data – Usually more expensive.
– Focus group, questionnaire.
– Survey, test the product
– Observation
– Research Objective.
– Bradley Effect
Secondary Data- existing sources of info. US Census, property records, birth records.

Also, Segmentation
Sorting potential buyers into groups that have common needs and will respond similarly to marketing actions.
– Categories- age, gender, ethnic groups, married-single, economic, social status, religious groups, lifestyle,
– Local Advertising- example, Brooklyn College- commercials, subway, bus, school fairs, HS recruitment, advertise abroad and internet, build dorms, college counselors, open different branches.

Its also very important to know who you are marketing to.

Cultural and Social Environment.
– Core Values- beliefs.
– Family Values, pro life, anti abortion. Typical family, sexual, abstinence, religion.

Overall a marketing plan should consist of the follwing:

Marketing Plan
1.    Executive Summary- usually written last.
2.    Environmental analysis.
–    External Factors- MARKETING.
–    Internal Factors- ENVIRONMENT
3.    SWOT Analysis- Strengths, weakness, opportunities, threats.
–    Strengths- what does the business do well.
–    Weakness- what your weaknesses is.
4.    Marketing Objectives. Sales Volume.

Have a great day!

SWOT Analysis- How to write one.

In everyday life on December 23, 2009 at 11:07 pm

Hey everyone.

A SWOT Analysis is one of the basics of marketing. A quick summary if a company’s current position. It

stands for strengths, weaknesses, opportunity’s, and threats.

Ex. New York Times

Strengths: Prestigious, brand recognition, many sections. Magazine, delivery, archives.
Weaknesses: Lack of portability, confusing, too intellectual, expensive, rising costs

Opportunity: Internet improves, distribute to far areas, and strategize advertisements, American English speakers. Translations.
Threats: NY Post, Daily News, Free newspapers, Internet, TV, radio coverage.

Here’s one for VixBlast, my company.

Strengths: The Internet, branding name, low overhead, communication, experience, affordable, it works, fast efficient
Weaknesses: small office, new, competition, complex, a lot of work,
Opportunity: Internet, outsource, grow, hire.
Threats: Competition, SyMall, Image, Sef-Events.

Marketing Strategies:

What’s your target marketing? What are points of differences between your companies? How do we position the product?

Thats all for now,

Yankee