ENTREP 2

• A good marketing strategy should be drawn from market research and focus on the product mix in order to achieve maximum profit and sustain the business
• Marketing strategy


  The foundation of a marketing plan
• Questions to help formulate marketing strategies

  • Who is producing similar products?
  • Where are the competitors located?
  • What is the quality and price of their products?
  • What can I do to make a new product that is better than those of the competitors?
  • Why would customers or consumers want to change to a new product?
  • What offers or incentives do competitors give to retailers?
  • What are competitors likely do if a new product is introduced?
• Seven P Formula


  A formula used to continually evaluate and re-evaluate the business activities
• As products, markets, customers and needs change rapidly, it is a must to continually revisit these seven P's to ensure the business is on track and achieve the maximum results possible in today's marketplace
• The 7 P's in business opportunity

  • Product
  • Price
  • Promotion
  • Place
  • Packaging
  • Positioning
  • People
• Developing a brand name

  1. Decide what is going to be branded

  2. Do the research

  3. Position the product or service

  4. Write the brand definition

  5. Develop the name, logo and tagline

  6. Launch the brand

  7. Manage, leverage, and protect the brand

  8. Realign the brand to keep it current
• Brand name


  A business name or domain name that helps the audiences/customers to recognize and differentiate a specific product or service from another one
• A good marketing strategy should be drawn from market research and focus on the product mix in order to achieve maximum profit and sustain the business. 
• Seven P Formula that can be used to continually evaluate and re-evaluate the business activities.
• Price.

  Develop the habit of continually examining and re-examining the prices of the products and services to sell for making sure they are still appropriate to the realities of the current market.
• The third habit in marketing and sales is to think in terms of promotion all the time. 
• Place. Develop the habit of reviewing and reflecting upon the exact location where the customer meets the salesperson.  Sometimes a change in place can lead to a rapid increase in sales. Sell the product in many different places. 
• Develop the habit of standing back and looking at very visual element in the packaging of the product or service through the eyes of a critical prospect.  Remember, customers form the first impression within the first 30 seconds of seeing the product or some elements of the company.
• Packaging refers to the way the product or service appears from the outside. 
• Packaging also refers to the people and how it is dressed and groomed. 
• Develop the habit of thinking in terms of the people inside and outside the business who are responsible for every element of the sales, marketing strategies, and activities.