Marketing is a circular function to create a plan with parts that are internally consistent and mutually supportive. Marketing comes first. Marketing is a special blend of art and science.
To apply the following to our Group C business plan – Go! Kids (still need to discuss with other group members)
Marketing mix components – the 4 Ps
• Product
– Product/service/concept opportunity (The Big Idea)
– The Big Idea: On-site after school program for elementary kids
• Place
– Describe how you intend to sell and distribute your products
– Channels of distribution
– Manage the 1st one myself & franchising for expansion
• Price
– The price must be “right” to penetrate the market, to maintain your market position, when gross margin and ability to make profits after all expenses
– Competitive & profitable… may need to analyze the break-even point
• Promotion
– How will you attract the attention of and communicate with your potential customers? Advertising mediums, trade shows, direct mail, etc.
– Posters in Chinese church, advertisement on Chinese TV and radio, regular special introduction events
The criteria to evaluate possible marketing segments:
• Measurability - can it be identified and quantified? - Yes
• Accessibility - can the segment be reached effectively? - Yes
• Substantiality - is the segment large enough to bother with? - Yes
• Profitability - is it financially worthwhile to pursue this segment? - Yes
• Compatibility with competition - are competitors interested in this segment? - Yes
• Effectiveness - able to service this segment? - Yes
• Dependability - against competitor attack- don’t know how yet, need to discuss
To be continued...
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