The ABC's of Marketing & Advertising

To some businesses - - small businesses, in particular, - - marketing and advertisingseems like a lot of senseless hocus pocus. In reality, however, there is nothing at all magicalabout either one. Both marketing and advertising are, in fact, based on a very logical premisesBefore a consumer can buy a product or service - - no matter how well designed orefficiently produced it is - - he or she must first know that it exists. That, in a nut shell, isthe purpose of marketing. Advertising, on the other hand, is simply one of several differentmethods used......
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The ABCs of Marketing & Advertising The ABCs Of MARKETING & ADVERTISING written by Bill Gregory andcopyright, 1999 Charlotte Kuchinsky This handbook has been prepared by the Oklahoma Small Business Development Center(OSBDC) and the Service Corps of Retired Executives (SCORE) in a partnership program withthe U.S. Small Business Administration. The purpose of this book is to provide you with agood basic knowledge of sound marketing principles as well as sufficient information to makeinformed advertising decisions. The handbook is specifically designed to help you understand: o What your business product or service has to offer potential customers; o Who your customer is; o How to make customers want to buy what you have to offer; and o Why they will want to buy from you rather than your competition. No handbook, used in isolation, is likely to answer all of your marketing and advertisingquestions. We have, therefore, included an additional list of valuable resources in the appendix.Also, keep in mind that your Oklahoma Small Business Development Center (OSBDC) andService Corps of Retired Executives (SCORE) provide FREE one-on-one counseling in these- - and a myriad of other - - subjects. Additionally, we will periodically sponsor workshops inboth basic and advanced marketing and advertising. For additional information on any of theservices provided by OSBDC and SCORE, contact: OSBDC/SCORE c/o Northwestern Oklahoma State University 2929 E. Randolph Enid, Oklahoma 73701Phone: (580) 213-3197 - Fax: (580) 213-3196 - E-Mail: cakuchinsky@nwosu.edu Table of ContentsMarketingMarketing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 What Is Marketing?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Why Market?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Factoids. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 The 5 Ps. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Consumer Beliefs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Who Is Your Market?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 How Do You Market?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 Pricing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Packaging. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 Promotions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 How Will You Know If Youre Marketing Correctly?. . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 How Do I Do A Marketing Plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17 Product/Service Worksheet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Competitive Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Customer Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26 Wizards of Marketing: How Companies Can Look Insider the Consumers Head. . . . . . . . . 27 Case Study: Whirpool Corporation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Sample Publications. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30 Instant Insight In The Coffee Caper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31 The ABCs of Marketing To Kids . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32 Teen Impact on the U.S. Economy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34 Price. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Pricing Systems: Products & Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 Color Insights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38 Shape Up Your Firms Image . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40AdvertisingAdvertising. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43 Advertising and You!. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 Advertising Planning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...