Gwen Roselle A.

Baylon 25 Marketing Tools You Can Use

BSA I-

whatyour customers are saying about you and to startspeaking directly with them. Use your traditional media vehicles to

Website and Search Engine Marketing (SEM).

encourage customers toconnect with you on your social media platforms, where you canengage with them more directly Six Steps to Creating YourIntegrated Plan 1. Review Your Goals Marketers should look at the ideal end results and statethose goals in reasonable, measurable terms. Instead, look at your business andwhat you need to accomplish.Specific, measurable goals that give you a strong foundation on whichto build your marketing plan. And dont have too many goals or your plan maybecome unfocused. Two or three, at most, is usually ideal. 2. Choose the Right Tools Even within the same budget, different businesses may have wildly different mediamixes. The more you customize your mix to suit your business goals, the moresuccessful youll be. Your choices will be based on the audience youretrying to reach and the effectiveness of various mediavehicles in delivering them. 3. Consider Your Budget Once youve created a wish list of the tools you want touse, you need to compare them to the amount of moneyyour business has to spend on marketing. During toughtimes, marketing is often the first area of the overallbudget to be cut, but this is usually a mistake. Investingin marketing is most important during times when acompany needs to generate business.But how much should you be spending? The waycompanies set their marketing budgets is as varied astheir individual marketing plans. 4. Coordinate the Components Once you know what tools youll use and how much youhave to spend, its time to put together the plan. Allocateyour dollars across the platforms youre going to use andwithin the specific time frames you need them.As you create your plan, its essential that your messagesand look remain consistent to get the most benefit fromintegration. Finally, look for ways that the campaign components can work together. Includeyour website and

It can be difficultto create an online presence without an effective custom website thatsupports other marketing effortsthis is an important investment as theonline face of your business. Gather feedback from clients and others who

know your businessto ensure that your site is organized well for their purposes. Update your website regularly with relevant

content and work onbuilding links to and from other sites to boost search engine rank.According to a 2010 study by web analytics firm Compete, three out offive consumers always or often search online before conducting apurchase. Print advertising. Print publications, including

telephone directories,allow businesses to target specific audiences by interest, geography,and other factors Look for cross-promotional opportunities

offered by thepublication, such as website promotion or event opportunities. Online advertising. Online advertising grew

even during the economicdownturn and is projected to maintain double-digit growth through2014, according to electronic marketing firm eMarketer. Ask the online media representative how the

site is promoted,and what kind of traffic you should be able to expect. Take advantage of free directory listings. For

high-traffic sites,consider upgrading your ad to get the most benefit. Direct marketing. Direct marketing sends a

message directly to theconsumer via mail, catalogs, email, telephone, and other vehicles.These forms of marketing can be instrumental in your integratedmarketing efforts. Social media marketing. LinkedIn.

Facebook.YouTube.MySpace. Twitter. Foursquare.Blogs.Socialmedia can support other campaign elements invarious ways. It also allows you to listen to

social media addresses in your traditional advertising and directmarketing efforts. 5. Measure and Refine While all media is measurable in terms of its reach and impact, integrating online andoffline efforts gives marketers more powerful and specific tools to quantify success.Traditional media have often been measured through awareness, impressions, andother metrics, using tools like coded coupons and special telephone numbers to trackresponses, in addition to tracking reach and frequency of each effort. When offlineefforts are integrated with online efforts, target audiences can be sent to specificlanding pages with offers or customized content. 6. Work with Experts If youre struggling with moving your marketing campaign forward, you might wantto consider getting help in the form of a marketing or advertising agency. Freelancemarketing professionals who are versed in the needsof your business and the media you intend to use canalso be an economical form of assistance. How to Set Your Marketing Budget Below are some of the options you can use to come up with the optimal amount for your next years marketing expenditures. A Percentage of Revenue Many companies set their marketing budgets by allocating between 1% and 10% of their revenues to marketing. This method assumes a direct relationship between revenue generation and marketing. In many instances this is not the case. For example, launching a new brand usually requires important marketing resources, while the revenue it generates is zero. Check out this 2011 report for some insight on the advertising expenditure as a percentage of sales in various industries. Marketing Budget History A detailed look at last years budgets versus the accomplished goals offers marketers a good idea of where they need to be in the year to come. If the

management team is happy with the accomplishments then these budgets represent a solid starting point for next year. If major strategic changes are to be implemented then previous budgets might not be relevant. This is also the case for new companies (brands) with no marketing budget history. Task-Oriented One simple way to set the budget is to tally up the costs of all marketing activities planned for next year. The total amount gives you the market budget for next year. One thing to keep in mind is that obtaining accurate costing from various vendors in advance might be challenging. Another downside is that this method does not offer much room for adjustments in the strategy during the year. Competition-Oriented Matching what your competitors are spending is another way of establishing your marketing budget. The assumption here is that if you want to remain competitive you have spend as much as them. There are a few challenges here. Firstly this information might be difficult to find, depending on the industry. Moreover, there is no way to know if the number made public is accurate or not. And thirdly, you might be able to use your budget more efficiently, and get more done with less money. If you want to know what industries are the highest spenders check out this report. You can also see who the top 100 US advertisers are here. Random Allocation This method is more popular than you might think. Used mostly by companies for which Marketing is an afterthought, this methods follows no plan and requires no justification. In this case the Management team (or the owner of the business) randomly picks up a number he/she is comfortable with. This method inhibits any strategic thinking and planning. My advice is to avoid it if you can. A Hybrid Method

My favorite method makes use of many principles outlined above to come up with a realistic marketing budget. This approach takes into account the business as an whole, rather than the specific needs of an individual department. It also looks at the competition and, most importantly, how much you can realistically afford to spend.

Product concept: is a detailed version of the

new product idea stated in meaningful consumer terms. Product image: is the way consumers perceive an actual or potential product.

Marisse Carlyne C. Despojo BSA 1-25 Chapter 10 New product development and Product life-cycle strategies New-Product Development Strategy: New product development: the development of original product, product improvements, product modifications, and new brands through the firms own R&D efforts. 1. Idea Generation: The systematic search for new-product ideas. Major sources of new product ideas include internal sources and external sources.

Concept Testing: testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal. Product concepts provide detailed versions of new product ideas. Concept tests ask target consumers to evaluate product concepts. 4. Marketing Strategy Development: Designing an initial marketing strategy for a new product based on the product concept. The marketing strategy statement consists of 3 parts: Describes the target market. The planned product positioning. The sales, market share and planned profit revenues for the first four years. 5. Business Analysis: A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the companys objectives. 6. Product Development: Here the product is developed into a physical product in order to ensure that the product idea can be turned into a workable product. 7. Test Marketing: The stage of new product development in which the product and marketing program are tested in more realistic market settings. It lets the company test the product and its entire marketing program-posting strategy, advertising, distribution, pricing and budget levels.

Internal Idea Sources: Executives, sales people, engineers, manufacturing staff. External Idea Sources: Watching and listening to customers. Engineers and sales people can work side by side with the customers to get ideas. The company can conduct surveys of focus groups. Customers can sometimes decide are what products they need Competitors are another good source for new product idea. 2. Idea screening: Screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible. 3. Concept development and testing: Product concept: a detailed version of the new product idea stated in meaningful consumer terms. It is important to distinguish between a product idea, a product concept, and a product image. Product idea: is an idea for a possible product that the company can see itself offering to the market.

8. Commercialization: introducing a new product into the market.

Product Life-Cycle Strategies: The product life cycle have 5 distinct stages: 1) Product development: begins when the company finds a new product idea. Sales are 0 and investment costs mount. 2) Introduction: slow sales growth. Profits are nonexistent. Heavy expenses of product introduction. 3) Growth: rapid market acceptance. Increasing profits. 4) Maturity: period of slowdown in sales growth. Profits level off or decline.

5) Decline: sales fall of and profits drop. Selecting an appropriate and coordinate marketing mix MARKETING MIX- refers to the sets of actions, or tactics, that a company uses to promote its brand or product in the market. THE 4Ps make up a typical marketing mix *PRICE *PRODUCT *PROMOTION *PLACE TO CREATE THE RIGHT MARKETING MIX, BUSINESSES HAVE TO MEET THE FOLLOWING CONDITIONS: THE RIGHT PRODUCT The product has to have the right featuresfor example, it must look good and work well. SOLD AT THE RIGHT PRICE The price must be right. Consumer will need to buy in large numbers to produce a healthy profit . IN THE RIGHT PLACE The goods must be in the right place at the right time. Making sure that the goods arrive when and where they are wanted is an important operation. USING THE MOST SUITABLE PROMOTION The target group needs to be made aware of the existence and availability of the product through promotion. THE PEOPLE IN YOUR BUSINESS Knowledgeable and friendly staff can contribute to creating satisfied customers, and can provide the unique selling experience that an organization is often seeking.