I sell it for a profit? Who would buy my product? What makes my product or experience unique? Is my product within reach to my potential customers? The Situation
Economic Status Age Geography-where do they live, work? Psychographics Interests What do they value? Behavior Shopping patterns Where do they look for product/service information?
Place Channels Locations Price What you charge Discounts Credit Terms Promotion Direct Marketing Sales promotion Advertising Social Marketing Public Relations
Publications, Understanding needs and wants of different generations Behaviors-Observing consumers Other-what’s popular on TV and on the Internet Talk to your customers-what do they value? Threats and Opportunities What needs are going unfulfilled? Who is your competition and what do they offer?
are they looking for? Where do they live? Where do they shop? What hours do they prefer to shop? How often do they buy these products or services? Which advertising media are likely to reach them? Who are my competitors? Why would customers buy from me? Why wouldn’t they? How do customers perceive my business? Versus competitors?
they value? Interests Behavior How they shop, react Middle aged, with kids Two incomes Educated Year-round residents Time Family & Friends Providing healthy meals to their kids Local food, organic & natural practices Big web users, most have a smartphone, e-mail and Facebook Look for experiences to have with their family & friends One Farm’s Example
organic methods Price Higher than conventionally-grown and the supermarkets-they pay for value Place-Convenience/Experience Off the “beaten path”-it is an experience though, nice setting, great for families, CSA pick-ups in Laconia and Meredith Promotion Website, Facebook Page, e-newsletter, road sign, cooperative advertising
original information from buyers to address specific questions Methods Surveys Behavior observation Experiments Focus groups Especially useful Answer specific question or problem Innovative or new products New or local market Concerns
products/services What value can you provide for your target market? How will you be different from your competitors? What do the 4 P’s mean for you (your marketing mix)? Do your market research Talk to your customers