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Topic 7: Building a powerful bootstrap marketing plan - Coggle Diagram
Topic 7: Building a powerful bootstrap marketing plan
Marketing
The process of creating and delivering desired goods and services to customers.
Involves all of the activities associated with winning and retaining loyal customers.
Three Objectives of bootstrap marketing plan
Determine customer needs and wants through market research.
Analyze a firm’s competitive advantages and create a marketing strategy to communicate its value proposition to the target market.
Pinpoint the specific target markets the company will serve.
Target Market
The specific group of customers at whom the company aims its productsor services
Determine customer needs
Demographics: the study of important population characteristics, such as age, income, race, and education.
Market Research: the vehicle for gathering the information that serves as the foundation for the marketing plan.
How to conduct market research
Collect the data
Analyze and interpret the data.
Define the objective
Draw conclusions and act
Building a competitive edge
Be dedicated to service and customer satisfaction
Explain existing customers
Embrace social marketing
Be devoted to quality
Create an identity for your business through branding
Attend to convenience
Connect with customer on emotional level
Concentrate on innovation
Build a community with customer
Emphasize speed
Strive to be unique
Don't just sell; entertain
Use the power of publicity
Find a niche and fill it