8 Marketing Plan ( building a powerful Bootstrap)

Marketing
process of creating & delivering desired goods & services to customers
involves all the activities associated with winnings & retaining loyal customers .
Bootstrap Marketing Strategies
unconventional low cost creative marketing strategies designed to give small companies an edge over their larger, richer more powerful rivals.
Target Market
specific group of customer at whom a company aims its goods or service .
Demographics
study of important population characteristic s such as age, income, education, race & others.
market research
the vehicle for gathering the information that serves as the foundation for the marketing plan
it involves systematically collecting, analyzing & interpreting data pertaining to a company’s market,
marketing research objective
– is to learn how to improve the level of satisfaction for existing customers & find ways to attract new customers.
Individualized ( 1 to 1) marketing
a system based on gathering data individual customer & developing a marketing program designed to appeal specifically to their needs, taste, & preference.
Data mining
process in which computer software that uses statistical analysis, database technology & artificial intelligence finds hidden patterns, trends, & connections in data so that the business owners can make better marketing decisions & predictions about customers behavior .
Publicity
any commercial news covered by the media that boost sales but for which a small company does not pay .
USP unique selling proposition
a key customer benefit of a product or service that sets it apart from the competition .
It answer the critical question every customer ask ” what’s in it for me?”
Branding
communicating a company’s unique selling proposition (usp) to its target customer in a consistent & integrated manner.
Connection between Branding & USP
Threshold Attributes-
benefits that customers expect from the brand.

Performance attributes-
benefits that your brand can offer customers that are superior to those. that your competitors offer.
Excitement Attributes-
benefits that customer get excited about & that have the capacity to differentiate your company’s brand from all other.

Customer experience management
the process of systematically creating the optimum experience for customers every time
they interact with the company.
(TQM )Total Quality Management
the philosophy of producing a high quality product or service & achieving quality in every aspect of the business & its relationship with the customer;
the focus is on continuous improvement in the quality delivered to customers.
(TCM) Time Compression management
marketing strategy that relies on 3 principles:
1. speeding product to market.
2. shortening customer response time in manufacturing & delivery
3. reducing the administrative time required to fill an order.
Reengineer
the entire process rather than attempt to do the same things in the same way – only faster .