Late 09/24/2015 Class Takeaways

Take Away One:

The Article Marketing Plans vs. Business Plans did a great job giving 5 steps on how to write a good marketing plan. They first make the distinction that a business plan tells you about the entire business, how sales, products, the financial plan, overall strategy, target market, etc. all relate to one another. Where as the Marketing plan tells you only about how you are going to market your business to bring in the cash. They mentioned how the business plan usually includes a marketing portion, but it doesn’t go as in depth as the marketing plan on how the business will market its products/services and bring in the money. The 5 steps they give are to set your business identity, Focus on your market, set measurable steps, and revise/update often. I think the fourth step (set measurable steps) was very interesting. It tells you to set concrete ways in which you are going to check and make sure that each of your goals are met, this way you can know if you’re doing good or if you need to improve. The key thing in that was to “set concrete ways” to check that you’re doing good. I think that by having “concrete” checks it makes your goal more clear and thus helps you reach that goal better.

Take Away Two:

The article 7 Reasons Why Your Company Needs a Clear, Written Mission Statement talked about, as the name implies, 7 reasons why a good mission statement is needed for any business. Overall it gave the main point that it’s to guide the business. It serves as the north star for business to know which way they’re headed. One of the 7 reasons it gave said that it provides a clear template for decision making. Decision making it’s huge in any business, knowing what decisions to take and when to take them can lead the business into success or failure, so I think that basing any decision on whether it fits your mission or not is a very good idea, since it will keep you in the path to where you want your business to go.

Take Away Three:

According to The Promotion Mix there are 5  main aspects of a promotional mix. When we hear promotion we think of advertising, but there’s more to it than that. We do have advertising as one of the main aspects where we pay a sponsor for them to promote and display our ideas/services/products. I think the main words there are display and promote, so with advertisement it has to either promote the product (tell you why you need it), or display it somewhere where its accessible, or both. The second main aspect is personal selling, where you reach potential customers and persuade them to buy your product or use your service. The third aspect is sales promotion. This are things like using coupons, or sweepstakes to bring in customers. With sales promotion you may use other types of promotions like advertising a coupon, or persuading people to participate in sweepstakes, and although you maybe not directly promoting your product/service, you are using the coupon or sweepstakes to bring people to use your product/service.  The fourth main aspect is personal relations, where you create a speech, or a news article to paint a good image of your product/service. This means that maybe you make an article talking about how much your company has given to charity, or help with a good cause so that people know your business stands for something good. In my opinion this could be one of the most influential, since people usually like to help others, so if they know that buy buying your product over someone else’s they can help a cause they’ll probably be more prone to buying your product. The last aspect is direct marketing, this are things like direct mail, or calling people to let them know about your product, or sending emails to them, etc. I think this is the less effective since people tend to see this technique annoying because they don’t like to keep getting calls, or mail. I think a good promotional mix would include the majority of these aspects because the main goal is to reach as many people as possible, and everyone reacts to promotions differently. Maybe some poeple don’t care as much if you stand for a good cause, but if they have a coupon for your product they’ll buy yours over the others, or maybe someone keeps seeing a billboard about your product but never really cared much until they receive a letter about your product.

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