BUS 402 PowerPoint Video Building a Guerrilla Small Businesses I this in a POWERPONIT
Analyze the firm’s competitive advantage and build a guerrilla marketing strategy around them. The first step in building a guerrilla marketing plan is to identify the target market. Target Market – is the specific group of customers at whom the company aims its goods and/or services.
1. Describe the principles of building a guerrilla marketing plan, and explain the benefits of preparing one.
A major part of the entrepreneur’s business plan is the marketing plan, which focuses on a company’s target customers and how best to satisfy their needs and wants. A solid marketing plan should do the following:
- Determine customer needs and wants through market research.
- Pinpoint the specific target markets the company will serve.
- Analyze the firm’s competitive advantages and build a guerrilla marketing strategy around them.
2. Explain how small businesses can pinpoint their target markets.
Sound market research helps the owner pinpoint his or her target market. The most successful businesses have well-defined portraits of the customers they are seeking to attract.
3. Discuss the role of market research in building a guerrilla marketing plan and outline the market research process.
Market research is the vehicle for gathering the information that serves as the foundation of the marketing plan. Good research does not have to be complex and expensive to be useful. The steps in conducting market research include the following:
- Defining the objective: “What do you want to know?”
- Collecting the data from either primary or secondary sources.
- Analyzing and interpreting the data.
- Drawing conclusions and acting on them.
4. Describe how a small business can build a competitive edge in the marketplace using guerrilla marketing strategies.
When plotting a marketing strategy, owners must strive to achieve a competitive advantage—some way to make their companies different from and better than the competition. Successful small businesses rely on 14 sources to develop a competitive edge:
- Find a niche and fill it.
- Use the power of publicity.
- Don’t just sell—entertain.
- Strive to be unique.
- Build a community with customers.
- Connect with the customer on an emotional level.
- Create an identity for your business through branding.
- Embrace social marketing.
- Be dedicated to service and customer satisfaction.
- Retain existing customers.
- Be devoted to quality.
- Pay attention to convenience.
- Concentrate on innovation.
- Emphasize speed.