Running Head: Success Pen Pal – Marketing Handbook Success Pen Pal Marketing Handbook Bryan Chau Published by Bryan Chau at Success Pen Pal Smashwords Edition Copyright © 2013 Bryan Chau Success Pen Pal – Marketing Handbook Success Pen Pal – Marketing Handbook © 2013 by BRYAN CHAU Printed in the United States of America ISBN: 9781301779475 Learn more information at: www.successpenpal.com Success Pen Pal – Marketing Handbook TABLE OF CONTENTS Preface Introduction Chapter – Definition of Marketing Chapter – The Importance of a Marketing Plan Chapter – Market Research Methods, Approaches, and Tools Chapter – S.W.O.T.T Analysis Chapter – Marketing Mix (4P’s and 6C’s) Chapter – Integrated Marketing Communications (IMC) Chapter – Public Relations (PR) Chapter – Final Thoughts Appendix I – New eBook Appendix II - Credits Success Pen Pal – Marketing Handbook Preface The Success Pen Pal’s Marketing Handbook is dedicated to people who have a passion, or interest, in marketing but lacked the opportunity to learn more about this lucrative topic Rather than charge for this eBook, I truly believe that we live in the Land of the Free where people have the option to choose their own destiny, along with having the political right to communicate one’s opinions and ideas While “Freedom of Speech” is protected by the First Amendment to the United States Constitution, not too many people are advocating for the “Freedom to Teach.” Instead, many people miss out on a good education because they’re unable to afford going to college to get a degree of their choosing In fact, at the time of this writing, I’m still working to pay off my own school loans for my Bachelor’s degree in Business and Marketing from an accredited university Although I come from humble beginnings, and am unsure of when I’ll be able to fully repay my own student loans, I’ve decided to share the valuable knowledge and lessons gained with everyone because I truly believe in the “Freedom to Teach.” The keyword here is FREE, hence why I’m giving this eBook away free of charge The goal of this eBook is to provide people who have limited resources with detailed valuable information on business marketing as if you went to an accredited university yourself and got a four year degree in marketing with the exception of my debt! Just in case you’re wondering, this is one of the main reasons why I started Success Pen Pal To provide people, like yourself, with a platform where you visit daily to absorb as much free information about personal and professional development pertaining to a variety of topics Topics such as business, marketing, writing, earning passive Success Pen Pal – Marketing Handbook incomes, and we even include success quotes and videos that will help get you “wired and inspired” for success By reading this eBook, you’re already taking another step in the right direction To Your Success, Bryan Chau Founder Success Pen Pal www.successpenpal.com www.bryanchau.com Twitter: @BChau22 Success Pen Pal – Marketing Handbook Introduction Many people have different interpretations of what marketing entails For some people, marketing is considered a tool used by organizations to promote and sell products and services Other people believe that marketing consists only of advertisements for products and services placed in newspapers, television, magazines, and the Internet Prior to getting my degree, I was under the impression that marketing consists of not only building a brand name but also offering a variety of promotions that aid in drawing attention to the products and services offered by a particular firm That organizations use a variety of different media platforms to promote attractive sales and discounts in an effort to entice more consumers to those goods In actuality, marketing encompasses much more than what was stated and is a vital component to achieving business success Without marketing, the world would lose the spark that provides businesses with creativity and growth Milan Kundera, a renowned author and poet, once stated that a “business has only two functions – marketing and innovation.” Through proper marketing and creative innovations, businesses are equipped with the necessary tools to create new products and services that customers love, thus generating additional revenues for the firm In addition, effective marketing would also enable companies gather crucial feedback from consumers about the products and services offered, along with ensuring that consumer demands are met With this in mind, it is imperative that people, especially business owners, realize the importance of marketing and the affect that marketing has on the success of any business So without further ado, let’s begin By the time you finish reading this eBook you’ll have a Success Pen Pal – Marketing Handbook thorough understanding of what marketing entails, along with using this handbook to achieve business marketing success! Success Pen Pal – Marketing Handbook Chapter Definition of Marketing The definition of marketing could vary, depending on the source of the information Some scholars believe that marketing is the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client That organizations use marketing to engage in a list of activities that aid in meeting consumer demands for goods and services in an effort to achieve organizational goals and objectives By accurately forecasting consumer trends and demands, companies could accurately anticipate the type of goods and services to produce that tailor to client needs, along with knowing the right amount to produce to meet those demands Other scholars believe that the scope of marketing is larger and encompasses much more than just the activities required for anticipating consumer trends and meeting consumer demands These individuals believe that marketing is a process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals This particular definition not only includes the innovation of new products and services but also the exchange of ideas relating to a variety of other factors, such as pricing, and promotions Regardless of the variations in definitions for marketing, people are cognizant of the importance of marketing for achieving organizational success So how you use marketing to achieve success? It all starts with creating an effective marketing plan Success Pen Pal – Marketing Handbook Chapter The Importance of a Marketing Plan A marketing plan is a written document that summarizes the company’s marketing objectives and helps direct and coordinate, its’ marketing efforts through efficient use of company resources With an effective marketing plan in place, organizations could define their target markets; identify customers and competitors for goods offered; outline the requisite marketing strategies required for achieving the firm’s marketing goals and objectives The ultimate goal is to use the marketing plan as a roadmap for achieving the company’s mission and vision To me, an effective marketing plan is one of the most crucial elements of having a successful business Without this, organizations would lack the ability to understand their marketplace, environments, customers, competitors, trends, along with anticipating the changes that may affect their business In essence, a business marketing plan is like a compass that helps to guide your business in the right direction Without this plan in place, many business owners would lose sight of the necessary steps required to reaching their end goal of success To ensure that the marketing plan is effective in achieving the organizational goals and objectives set forth, it is vital that companies include the following key components: market research methods, approaches, and tools; S.W.O.T.T analysis; marketing mix; integrated marketing communications (IMC); public relations (PR) Success Pen Pal – Marketing Handbook Chapter Market Research Methods, Approaches, Tools Successful organizations understand the importance of market research Market research refers to the planning, collection, and analysis of data relevant to a company’s marketing decisions and strategies, including marketing communications Through proper market research, businesses could determine target markets for products and services offered, along with consumer demand for those goods in an effort to generate additional sales, revenues, and market share For those unaware, target marketing consists of three main activities which include market segmentation, market targeting, and market positioning Companies must first segment the market to the point where the firm could easily identify the target markets for the company’s products or services Organizations could identify target markets through demographics, psychographics, lifestyle, and even buyer behavior Once the target markets are determine, organizations must develop marketing strategies and tactics that enable the firm to deliver their goods and services to that specific geographic location where the target market resides Please note that unless companies identify, define, and profile their target markets for products or services offered, these entities would lack the ability to make consistent decisions pertaining to advertising and marketing messages, product assortment, pricing, service levels, and even store décor Therefore, for businesses to thrive would require a thorough understanding of the firm’s target markets, including an effective execution of target marketing To conduct market research effectively, it is vital that business owners understand the types of market research Market research is generally Success Pen Pal – Marketing Handbook objects may have different zero starting points This concept is similar to the concept between temperature measurements, such as Celsius, and Fahrenheit As for ratio scale, it is considered a special type of interval scale that does have a natural zero starting point With a ratio scale, marketing researchers could determine the ratio between one object versus another For instance, using ratio scaling would enable researchers to determine how many times greater one object is compared to another To illustrate, imagine that a market researcher has conducted sufficient market research to determine that the average income of males is $50,000.00 compared to females who earn an average of $25,000.00 Using ratio scale, the market researcher could state accurately that the average income of males is twice that of females, thus determining the ratio of average incomes between both genders Remember, the goal of market research is to collect enough data to answer a specific question or to solve a particular concern Regardless if the issue pertains to increasing sales, reducing the cost of production, or increasing market share, there are necessary steps required for business owners to take when conducting market research Steps, such as defining the problem, analyzing the situation, getting problem specific data, along with interpreting the data sets to come up with the most efficient and effective methods for solving the concerns at hand Zora Neale Hurston, an American writer, once stated that “research is formalized curiosity and it is poking and prying with a purpose.” With this in mind, business owners must ensure that their market research serves a purpose and that the correct market research methods, approaches, and tools are selected and used The goal is to confirm that the market research data obtained is accurate, reliable, and useful for achieving organizational goals and objectives Success Pen Pal – Marketing Handbook Chapter S.W.O.T.T Analysis To truly have an effective marketing plan, business owners must also include a detailed S.W.O.T.T analysis A detailed S.W.O.T.T analysis will assist with identifying the strengths, weaknesses, opportunities, threats, and trends associated with a particular company’s environment or marketplace By conducting the S.W.O.T.T analysis, the organization would have a list of items highlighting areas that are in its favor along with other areas where improvements are needed If business owners not take the necessary time to conduct an S.W.O.T.T analysis, the firm may be offering the wrong products or services due to a lack of resources, knowledge, etc To illustrate, let’s take a closer look at each portion of the analysis Strengths (S) When speaking of strengths, I am referring to areas where a company has identified a successful application of any competency, such as great customer service, etc Strengths could also be considered an element, such as a unique product or service, which provides the company with a distinct competitive advantage over other firms within the marketplace To understand your company’s strengths, you must consider which areas are working well for your firm, along with your assets and other unique factors for your business that provides that competitive advantage for your organization Weaknesses (W) Success Pen Pal – Marketing Handbook On the contrary, weaknesses refer to the unsuccessful competency of the organization These are the areas where the firm must work on improving as soon as possible because it diminishes a firm’s competitive advantage and limits the company’s full potential One easy way to determine where your company’s weaknesses are is to track where you’re losing money at It could be because of a poor product design or even insufficient customer service, etc Opportunities (O) Opportunities refer to the external conditions that could assist with a company’s performance, or competitive advantage, provided that the firm takes positive action to maximize on those opportunities To determine some of the opportunities available to business owners, they must look at key trends, or niches, that the company could get involved with that would aid with improving the organization’s performance or competitive advantage Threats (T) As the term entails, threats could be very devastating to a company if it fails to take action to prevent those threats from occurring Not only could threats negatively impact the organization’s performance but also weaken the firm’s competitive advantage Some examples of threats could be another competitor entering the marketplace nearby that’s taking some of your clients from you Or it could even be where your employees are quitting at a rapid pace and going to your competitors to work because they pay better wages Therefore, it is critical that threats are addressed immediately or else the company may face undesired consequences that could be detrimental Trends (T) Trends could be identified as the latest craze that’s popular among your customers, or within your marketplace For instance, social Success Pen Pal – Marketing Handbook media has been a trend for several years now, hence why many businesses now include this as part of their marketing plan with their own sites on Twitter, Facebook, LinkedIn, etc To ensure that your company doesn’t miss out on profiting from the latest trends, it is important to sit back and analyze what trends are approaching that your firm is not a part of that are profitable and then work on a marketing strategy to get involved with those trends Once the S.W.O.T.T analysis is completed, the company could determine where their strengths, weaknesses, opportunities, threats, and trends reside Remember, the goal is to have not only more strengths than weaknesses but also to work on effective strategies for minimizing threats while maximizing on trends Success Pen Pal – Marketing Handbook Chapter Marketing Mix (4P’s and 6C’s) For those unaware, a marketing mix refers to the controllable variables that organizations compile to satisfy a particular target market The main elements of a marketing mix, also known as the four P’s, is product, place, promotion, and price Product consists of creating a new product or service that addresses the needs of the target market Place is concerned with how the business will position the goods offered in the right target market As for promotion, this consists of effective advertisement that allows people to learn more about the products and services offered in an effort to generate additional visibility and sales for the firm Last, price involves setting the right price for the products and services offered that would enable the firm to remain competitive and profitable In addition to the 4P’s, it is also important to note the C’s of marketing: customer; consistency; creativity; culture; communication; change Please note that the C’s of marketing does not replace the 4P’s Instead, it’s used as another approach to expand on areas pertaining to consumer marketing When speaking of customer, it refers to how businesses must create their marketing mix, or strategies, around the customer By understanding their target customers, including their needs, desires, and motivations, organizations become more customer-focused, thus building better relationships with their target audience while creating better products and services As for consistency, it states that companies must be consistent in their marketing messages across the Success Pen Pal – Marketing Handbook board From their advertisements to their promotions to even the firm’s packaging of goods and services I can’t stress enough how important creativity is for businesses With all the marketing clutter out there, people are constantly bombarded with information overload to the point where many businesses fail to attract the attention of their target market This is where thinking out-of-the-box comes in because by standing out from the rest, companies increase their chances of having their marketing messages heard Remember, the more creative and unorthodox a company’s marketing is, the more likely it’ll attract attention and be memorable Culture embraces the fact that all marketing requires cross-cultural research and communication in order to be successful By understanding the various cultures out there, businesses are equipped with tailoring their goods and services to that specific demographic and geographic location As for communication, it relates to the way organizations communicate with their target audience Rather than being marketed to, people would prefer if organizations communicate with them to the point where it seems more personable Last, change pertains to the fact that marketing is a process that consistently changes because of the evolution of global societies Instead of being afraid of change, companies must embrace change because it’s inevitable and organizations should never be afraid to try something new As mentioned previously, marketing, along with innovation, are the keys to business success Success Pen Pal – Marketing Handbook Chapter Integrated Marketing Communications (IMC) Integrated marketing communications (IMC) is the coordination and combination of all the different types of communication tools consolidated into a seamless program that aids with maximizing the impacts on end-users at a minimal cost With IMC, organizations could use communication disciplines, such as sales promotion, general advertising, direct response, and even public relations for relaying the firm’s intended message With technology advancing at such a rapid pace, many organizations are using the Internet for getting their marketing messages to end-users for a fraction of the cost compared to traditional marketing Please note that traditional marketing focuses more on advertising through older mediums, such as television, radio, newspapers, and magazines Integrated marketing is also valuable for a variety of other reasons With integrated marketing, organizations could produce stronger message consistency and greater sales impact In addition, integrated marketing also aids companies with not only unifying various brands, including its messages, but also improving on the company’s ability to reach its target markets with the firm’s intended message at the right time and place Unlike, traditional marketing that focuses only on a few areas of marketing, integrated marketing provides organizations with a more holistic view of marketing Through the use of various media vehicles, such as the Internet and social media, companies could develop effective IMC programs that aid with efficiently reaching target markets with the firm’s intended marketing messages The primary objectives of integrated marketing are to develop a variety of effective methods for persuading people to purchase products, or Success Pen Pal – Marketing Handbook services, from a particular company The message must be clear, concise, and discuss products or services their target markets would listen to and care about With various mediums in place, businesses must also ensure that the marketing messages being relayed in their IMC campaigns are consistent across the board Failure to this could result in lack of interest, or even worse, confusion between target audiences, thus negatively impacting sales, revenues, and market share Success Pen Pal – Marketing Handbook Chapter Public Relations (PR) As we’re aware, a picture really is worth a thousand words – if not more Therefore, it is vital that organizations their best to paint a positive picture to global societies about the firm, its brand, and the products and services being offered One of the best ways to achieve this feat is through positive public relations Karl Marx, a renowned philosopher, wisely stated that “society does not consist of individuals but expresses the sum of interrelations, the relations within which these individuals stand.” In essence, we are all connected to one another, especially with technology advancing at such a rapid pace and with the use of the Internet Because of this, organizations must incorporate effective public relations strategies that aid with painting a positive picture about the firm in an effort to achieve true success Probably the best definition that I’ve found for public relations (PR) came from the Public Relations Society of America (PRSA) who defined PR as the following: “Public relations is a distinctive management function that helps establish and maintain mutual lines of communication, understanding, acceptance, and cooperation between an organization and its public; involves the management of problems or issues; helps management keep informed on and responsive to public opinion; defines and emphasizes the responsibility of management to serve public interest; helps management keep abreast of and effectively employs change, serving as an early warning system to help anticipate trends; and uses research and sound and ethical communication techniques as its principal tools.” Success Pen Pal – Marketing Handbook The rise of the Internet and social media has offered companies unparalleled opportunities for communicating and interacting with large numbers of individuals globally For instance, organizations could reach and interact with customers, including potential customers, through RSS feeds, blogs, vlogs, podcasts, Webcasts, YouTube, etc Through these different technologies, and with the assistance of social media conglomerates, such as Facebook and Twitter, mass communications is enabled to global societies Although many benefits are associated with mass communication, people must also be conscious of the organizational and societal implications of using this medium that may lead to negative PR Implications like appropriation, publication of private information, intrusion, and false light which are all considered invasion of privacy To me, this is why so many successful organizations have multiple PR professionals that help them paint a positive picture to global societies through PR campaigns involved with volunteer work, donations, fooddrives, etc This is not to say that these entities not care about their communities I’m just stating that doing these good deeds creates a win-win situation because it also helps companies with positive PR, thus increasing the companies bottom-line in parallel because it highlights the firm’s goodwill and corporate social responsibility endeavors So if you own a business, my recommendation is to start painting your masterpiece now by getting involved with positive PR activities that will highlight your firm’s goodwill and corporate social responsibility Success Pen Pal – Marketing Handbook Chapter Final Thoughts I trust that the best practices contained herein have not only educated you but also inspired you with new ideas for achieving business marketing success If you own a business and have not created an effective marketing plan that includes the key items mentioned in previous chapters, my recommendation is to create one immediately since it’s critical for achieving organizational success You, my dear entrepreneur, are the future of our economy You are the captain of your own destiny Through your business, you will help to provide many jobs, including other products and services, consumed by global societies If you honor your customers with great products and services, they will continue to reward you by supporting your business In the end, there are many resources online that could help you implement any of the marketing strategies listed If you have any additional questions, or would like my assistance in helping you, please feel free to contact me by visiting my sites below Hopefully you’ve enjoyed reading the Success Pen Pal’s Marketing Handbook and found the lessons valuable to achieving your business goals If so, please feel free to share this book with every entrepreneur on the planet I would also appreciate it if you took the time to provide me with your honest review after reading this book! Success Pen Pal – Marketing Handbook You have my permission to redistribute this eBook to anyone, provided you share it at no cost and not alter the contents You also have my permission to reprint the entirety of this book, or any excerpted portion of this book, on your blog, website, or social media platforms, provided you credit the author and include a live hyperlink to Success Pen Pal at www.successpenpal.com where readers could also download their free copy In no instance may you create the impression that someone must pay you to receive this information In no instance can your use of this eBook be portrayed to your customers, or clients, as an endorsement from Bryan Chau or Success Pen Pal for your own products or services Congratulations on taking another step towards fulfilling your dreams! To Your Success, Bryan Chau Founder Success Pen Pal www.successpenpal.com www.bryanchau.com Twitter: @BChau22 Success Pen Pal – Marketing Handbook Appendix I New eBook For those unaware, I am working on a new eBook that’s coming out shortly The eBook will assist with providing valuable information to help parents guide their children, including other loved ones, towards a path of success based on my personal and professional experiences throughout the years Not only will readers have a guide for achieving success but also a list of activities that they could incorporate daily for attaining their goals in life Plus, I also share a personal experience that is very dear to my heart within this new eBook For additional information on the actual release date and for your copy, please visit www.successpenpal.com and subscribe to our FREE newsletter Success Pen Pal – Marketing Handbook Appendix II Credits This eBook would not have been possible without the generous support of several people First, I would like to thank my wife, Gypsy, for putting up with me while writing this free eBook during our weekends together, including vacations, etc This eBook would not have been published if we didn’t share the same compassion for helping others succeed and I am truly grateful that we have a similar mission and vision in life Secondly, I would like to thank my brother, Oliver, for designing not only multiple logos for myself and my companies but also for the cover of this eBook and several other eBook covers that I have coming up as well If you’re in need of a great creative graphics designer, I would highly recommend him and he could be reached at olichau@gmail.com In addition, I would like to thank my mom, Jennifer, for raising me to be the man that I am today and for working hard and doing her best as a single-mom to provide for her two sons We love you Last, I would like to thank all you readers for taking the time to read this book If you enjoyed it and found it valuable, please share it with your colleagues, friends, and family members The End Success Pen Pal – Marketing Handbook .. .Success Pen Pal – Marketing Handbook Success Pen Pal – Marketing Handbook © 2013 by BRYAN CHAU Printed in the United States of America ISBN: 9781301779475 Learn more information at: www.successpenpal.com... www.successpenpal.com Success Pen Pal – Marketing Handbook TABLE OF CONTENTS Preface Introduction Chapter – Definition of Marketing Chapter – The Importance of a Marketing Plan Chapter – Market... – New eBook Appendix II - Credits Success Pen Pal – Marketing Handbook Preface The Success Pen Pal? ??s Marketing Handbook is dedicated to people who have a passion, or interest, in marketing but