NESTA Workshop 3

Last Friday we had our third workshop with Mike Press using the NESTA toolkit 4 - on Marketing.

- Marketing is the management process responsible for identifying, anticipating and satisfying customers requirements profitably.  

We looked at marketing mix 7 p's:

Product - Is there a market/demand/desire for your product/service? Does it have a USP (Unique Selling Proposition)?

Place - Where is it sold? How is it distributed - impact on cost?

Price - What price can you change in that market? Profit= price-costs (if too expensive - won't sell, but if too cheap - no profit + infer poor quality)

Promotion - Appropriate method to make people aware of what your offering - know who your customers are and how you can reach them

Types of Marketing + Promotion Tools

- PR (Public Relation) - creates and maintains image, press release

- Advertising - awareness, persuade the customer 

- Internet + Online Marketing - website, blog, social media

- Direct Marketing - Mail listings, telemarketing etc

- Sales Promotion - price reduction (can damage image), money off vouchers, multi-buy

- Personal Selling - face to face marketing

People - Your staff/representatives - can be your biggest asset

Process - the procedures you take to deliver the product/service/brand

Physical Environment - the impression of your business (workplace, retail presence, online image)

Task 04a) As individuals we worked out the 7p's for our own business idea. After working alone for so long we got into groups of threes to get feedback from others - see if they could some up with something I could not see myself. You can see from the images below the outcomes that I suggested/created. 

For us being students and some of which may want to go straight from graduation into setting up there own business or even to help gain employment - the best way to us these tools is to focus on your PR and online profile. A person should be able to answer these lists of questions from looking about you online: who am I? How can I help you? How did I get here? Why can you trust me? What do we have in common?

The Marketing Plan

1. Mission Statement

2. SWOT Analysis

3. Marketing Objective - definite, quantifiable, achievable, realistic, time sensitive 

4. Marketing Strategy 

5. Implementing the plan - intentions, how achieved objectives, by what means

6. Measuring + Controlling the plan - monitor + review progress

Task 04b) With this worksheet we had to apply it to our business idea, we narrowed it down to doing it for our social media strategies. This beneficial to find out what ways would be best to get your name and brand out there into the public eye via the internet. We worked the same way again, as individuals first and then into the same groups of threes. You can see my outcome in the images below. 

Our last workshop next week is on money - this could be interesting/difficult for me as when it comes to the tasks/worksheets that ask you to answer about money I always find it hard to think of it terms of a real life business as it is only a proposed idea.