Instructor Natasha Lindsey, MBA

MK 395 Entrepreneurial Marketing Instructor: Natasha Lindsey, MBA Office: Keller Hall room 219 Office Hours: Monday, Tuesday & Thursday 9:15am-11am Monday 1pm-2pm Wednesday & Friday 9am-11am Other hours available by appointment only Office Phone: 256-765-4943 Website: www2.una.edu/nslindsey E-mail: nslindsey@una.edu Course Description: Entrepreneurial Marketing focuses on the marketing function of entrepreneurship and intrapreneurship in new or existing ventures. Specific emphasis will be placed on establishing a strategic marketing plan within the framework of limited funds and market experience as typically experienced in a new venture and/or small business organization. The course includes development of strategic planning in the areas of price, customer service, business image development, quality, and promotional analysis. Objective: 1. 2. 3. To provide an environment where students can develop basic marketing principles, and work together, in theory and in practice with an emphasis in entrepreneurial ventures. The course should help students to develop, design, and present a complete marketing plan for new and existing ventures. The course should help students learn and understand how successful marketers solve everyday marketing problems with an emphasis in entrepreneurial ventures. Student Outcomes: 1. 2. 3. Understand how to work together to develop basic marketing principles in theory and in practice within the framework of an entrepreneurial venture. Capable of developing, designing and presenting a complete marketing plan for new and existing ventures. Capable of solving everyday marketing problems in entrepreneurial ventures. Required Materials: Effective Small Business Management an Entrepreneurial Approach 7 th Ed., 2003, By Scarborough & Zimmerer Grading: There are two scheduled exams this semester. Exams will usually include both multiple choice and short-answer essay questions. I reserve the right to also give essay exams. These exams will generally only cover the material since the previous test, but the FINAL EXAM will be COMPREHENSIVE. Each exam is worth 100 total points. Your final grade will be dependent upon how many points you earn from exams, and your final project. The grading scale is as follows: 100-90 = A; 89-80 = B; 79-70 = C; 69-60 = D; 59-0 = F Exam 1 Exam 2 Final Project Total 25% 25% 50% 100% 1 Make-Up Examinations: If you miss an examination for any reason, your final will count for the missed examination and your final exam. NO EXCEPTIONS! Final Project: Your project for the semester will be to create a marketing team, develop and present a complete Marketing Plan. Mid-semester your team will submit a complete and detailed outline of your plan. The final project will be submitted four weeks prior to the end of the semester as a completed paper. At this time, teams will also present plans to the class. Attached you will find the requirements for a good presentation. (NOTE: I do not accept absences during class presentations, attendance will be taken and 2 points will be deducted from your individual project grade for each day you do not attend class during presentations). For this project, your team will have the opportunity to provide peer grades for the group. If all group members fail you on the final project, you will not receive credit for the project which, in turn will prevent you from passing the course. Details and Requirements for this project will be discussed in our Chapter two discussion. The Project Outline handout is attached to the syllabus. Attendance Policy: According to the UNA catalog, regular and punctual attendance is expected of all students and is regarded as integral to course credit. Whenever a student’s cumulative absences for any reason – excused or unexcused – exceed the equivalent of four weeks of scheduled classes and activities, no credit will be earned for the course. For every three tardy’s a student receives, an absence will be counted for the course. Please also note the point deduction for absences during final project presentations as stated in the final project section of the syllabus. Academic Dishonesty: All university, college and departmental policies on academic dishonesty will be strictly enforced. This means that all work submitted by a student is, by implication, totally the work of that student and no part has been copied from any source or any other student without proper reference to that source. In addition, students are encouraged to study together before exams and to talk to your instructor when you do not understand a concept. The exams are closed books and notes. During exams, please keep your eyes on your paper or seek inspirations from above, never to your left or right. In the unfortunate situation where dishonesty is indicated, the written university code in the student bulletin and departmental provisions will be followed. Legal Stuff: All materials, projects, and test handed in during the course become property of the University. It is suggested that copies be made of the material before it is handed in for evaluation. Further, it is the policy of the University of North Alabama to afford equal opportunity in education to qualified students. Therefore, a student who has a disABILITY (e.g. learning, Physical and/or psychological) that inhibits the student’s ability to meet course requirements and who desires accommodation should contact the instructor and Developmental Services within the first three class meetings of the semester. The goal is to develop a timely accommodation plan and to file an American with disABILITIES Act (ADA) form. Failure to request an accommodation early in the term diminishes the effectiveness of accommodations. Course requirements will not be waived but if possible accommodations will be made to allow each student to meet course requirements, provided the student acts within the first three class meetings in working with the instructor to develop an accommodation plan. If a disABILITY is identified later in the semester, a non-retroactive accommodation plan will be developed at that time. Students needing assistance may contact the Office of Developmental Services, Room 202, Guillot University Center. 2 Marketing Plan Outline I. Executive Summary – Introduce your company and explain the major points of your plan. The summary is written last, even though it appears at the font of the plan and should be 1-2 pages long. A. Describe the nature of your business and the products or service you offer. B. C. State your founding philosophy AKA mission statement. Include a summary of the marketing objectives and recommended strategies contained in the plan. II. Current Situation Analysis – Provide information about your location, target market and competitive environment. Identify any key issues your company faces. A. Describe your current or planned location. B. Describe your industry (national level)  Size  Description of participants  Trends – Population shifts (baby boom) Legal or regulatory developments, changes in local economic situation  Outlook C. Describe your company.  Name of Owners  Type of ownership  Hours of operation  Years of experience D. Describe your target market.  Geographic (location)  Demographic ( age, income, occupation, family size, marital status, residence, interest & hobbies)  Psychographic (opinions or attitudes of customers)  Product benefits (low cost, easy access)  Previous customers ( promote the groups that have purchased the product before)  How many of these people are in the trading area?  What do they buy?  When do they buy?  What are their expectations about the product or service?  Will the business focus on a niche? E. Describe your competition. (environmental factor)  Who is the competition?  What type of competition do you face? (substitutions, similar products or discretionary income)  What is the competitions market share?  How much sales volume do they do?  How many similar firms exist?  What attracts customers to them? · What strengths do they advertise? 3 · · · What are their weaknesses? What image do they have in the marketplace? What is your competitive advantage? F. Describe any other environmental factors.  Political –legal  Socio- cultural  Economic  Technological III. SWOT Analysis – Describe your company’s A. Strengths B. Weaknesses C. Opportunities D. Threats. Marketing Objectives - State your marketing objectives, such as increasing the awareness of your product among your target audience. Also, include a time frame for achieving your objectives. Remember SPECIFIC and MEASURABLE!!!!!!! · Deepen customer base? By how much, by when? · Increase market share? By how much, by when? · Increase sales? By how much, by when? · Reach new geographic markets? Where? By when? · Increase customer traffic? By how much? By when? · Sell remaining inventory to prepare for a new line? By when? Marketing Strategy – This is your game plan for achieving your marketing objectives. It is the heart of your plan, therefore the longest part, and covers the marketing mix, i.e. the 4 P’s. A. Describe your products and/or services in detail.  Brands  Makes/ models Describe your pricing strategy and payment policies in detail. Determining price levels and pricing policies is the major factor affecting revenue. Factors such as the demand for the good, the market price, and customer responsiveness to price changes influence the price levels. Other factors such as:  Convenient locations or more personalized service may allow a small business to charge a higher price.  Make sure your price is competitive, however, by checking to see what the competitors’ prices are.  Price should also be in line with the target market.  What image are you trying to create in the market?  Can it produce a profit?  Are customers willing to pay for it?  How sensitive are customers to price changes?  Will your company accept credit cards, checks?  Will you offer discounts? IV. V. B. 4 C. Describe the promotional tools or tactics you will use to accomplish your marketing objectives in detail.  Try to reach the largest number of people with the money allocated to advertising and promotion. This may be accomplished by using several methods of advertising (TV, radio, newspaper, billboards, magazines etc…).  Remember to be creative and implement ideas. (2 for 1, coupons, rebates, sweepstakes, yellow pages, outdoor, etc…) By implement I mean put promotional tools into the tactics section of the plan as to when and how the tool will be used.  Which media is most effective for your target market?  How can the company benefit from publicity?  How will a promotional campaign position your company’s products or services?  Do not forget to consider sales promotions, personal selling, public relations and sponsorships as well as advertising and publicity.  Feel free to use the best combination of promotional tools to reach your target. Describe how and where your products will be placed so the consumers will have access to it and how you will make the sale, i.e. distribution methods.  Working through established distributors or manufacturer’s agent generally is most feasible for small manufacturers.  NOTE: Students always forget to include distributors in plan. If you make a product or if you sell a ready made product you will probably have some type of supplier that you deal with- include this information.  Retailers should consider cost and traffic flow as two major factors in location site selection, especially since advertising and rent can be reciprocal. In other words, low-cost, low-traffic location means you must spend more on advertising to build traffic.  The nature of the product or service is also important in location decisions. If purchases are made largely on impulse (flavored popcorn) then high customer traffic and visibility are critical. On the other hand, location is less a concern for products or services that customers are willing to go out of their way to find (restaurant suppliers)  Will your product be distributed through extensive, selective or exclusive methods?  How many sales calls does it take to close a deal?  What can the company do to make it as easy a possible for customers to buy?  Describe atmospherics. D. VI. Tactics – This will be the “to do” list or the implementation section of the plan.  Describe what will be done  When it will be done  Who will accomplish the task  Note: You cannot implement something that is not contained in the marketing strategy and if promotional activities are discussed in the marketing strategy they must be implemented in the tactics section. VII. Budget – List the cost of the marketing activities you are describing in your plan. Marketing Activity Costs per Activity Number of times Total Yearly Costs for Activity occurs Activity Newspaper Ad $100 52 $5200.00 Total Marketing Budget $5200.00 5 VIII. Measurements – Describe numerical targets that will measure the results of implementing your marketing plan. Include time limits for achieving your goals.  Increased sales of 5% by end of fiscal year 2004  The company will determine that this objective has been met by reviewing end of fiscal year 2004 sales and comparing those sales to end of fiscal year 2003 sales to determine if a 5% increase in sales has been achieved. IX. Supporting Documents/Appendixes – Include any supporting documentation referenced in other plan sections here, such as resumes of key management members, spreadsheets, market research results, etc… 6