Welcome to today’s class!!
We are thrilled to have you in our class!!
In today’s Marketing class, we will be learning about Setting Up And Operating A Marketing Outlet
Setting Up And Operating A Marketing Outlet
In our previous class, we learned about planning a personal marketing outlet.
We learned that planning can either be strategic or tactical. We defined Strategic planning as the process of determining an organization’s primary objectives and then adopting courses of action that will eventually achieve them while Tactical planning guides the implementations of activities specified in the strategic plan.
And because money is important to every business, we looked at various sources to raise funds for a personal marketing outlet.
To set up new and profitable personal marketing outlets requires some basic knowledge and strategies. These include:
- Identification of a good marketing location: It involves that the outlet is in midst of the customers or buyers, i.e. the cite of the outlet must be within reach of the buyers, it must not be too far away from the primary or targeted markets, for example, fast foods are usually opened within corporate establishments.
- Defining the organization’s mission: It specifies the organization’s overall goals and operational scope and provides general guidelines for future management action. That is, the essential purpose that differentiates the company with others.
- Assessing organizational resources and evaluating environmental risks and opportunities. These include the capabilities of the marketing outlets to compete favorably with rivals or competitors that emerge later.
- Understand the SWOT analysis: SWOT analysis consists of Strengths, Weaknesses, Opportunities and Threats; it helps the owner or the marketing outlets to compare internal organizational strengths and weaknesses with external opportunities and threats.
- Formulation of a marketing strategy: This is an overall program for selecting a particular target market and then satisfying consumers through a careful balance of the elements of the marketing mix-product, price, distribution and promotion.
- Nearness to the source of raw materials.
- Nearness to manpower or competent staff
It is important to know that setting up and operating a marketing outlets involve that the business owner does the following:
- Offer the right products to the right marketmarkets
- Pricing the product appropriately
- Fund easy way for customers to pay
- Eliminate all obstacles to making a purchase
- Understand your customers
- Encourage your customers to offer their piece of advice
- Make your business environment inviting and comfortable
- Treat every of your client with utmost respect
- Communicate with confidence on your business and customers
- Encourage your customers to suggest way of improving the business
- Always remember to thank your customers for patronizing your business
- Always be patient and courteous and polite with your customers because they are the reason you open the marketing outlet
Explain the steps involved in setting up a personal marketing outlet.
Explain the difference between a strategic and tactical plan
Mr Edmund is about to set up a personal marketing outlet, advise him on how to go about it.
We hope you enjoyed today’s class. In our next class, we will be learning about Purchase, Supply And Merchandising Goods.
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