PLANNING - Business


What should I be doing now?



BUSINESS OBJECTIVE

  • Make the BEST possible yearbook at the LOWEST possible price.. specifically:
    • Maximize Book Sales in order to minimize publishing costs
    • Improve the perceived quality of the product from previous years
    • Subsidize the costs of production by selling advertisements

Businesses will often formalize their objectives and goals in the form of a Mission Statement or Marketing Plan


ACCOUNTING

Revenues - Book Sales, Ad Sales
Expenses - Publishing Costs, Supplies, Depreciation, Loss or Damage
Assets - Cash, Digital Cameras, Card Readers, Old Books, Pictures
Liabilities - (Obligation) Subscriptions to the Yearbook. - 652 copies




MARKETING

The purpose of Marketing is to guide the organization to achieving it's long term "Business Objective" (see above), and it's short term goals. The tools of marketing are summarized by the "marketing mix".

Marketing Mix - The 5P's - These are the aspects of your product that an entrepreneur can adjust with the objective of maximizing profits
  1. Product (or Service) - The Content and Format of the product itself. Costs can be effected
  2. Price - must cover costs (fixed and variable)
  3. Promotion - (more diverse than just "advertising") - changing people's behaviour
    1. Personal Selling
    2. Advertising
    3. Direct Advertising - Flyers, Synervoice, Email
    4. Contests
    5. Presentations - Beginning of School Year
  4. Place (Distribution) - Salesplace - Beginning of Year - Room202 - SalesDesk - Online - School Store
  5. Packaging

To create a clear and purposeful MARKETING PLAN, it's wise to start by gathering information in the form of MARKETING SURVEYS

Gathering Information - SURVEYS
  1. Surveys vs Focus Groups - surveys are much simpler and can include more participants, but focus groups can uncover more information and responses may have better integrity and honesty. Both require PREPARATION
  2. Open Ended vs Closed Ended questions - Closed Ended (ie - Y/N or Multiple Choice questions) are easier to answer, and simple to interpret (ie with a graph), but may "bias" responses, and fail to account for other possibilities. Open ended require more consideration on the part of the participant, and can produce an "unfocused" set of responses
  3. "Biasing" the responses - Questions that are poorly constructed may "push" participants to answer in a way that they don't really believe. ie "Who is your favorite teacher at McCrae - Mr. Box or Mr. Linden" obviously eliminates other possibilities like Ms. Richardson or Mr. Williamson.

Surveys MUST be constructed carefully to make them
  • Clear
  • Concise
  • Unbiased
  • Useful to achieve the original objectives of the Marketing campaign



Each student is invited to develop a marketing campaign to help us achieve our immediate goals:
MARKETING ASSIGNMENT 01 is due for presentation on April 5th, 2007