Strategic Planning and Marketing

Question 1

What should be inside a designer’s toolbox?

Answer 1

Briefcase
Business Cards
Smart phone (*all in one)
Tape Measure
Calculator*
Watch*
Digital Camera*
Notebook
Pens/pencils/Markers

Question 2

What are the types of strategic plans?

Answer 2

Personal
Business
Marketing

Question 3

What are the 3 questions addressed by the strategic plan?

Answer 3

Who are we?
Where do we want to go?
How are we going to get there?

Question 4

What is SWOT analysis?

Answer 4

Strengths
Weaknesses
Opportunities
Threats

Question 5

What are some choices made on a personal plan?

Answer 5

Can be a short term and Long term plan

Own a business or work for others

Question 6

What is inside a business plan?

Answer 6

Mission Statement/Vision Statement

Template for how the business will operate and grow (or not)

Question 7

What are the 4 P’s of a Marketing Plan?

Answer 7

Product, Place, Promotion, Price

Question 8

What are the questions you should ask when setting a Goal for a Personal plan?

Answer 8

Why am I interested in Interior Design
What are my (specific) goals?
What goals are you willing to share with someone today?
What are your biggest successes to date?
What do you want to accomplish within 1 year? 5years? 20?
What is your ultimate interior design goal (anything is possible)?
What “mini goals” or objectives will create stepping stones to your ultimate goal?
Who in the profession do you admire?
What companies practice the type of design you like to do?
What is the most important to you: money, recognition, work/life balance, self-satisfaction, creative expression?
What would you like to spend your life doing?
What frustrates you the most professionally? Personally?
Do you like to work alone or in group?
What do you want your obituary to say about you?

Question 9

What are the advantages of working for yourself?

Answer 9

Don’t report to a boss
Personal satisfaction for achieving success
Potential for higher income
Potential for long-term job security
Creative autonomy
you pick your place on the risk/reward continuum
Greater responsibility

Question 10

What are the disadvantages of working for yourself?

Answer 10

Greater responsibility
Greater personal financial risk
Greater legal liability
greater stress
longer hours
minimal income initially
More management = less design
Less flexibility to change jobs

Question 11

What are the components of a business plan?

Answer 11

Usually starts with a Mission Statement and Vision Statement, then contains 4 components:
Business Summary
Market Summary
Operational plan
Financial Plan

Question 12

On a business plan what is the Mission Statement?

Answer 12

A concise explantation of a firm’s purpose

Question 13

What a Mission Statement contains?

Answer 13

A description of:
The Business
The Customers
The Services or Products offered
The Geographic Area Covered

Question 14

On a business plan what is a vision statement?

Answer 14

A philosophical description of the ideal future state; your intent (Why you exist today, what you are doing to pursue your vision for the future)

Question 15

What are the benefits of a vision statement?

Answer 15

Creates commitment from staff
Creates understanding from clients
Improves business focus
Keeps everyone "on the same page"
Enhances team environment and employee morale

Question 16

What is inside the business summary?

Answer 16

corporate structure
legal structure
services performed

Question 17

What is inside the market summary?

Answer 17

Potential clients (need for your services)
Competition
Trends/events that may affect the plan
how services will be priced
what advertising or promotions will be used

Question 18

What is inside the operational plan?

Answer 18

organization structure
Personnel required and job descriptions
records management procedures
employee salaries and benefits

Question 19

What is inside the financial plan?

Answer 19

Accounting methodology
Capital and operating costs
Budget of expected revenue and expenses
Projected income/loss

Question 20

How do you manage a strategic plan?

Answer 20

Setting goals (where do you want to go?)
Setting objectives (what benchmarks will show progress??)
Setting tactics (what are the day-to-day tasks required?)

Question 21

Why it is important to have a strategic plan?

Answer 21

Set Mission and Vision statements
Set Priorities
Helps with financial resource allocation
Provides a yardstick to measure and evaluate success
May prevent failure

Question 22

What are the parts of a strategic plan?

Answer 22

Executive summary
mission statement
company background
product  description
marketing plan
competitor analysis
SWOT Analysis
Operations
Financial planning
Timeline

Question 23

What are the 4 habits that build refer-ability?

Answer 23

Show up on time
Do what you say you-re going to do
Finish what you start
Say please and thank-you

Question 24

What is the difference between marketing and sales?

Answer 24

Marketing: we use marketing to make known that our Interior Design services are available
Sales: we sell our services in exchange for fees

Question 25

What is Marketing?

Answer 25

Outward looking - what does a potential client want?
Creating a need (or a desire) for your services
Creating an opportunity for sales

Question 26

What is sales?

Answer 26

Inward looking - why a potential client buy what I have?
Convincing a client to turn that desire into action and buy your services
Presenting yourself for a sale when the opportunity arises

Question 27

What are the marketing musts?

Answer 27

Planning, Support, Execution

Question 28

What planning in marketing entitles?

Answer 28

Leadership - ownership and accountability
Creativity - dare to be different
Goal Setting - establish and be committed

Question 29

What support in marketing entitles?

Answer 29

Organized: develop the right marketing materials
Consistent research: always know your material
Public relations: continually strengthen relationships

Question 30

What Execution in marketing entitles?

Answer 30

Graphic Identity: develop a strong, consistent graphic image
Exceptional work: the easiest way to get the next job is to do a good job
Exceptional service: everyone is marketing with every task

Question 31

What are the 4P’s of marketing?

Answer 31

Product : range of services
Place: get services to clients
Promotion: public relations (publications, competition, advertising), materials (gifts, newsletters, brochures, business cards…)
Price: value in comparison to competitors, services that differentiate you

Question 32

What are the decisions of target marketing (establishing a niche or a specific sub-group of the total market)?

Answer 32

Demographics: age, gender, income level, race…
Psychographics (lifestyle): hobbies or sports
Geographic’s (location)
Benefits (desired end results): increased productivity, attraction & retention, branding….

Question 33

What are the components of a marketing plan?

Answer 33

Goal statement (based on market analysis)
Capabilities: what past clients say we do well
Services: what will you offer, who will do, how will be done
Clientele: existing and potential
Polices: how and what will we charge
Organization - who is responsible for marketing effort
Marketing effort: how much will be spent
Evaluation: how will we measure success
Forecast: profits, additional staff, additional clients