Strategic Planning and Marketing Flashcards
What should be inside a designer’s toolbox?
Briefcase Business Cards Smart phone (*all in one) Tape Measure Calculator* Watch* Digital Camera* Notebook Pens/pencils/Markers
What are the types of strategic plans?
Personal
Business
Marketing
What are the 3 questions addressed by the strategic plan?
Who are we?
Where do we want to go?
How are we going to get there?
What is SWOT analysis?
Strengths
Weaknesses
Opportunities
Threats
What are some choices made on a personal plan?
Can be a short term and Long term plan
Own a business or work for others
What is inside a business plan?
Mission Statement/Vision Statement
Template for how the business will operate and grow (or not)
What are the 4 P’s of a Marketing Plan?
Product, Place, Promotion, Price
What are the questions you should ask when setting a Goal for a Personal plan?
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?
What are the advantages of working for yourself?
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
What are the disadvantages of working for yourself?
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
What are the components of a business plan?
Usually starts with a Mission Statement and Vision Statement, then contains 4 components: Business Summary Market Summary Operational plan Financial Plan
On a business plan what is the Mission Statement?
A concise explantation of a firm’s purpose
What a Mission Statement contains?
A description of: The Business The Customers The Services or Products offered The Geographic Area Covered
On a business plan what is a vision statement?
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)
What are the benefits of a vision statement?
Creates commitment from staff Creates understanding from clients Improves business focus Keeps everyone "on the same page" Enhances team environment and employee morale
What is inside the business summary?
corporate structure
legal structure
services performed
What is inside the market summary?
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
What is inside the operational plan?
organization structure
Personnel required and job descriptions
records management procedures
employee salaries and benefits
What is inside the financial plan?
Accounting methodology
Capital and operating costs
Budget of expected revenue and expenses
Projected income/loss
How do you manage a strategic plan?
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?)
Why it is important to have a strategic plan?
Set Mission and Vision statements Set Priorities Helps with financial resource allocation Provides a yardstick to measure and evaluate success May prevent failure
What are the parts of a strategic plan?
Executive summary mission statement company background product description marketing plan competitor analysis SWOT Analysis Operations Financial planning Timeline
What are the 4 habits that build refer-ability?
Show up on time
Do what you say you-re going to do
Finish what you start
Say please and thank-you
What is the difference between marketing and sales?
Marketing: we use marketing to make known that our Interior Design services are available
Sales: we sell our services in exchange for fees
What is Marketing?
Outward looking - what does a potential client want?
Creating a need (or a desire) for your services
Creating an opportunity for sales
What is sales?
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
What are the marketing musts?
Planning, Support, Execution
What planning in marketing entitles?
Leadership - ownership and accountability
Creativity - dare to be different
Goal Setting - establish and be committed
What support in marketing entitles?
Organized: develop the right marketing materials
Consistent research: always know your material
Public relations: continually strengthen relationships
What Execution in marketing entitles?
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
What are the 4P’s of marketing?
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
What are the decisions of target marketing (establishing a niche or a specific sub-group of the total market)?
Demographics: age, gender, income level, race…
Psychographics (lifestyle): hobbies or sports
Geographic’s (location)
Benefits (desired end results): increased productivity, attraction & retention, branding….
What are the components of a marketing plan?
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
