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What is a marketing plan and why do I need one?

By: Business Advisor Tom Leach

What is a marketing plan?  What should it contain?

Of course the starting point is to understand what marketing is in the first place. Marketing starts with who the customer is and their needs and wants. That will vary depending upon which customer segment the company is targeting. Understanding the customer segment’s attitudes and wishes is critical and deserves careful thought.  Products then need to be differentiated from competitive choices in order to best satisfy the segment’s desires.  Pricing represents the value of the product and must match the product’s attributes and benefits and of course must be competitive. Where the product is sold should represent how the customer wishes to shop for it and acquire it.  Finally, communicating the value of the product must take into account which media the customer follows and how the product is presented to them in terms of need satisfaction and how it is a better choice than competitive products. Product positioning is an important issue to consider.  Positioning is the customers’ perception of the brand’s value in relation to the competitive choices.  In other words, it is the mental definition of the brand in the mind of the customer.

A marketing plan is a document that outlines the situation or business environment that the business is currently operating within and then lays out the objectives, strategy and programs to accomplish the objectives going forward.

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LLC or S-Corp…why not both?

Written by: Business Advisor Peter Harriman

LLC or S-Corp? - Maine SBDC

Congrats! You are thinking of getting into business! Or you are in business already but wondering if your business is operating under the right type of business! You are looking online to try to figure out the ins– and outs of which business entity formation is best for you, and you are coming to a road block. There are a lot of choices; sole proprietor, partnership, limited liability company (LLC), c- corp, etc. The complexity of the topic should prompt a call to some kind of legal professional to ensure you understand the decision and how it will affect you and your business. 

One business entity you might want to discuss during this conversation is the LLC that is taxed like an S-Corp. This article will discuss some general pros and cons of this election, but (again) it is meant as a discussion point with a legal professional. Your accountant will also want to weigh in on the topic too, more on that later. 
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How To: Create a good marketing plan

Working with clients over the years has made me appreciate marketing as a key to success. The ability to create a great product isn’t going to assure success. There are many great products and services that fail. You can’t take the “build it and they will come” approach. With a well thought out marketing plan, a good product can exceed the sales of an equal or even better product.

Part of any successful business is identifying their target market and developing plans on how they can reach the customers and demonstrate value. Have you ever tried to identify your customers?

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Business Highlight: EterNav – Verona Island

eternav-logo-and-backgroundKasey Smith, founder of EterNav, wants to change the funeral and death care industry.

With a background in technology startups and personal experience dealing with loss, she saw an opportunity to help those experiencing one of life’s toughest challenges, navigating the unexpected loss of a loved one.

She has created 21st century technical tools and a step by step process that helps guide families through the practical tasks and action steps that follow the loss of a loved one. Her solution, called EterNav (short for eternal navigation), offers affordable, personalized and convenient bereavement solutions — working either with and without a funeral home.Read More

Business Highlight: Autotronics – Frenchville & Bangor

logoAutotronics, a family-owned business that specializes in the building and restoration of emergency vehicles, has been in business since 1958 and serves customers within Maine, New England and even internationally. Business Owner Lita Daigle approached Maine SBDC Business Advisor Josh Nadeau looking for help in restructuring some current loans as well as obtaining funds to help build a new state of the art paint facility at their headquarters in Frenchville, Maine.

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