Marketing & Attraction

Question 1

Marketing can be used to help

Answer 1

attract, retain, and expand businesses, improve a community’s image inside and out, and promote poilices and programs; also used to retain and attract labor

Question 2

marketing entails

Answer 2

1. identifying and meeting the customer’s needs
2. developing a message to communicate a community’s attributes
3. persuading potential investors to “buy” the product

Question 3

what are the three main distinctions a marketer can make?

Answer 3

1. product differentiation
2. price competitiveness
3. market focus like geographic region or audience

Question 4

what is product differentiation?

Answer 4

developing attributes or an image that is distinct from other communities like workforce, core industries, or unique R&D activities

Question 5

what is price competitiveness?

Answer 5

having comparitively low cost of doing business like lower land and labor costs, lower tax and utility rates, incentives that reduce the cost of operation –value proposition

Question 6

explain market focus

Answer 6

targeting a particular sector or geographic region for a particular audience

Question 7

what ar targets?

Answer 7

the economic developer’s audience

Question 8

name some targets of economic development marketing

Answer 8

• businesses from all industries (commercial and manufacturing)
• young families to change the demographics of an area
• local leaders to get them to accept and support economic development goals

Question 9

what three things should practitioners do when assessing the local economy

Answer 9

1. involve local business in understanding the economic base
2. establish an in-house method of collecting and updating information and ask other organizations to share what they have
3. use the info collected to help profile the community to prospects and fulfill information requests

Question 10

After information is collected what is the next step?

Answer 10

to conduct a SWOT analysis and assess the community’s competitive advantage

Question 11

provide examples of strengths

Answer 11

highly skilled labor, proximity to critical infrastructure, research parks and universities, low cost structure

Question 12

provide examples of weaknesses

Answer 12

low-skilled labor, lack of building and site inventory, crime, low access to capital

Question 13

provide examples of opportunities

Answer 13

technological changes, changes to the economy, demographic changes

Question 14

provide examples of threats

Answer 14

technological innovations could pose threats

Question 15

what is a target industry?

Answer 15

a group of companies you want to reach

Question 16

by matching a community’s ____ and ____ with companies that require those ___ and ____ a community can focus their efforts on a few high potential firms

Answer 16

capabilities and objectives; capabilities and objectives

Question 17

communities should target companies that

Answer 17

• match its assets or competitive advantages
• coincide with development goals
• have investment and growth potential that will help the local economy

Question 18

list some of the industry factors to include when developing a target

Answer 18

• suppliers and buyers
• capital expenditures
  location
  labor skill requirements, wage rates, employment
• energy needs
• growth trends
• building or site requirements
• growth forecasts
• transportation requirements, infrastructure, or communication needs

Question 19

sectoral analysis

Answer 19

looks at different industrial sectors in broad terms and how identifies how industries will fit into the community

Question 20

cluster analysis

Answer 20

involves identifying core industries in the community and determining which industries have the best growth potential. Also involves targeting firms that support that industry like suppliers, buyers, or businesses that would benefit from networking with cluster firms

Question 21

what are two of the possible approaches to identifying target firms?

Answer 21

sectoral and cluster analysis

Question 22

lists the steps involved in a sectoral analysis

Answer 22

1. identifying key generic factors that are important to different industry sectors
2. determining the relative importance of those factors for each sector
3. evaluating the community’s capacity to satisfy those factors or prefernecs
4. ranking industries on the basis of the community’s capacity to satisfy location requirements and overall economic development objectives
5. indentifying the industries that best fit the community’s goals

Question 23

how can clusters be linked?

Answer 23

horizontally - businesses that compete in similar markets or share resources like technology, resources, or workforce
vertically - in the case of buyers and suppliers

Question 24

what are the two kinds of factors in firm location?

Answer 24

cost factors and non-cost factors

Question 25

cost factors inlcude

Answer 25

rent, taxes, labor, and utilities

Question 26

non cost factors include

Answer 26

quality of life and labor skills

Question 27

location factors _____ among industries and ______

Answer 27

differ; within sectors

Question 28

list some of the location factors

Answer 28

- access to market and the network to get there - access to services - "ready" land and facilities - environmental condition of land - availability and cost of financial capital - community image - incentives - labor force quality, productivity, cost, availability - unionization - quality of life - regulations - environmental, workers comp, zoning - state and local government attitudes toward business - taxes - sales, property, corporate, and personal - telecommunication systems - utility capabilities and rates

Question 29

regarding community image, the role of the economic developer is

Answer 29

1. to determine what the image is 2. understand how the image impacts marketing, particularly for targets 3. bring facts and perceptions about the community into congruence

Question 30

to market to retailers you need to

Answer 30

understand the shopping areas - downtown, parking, available storefronts, attractiveness, public space

Question 31

FDI marketing campaigns

Answer 31

attract and retain multinational firms to create jobs and grow the tax base

Question 32

what are the two components of promotion

Answer 32

1. developing a message | 2. conveying the message

Question 33

what are some of the things marketing materials should be evaluated on

Answer 33

``` coherence relevance consistency reliability credibility organization originality accessibility ```

Question 34

what are the six marketing techniques

Answer 34

social media (continuous dialogue and interaction) advertising (news inserts, commercials) publicity (press releases, press kits) personal selling (trade shows, envoys, events) promotional materials (exhibits) direct mail (letters, postcards)

Question 35

the goal of marketing is

Answer 35

to create the greatest number of impressions for the least cost

Question 36

evaluate each marketing technique based on these three things:

Answer 36

1. exposure - will this reach the right people? 2. presentation - can this be demonstrated, visualized, explained and is it credible 3. cost - which is the most expensive vs. which is the least expensive

Question 37

most prospects will want to know about

Answer 37

workforce available sites or buildings housing contacts

Question 38

marketing efforts should be ____ to see what works and what doesn'

Answer 38

audited

Question 39

track marketing efforts by benchmarking or comparing current results

Answer 39

with past performance results of marketing efforts in other communities against targets established at the beginning of the effort

Question 40

Aside from job creation measures of marketing success may include

Answer 40

number of new start-ups percent of businesses in operation 1, 3, 5 years out new recruitment or expansions within target industry percent of job growth at 125% of median income number of patents awarded to local companies

Question 41

marketing plans outline a strategy for

Answer 41

achieving goals, timelines, costs, and evaluation

Question 42

marketing plans

Answer 42

1. communicate to the community, government officials, and board members what the organizations is trying to achieve and why and how it will do it 2. provides a guide for management actions and resource allocations 3. allows the organization to shape its future rather than react to situations as they arise 4. coordinates activities of different members of the marketing effort 5. provides s control system to monitor deviations from assumptions that underlie the plan, and results that don;t meet goals 6. justifies funding levels and how the money will be spent

Question 43

site selection:

Answer 43

finds the most appropriate site for a business from an economic and operational perspective

Question 44

list some examples of the types of site selectors and their sevices

Answer 44

``` firms that offer comprehensive service real estate firms and brokers professional service firms economic development strategy consultatns corporate real estate executives ```

Question 45

factors that site selectors consider when conducting a project vary based on

Answer 45

industry, client needs and a consultant's method and area of expertise

Question 46

site selection considerations include

Answer 46

1. business strategy 2. operating costs 3. operating requirements 4. risk factors

Question 47

typically when projects involve executives, managers, and skilled workers or an HQ to relocate _______ is a consideration

Answer 47

quality of life

Question 48

what are the typical steps of a site selection process?

Answer 48

defining the project requirements, broad screening and cuts, identifying a short list and making site visits, negotiating incentives and finalizing the project

Question 49

Regarding incentives a community should know what they are willing or ___ to offer a project

Answer 49

not willing

Question 50

most common incentives are

Answer 50

1. low cost financing 2. tax abatements 3. training programs 4. low-cost utilities 5. turnkey facility plans 6. enterprise zones

Question 51

common criteria communities use to make incentive decisions include;

Answer 51

1. job numbers 2. quality of jobs 3. investment requirements 4. reporting requirements 5. "but for" determinations - this project wouldn't have happened "but for" the availability of this funding tool

Question 52

clawbacks are

Answer 52

part of a written agreement that says if the recipient of incentives doesn't meet their requirements or shuts down they must refund all or part of the incentive.