EDSR MEMORANDUM 10-11-1999 - Laserfiche WebLink

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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY 411 MEMORANDUM TO: Economic Development Authority FROM: Marc Nevinski, Assistant Director of Economic Development ,dy DATE: September 11, 1999 SUBJECT: Marketing Plan Development Issue In the revisions of the economic development strategic plan this past summer, the establishment of an industrial marketing plan ranked as one of the top priorities for the department. A marketing plan is linked to the achievement of the other priorities identified in the economic development strategic plan. It's goal then is to develop measurable directives that promote industrial investment in Elk River. ak Background In preparation for the development of a marketing plan, staff researched and discussed the process with other practitioners familiar with economic development marketing techniques. The overall conclusion was that Elk River already has the networks, tools, and resources on which to build a sound marketing program. Examples include industrially zoned land, fully serviced business parks, financial incentives, trained staff, infrastructure, community networks, and so forth. Staff believes that the EDA's plan should be similar in scope and content to that of a private sector marketing plan. The plan should accurately identify Elk River's competitive advantage and determine product-client matches. Additionally, the plan should delineate the scope of the marketing activities as well as identify specific and measurable promotional tactics. Given the type of marketing plan the EDA might consider developing, it is staff's recommendation that a consultant experienced both in the areas of industrial/service marketing and economic development be sought. Staff has requested and received information from potential marketing consultants. A memo is attached describing the some of the research on this issue and is helpful in framing the overall discussion. III 13065 Orono Parkway • P. O. Box 490 • Elk River, MN 55330-1743 • (612) 441-7420 • Fax (612) 441-7425 Equal Opportunity Housing and Equal Opportunity Employment