Marketing Terms Marketing Plan Product Mix Marketing Objectives Channel of Distribution Marketing Mix Intermediaries Brand Package Label Product Positioning Marketing Tactics Private Brand Marketing Concept Diversification Features Benefits
Jan 14, 2016
Marketing Terms
Marketing Plan Product MixMarketing Objectives Channel of DistributionMarketing Mix IntermediariesBrand PackageLabel Product Positioning Marketing Tactics Private Brand
Marketing Concept DiversificationFeatures Benefits
The Marketing Concept
States that business must satisfy customer needs and wants to make a profit.
A Market is
The potential customers who share common needs and wants and have the ability and willingness to buy a product.
The Target Market is
A group of potential customers. These customers are always described in Geographic, Demographic and Psychographic terms
Geographics are
Where customers live, usually as a zip code.
Psychographics are
A customer’s life-style
Demographics are
Characteristics of a population that “show a picture”. Examples of demographics are: Age, Marital Status, Race, Religion, Income, Profession or Gender.
Segmenting a market
Is describing customers in Geo, Demo & Psycho – graphic terms, who are likely to buy a particular product.
In a business plan
There is a section called:
The Marketing Plan
The Marketing plan contains Marketing objectives (goals) that the business would like to obtain.
All objectives (goals)
Must be S.M.A.R.T.• Specific• Measurable• Attainable• Realistic• Timely
Each marketing objective
Is related to a portion of the Marketing Mix
The Marketing Mix
The Marketing Mix is the four Ps:
1. Product
2. Place
3. Promotion
4. Price
Product Positioning
is: packaging, product features, product benefits, labels and branding for all the products that the company sells (AKA) Product Mix.
A package is a physical container for a good.
A label is part of the packaging and is used to present product information
A product feature is an attribute regarding a product.
A product benefit is the good the customer derives from using the product
Positioning is how customers see a product. An example of this is Cadillac and is positioned as prestigious.
Place / Channel of Distribution
This refers to the path a product takes from the producer to the customer. (Trains, Planes, Trucks or Ships) And what businesses take ownership of the product. Each step of ownership in the product path is known as an intermediary.
Place also refers to the
Location on the shelf inside the retailer’s layout and design, so that the product can be found and compete with the products in its category.
Promotion refers to
Advertising, Types of Personal Selling Techniques, Service Policies, Contests, Couponing and Public Relations
Price Strategy
Price is how much should a business charge its customers.
All of the marketing mix strategies and objectives are created in
conjunction and relevance to the other objectives and are related to
the business plan objectives.
In other words, none of this is created in a vacuum.
Each part of Marketing Mix
Will always need review. Examples like this could be: Change of vendors, suppliers or location (Place)Change is advertising style, (Promotion)Change in Pricing Change packaging. (Product) Smart entrepreneurs must stay on top of changes
if a business is to survive. These are Marketing Tactics
Diversification is
The change in product lines to meet Target Market Segments.
Private Brand is:
A named product owned by a wholesaler or retailer.