The Marketing Plan 1 Identify the role of marketing objectives in developing a marketing plan. Name the five marketing strategies that make up the marketing mix. Describe the part marketing tactics play in the marketing plan. Section 10.1 Devising a Marketing Plan 10.1
The Marketing Plan 1 Identify the role of marketing objectives in developing a marketing plan. Name the five marketing strategies that make up the marketing.
Dec 23, 2015
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The Marketing Plan The Marketing Plan
1
Identify the role of marketing objectives in developing a marketing plan.
Name the five marketing strategies that make up the marketing mix.
Describe the part marketing tactics play in the marketing plan.
Section 10.1 Devising a Marketing Plan
10.1
The Marketing Plan The Marketing Plan
2
Forming Marketing Objectives
A convincing marketing plan includes a rationale for your selection of marketing strategies and tactics.
marketing plan a plan used by a business to guide its marketing process to a desired conclusion based on information obtained through market research and target market decisions
Section 10.1 Devising a Marketing Plan
Key Term
The Marketing Plan The Marketing Plan
3
The Marketing Plan
A successful marketing plan contains specific marketing objectives. marketing objectives
what a business wants to accomplish through its marketing efforts
Section 10.1 Devising a Marketing Plan
Key Term
The Marketing Plan The Marketing Plan
4
Developing the Marketing Mix
Developing a marketing mix enables an entrepreneur to map out how to accomplish marketing initiatives.
marketing mix the five marketing strategies used to reach a market: product, place, price, promotion, and people
Section 10.1 Devising a Marketing Plan
Key Term
The Marketing Plan The Marketing Plan
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Tropicana teams with Weight Watchers to Offer Tropicana Light ‘n Healthy as Part of 'Points' Program
Let’s discuss Tropicana’s
Promotional Mix
PEOPLE
The people strategy means assembling, preparing, and maintaining the people who will help you achieve success.
Developing the Marketing Mix
6
The Five Ps of Marketing
P
P
P
P
P
Product
Place
Price
Promotion
People
Section 10.1 Devising a Marketing Plan
The Marketing Plan The Marketing Plan
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The Product Strategy
The product strategy deals with the goods or services your business will provide.
Section 10.1 Devising a Marketing Plan
Considerations Include:
features and benefits
branding, packaging, and labeling
selection
positioning
product mix
The Marketing Plan The Marketing Plan
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The Product Strategy
A product’s brand, package, and label serve as strategies for maintaining customer loyalty.
brand the name, symbol, or design used to identify a product
Section 10.1 Devising a Marketing Plan
package the physical container or wrapper used to present information
label the part of the package used to present information about the product
Key Terms
The Marketing Plan The Marketing Plan
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The Product Strategy
Branding, packaging, and labeling can have a bearing on product positioning. product positioning
how consumers see a product in comparison to another product
Section 10.1 Devising a Marketing Plan
Key Term
The Marketing Plan The Marketing Plan
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The Product Strategy
The final consideration in your product strategy is determining your company’s product mix.
product mix all the products a company makes or sells
Section 10.1 Devising a Marketing Plan
Key Term
The Marketing Plan The Marketing Plan
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The Place Strategy
Place strategy considerations include:
Section 10.1 Devising a Marketing Plan
channels of distribution
transportation
location, layout, and availability
The place strategy deals with how you will deliver your goods and services to customers.
The Marketing Plan The Marketing Plan
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The Place Strategy
To formulate a place strategy, the entrepreneur needs to understand the channel of distribution. channel of distribution
the path a product takes from producer or manufacturer to final user or consumer
Section 10.1 Devising a Marketing Plan
Key Term
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The Place Strategy
There are two basic types of channels of distribution in the place strategy—direct and indirect.
A direct channel moves a product from
producer to customer with no other
businesses involved.
Section 10.1 Devising a Marketing Plan
Key Term
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The Place Strategy
An indirect channel of distribution employs intermediaries. intermediaries people
or businesses that move products between producers and final users, including wholesalers, retailers, distributors, and agents
Section 10.1 Devising a Marketing Plan
Key Term
The Place Strategy
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Channels of Distribution
Producer Consumer
Producer ConsumerIntermediary
Direct
Indirect
Section 10.1 Devising a Marketing Plan
The Marketing Plan The Marketing Plan
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The People Strategy
The people strategy involves assembling, preparing, and maintaining the people who will help the business achieve success.
Section 10.1 Devising a Marketing Plan
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The Price Strategy The price strategy is a financial decision and a marketing strategy that affects the customer’s motivation to buy.
Section 10.1 Devising a Marketing Plan
Factors Affecting $ Price $
costs and expenses
supply anddemand
consumer perceptions
competitiongovernment regulations
technological trends
Fixed costs and expenses (expenses that are not subject to change depending on the number of units sold), such as rent, utilities, and insurance premiums, affect price.
Costs & Expenses
The Marketing Plan The Marketing Plan
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Government Regulations
Section 10.1 Devising a Marketing Plan
costs and expenses
supply anddemand
consumer perceptions
competitiongovernment regulations
technological trends
price gouging an illegal practice in which competing companies agree, formally or informally, to restrict prices within a specified range
price fixing pricing above the market when no other retailer is available
Factors Affecting $ Price $
Key Terms
The Marketing Plan The Marketing Plan
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The Promotion Strategy
The promotion strategy is designed to tell potential customers about a business’s products and their characteristics, benefits, and availability.
Section 10.1 Devising a Marketing Plan
The Marketing Plan The Marketing Plan
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ProductPrice
Promotion
Place People
publicity perso
nal
selling
adve
rtis
ing
salespromotion
PromotionalMix
A promotional mix is the combination of different promotional elements that a company uses to reach and influence potential customers.
The Promotion Strategy
The Marketing Mix
The Marketing Plan The Marketing Plan
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Marketing Tactics
To apply marketing strategies, entrepreneurs employ marketing tactics. marketing tactics
activities that are taken to carry out a marketing plan
Section 10.1 Devising a Marketing Plan
Key Term
The Marketing Plan The Marketing Plan
22
Section Review
1.What is a marketing objective and what is it’s purpose?
2.Describe the five strategies of the marketing mix.
3.What is a product mix? Give an example.
4.What is a promotional mix? questions might be asked when making product strategy decisions?
Section 10.1 Devising a Marketing Plan
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