Transcript The Marketing Plan

SWH
The Marketing Plan
Devising a Marketing Plan
Reviewing and Revising the
Marketing Plan
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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.
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To succeed and grow, a business must have a
marketing plan with realistic objectives, the
proper mix of the five Ps, and an action plan for
implementation.
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marketing plan
marketing
objectives
marketing mix
brand
package
label
product positioning
product mix
channel of distribution
intermediaries
intensive distribution
selective distribution
exclusive distribution
marketing tactics
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Marketing is the process of developing,
promoting, and distributing products to satisfy
customers and businesses.
The success of a business is determined in the
marketplace.
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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
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A successful marketing
plan contains specific
marketing objectives.
marketing objectives
what a business wants
to accomplish through
its marketing efforts
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The Marketing Plan
product
introduction
or innovation
sales or
market share
team
organization
advertising
Marketing
Objectives
distribution
projected
profitability
pricing
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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
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Developing the Marketing Mix
The Five Ps of Marketing
P
Product
P
Place
P
Price
P
Promotion
P
People
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The product strategy deals with the goods or
services your business will provide.
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Product considerations include:
features and benefits
branding, packaging, and labeling
selection
positioning
mix
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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
package the physical
container or wrapper used
to present information
label the part of the
package used to present
information about the
product
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Branding, packaging, and
labeling can have a
bearing on product
positioning.
product positioning
how consumers see a
product in comparison
to another product
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The final consideration in
your product strategy is
determining your
company’s product mix.
product mix all the
products a company
makes or sells
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The place strategy deals with how you will
deliver your goods and services to customers.
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Place strategy considerations include:
channels of distribution
intensity of distribution
transportation
location, layout, and availability
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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
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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.
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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
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The Place Strategy
Channels of Distribution
Direct
Producer
Consumer
Indirect
Producer
Intermediary
Consumer
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There are three ways to
distribute a product:
intensive distribution
selective distribution
exclusive distribution
intensive distribution
placement of a product in
all suitable sales outlets
selective distribution
placement of a product
where its number of sales
outlets are limited in an
area
exclusive distribution
placement of a product
where its number of sales
outlets are limited to one
per area
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The people strategy involves assembling,
preparing, and maintaining the people who will
help the business achieve success.
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The price strategy is a financial decision and a
marketing strategy that affects the customer’s
motivation to buy.
The promotion strategy is designed to tell
potential customers about a business’s
products and their characteristics, benefits, and
availability.
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To apply marketing
strategies, entrepreneurs
employ marketing tactics.
Section 10.1 Devising a Marketing Plan
marketing tactics
activities that are taken to
carry out a marketing plan
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1.
Identify the role of marketing objectives in
developing a marketing plan.
Marketing objectives state what a business
wants to accomplish through its marketing
efforts.
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2.
Name the five marketing strategies that
make up the marketing mix.
product, place, people, price, and promotion.
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3.
Describe the part marketing tactics play in
the marketing plan.
Marketing tactics are the activities used to put
the marketing mix and the marketing plan into
action.
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State the importance of ongoing market
research.
List the factors to consider for each strategy
when reviewing the marketing mix.
Describe how to update the marketing mix
and marketing plan.
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The target markets, customer demands, and
competition of a business change over time.
For a business to succeed, you must make timely
adjustments to your marketing plan.
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private brand
guarantee
diversification
Section 10.2 Reviewing and Revising the Marketing Plan
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In business, change is constant. In order to
stay up-to-date with changes as they occur:
Gather primary data from customers.
Gather secondary data from business
records.
Collect information that affects your operation.
Section 10.2 Reviewing and Revising the Marketing Plan
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There are many benefits to ongoing market
research.
The research provides information you need to
make adjustments to your marketing plan and
allows you to revise and rework your
marketing mix strategies.
Section 10.2 Reviewing and Revising the Marketing Plan
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Possible Changes to the Product Strategy
adding
products
revising
guarantees
and service
policies
eliminating
products
Product
Strategy
Changes
changing
brands,
packaging,
or labels
Section 10.2 Reviewing and Revising the Marketing Plan
changing
products
identifying
new uses for
products
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You may want to
consolidate products you
manufacture under
different brands under a
single brand.
private brand a brand
that is owned and
initiated by a wholesaler
or retailer
You may also choose to
sell your own private
brand.
Section 10.2 Reviewing and Revising the Marketing Plan
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To build customer
confidence and increase
sales, a business can
offer a service policy or a
guarantee.
Section 10.2 Reviewing and Revising the Marketing Plan
guarantee an
assurance of the quality
of a product
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Possible Changes to the Place Strategy
improving
location
rearranging
layout
Place
Strategy
Changes
changing
channels of
distribution
Section 10.2 Reviewing and Revising the Marketing Plan
increasing
availability
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Possible Changes to the People Strategy
number of
people
system
rewards
People
Strategy
Changes
human
resource
responsibilities
Section 10.2 Reviewing and Revising the Marketing Plan
employee
qualifications
team-building
responsibilities
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Possible Changes to the
Price and Promotion Strategies
pricing for profit
Price and
Promotion
Strategy
Changes
revising
terms of sale
Section 10.2 Reviewing and Revising the Marketing Plan
reacting to
market
prices
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Reviewing and revising
your marketing plan and
mix regularly will help you
identify and make
necessary strategy
changes.
diversification the
process of investing in
products or businesses
with which an existing
business is not currently
involved
Such a review sets the
stage for longer-term
market planning, such as
expansion, revision, or
diversification.
Section 10.2 Reviewing and Revising the Marketing Plan
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10.2
1.
State the importance of ongoing market
research.
Ongoing market research provides information
that enables a business owner to make
decisions that ensure the profitability of the
business.
Section 10.2 Reviewing and Revising the Marketing Plan
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10.2
2.
List the factors to consider for each
strategy
when reviewing the marketing
mix.
For product strategy: goods and services to offer, differentiation from
competitors’ products, and clear product identification. For place strategy:
changes in location, layout, availability, and channels of distribution. For
people strategy: shifts in demand, changes in the nature of the business,
or growth. For price strategy: pricing for profit, reacting to market prices,
and revising terms of sale. For promotion strategy: making the most of
advertising dollars, stimulating sales, and planning for the long term.
Section 10.2 Reviewing and Revising the Marketing Plan
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10.2
3.
Describe how to update the marketing mix
and marketing plan.
Updating the marketing mix involves reviewing individual strategies for
recent adjustments and needed changes. Changes and proposed
changes are then reviewed for consistency with marketing objectives (and
budget considerations). Based on these reviews, adjustments are made
to ensure that all strategies are coordinated to accomplish the marketing
objectives. Finally, the revised mix is incorporated into the marketing plan
and supporting elements of the plan are modified accordingly.
Section 10.2 Reviewing and Revising the Marketing Plan
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Once you decide to start an e-commerce business, you
will need to plan how your site will be developed.
You may use a Web-development service, such as a
Web designer or Web developer; a hosted service that
offers turnkey sites; a software package; or templates.
Section 10.2 Reviewing and Revising the Marketing Plan
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template
a file that establishes the format and appearance of a Web page
turnkey
a preprogrammed and ready-to-operate hosted e-commerce site
Section 10.2 Reviewing and Revising the Marketing Plan
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Web designer
a person who plans the aesthetic and navigational aspects of a
Web site
Web developer
a person who programs a Web site from a technical standpoint
Section 10.2 Reviewing and Revising the Marketing Plan
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