Transcript Developing the Marketing Mix

Marketing Plans
Business Plan
Market Segmentation
Goals / Objectives
Marketing Mix / 4Ps
Product
Place
Promotion
Price
Market Concept
Executive Summary
Goals / Objectives
Marketing Mix / 4Ps
Demographics
SWOT
Market
Target Market
Geographics
Psychographic
Demographics
Market Segmentation
Goals / Objectives
Product
Place
Promotion
Price
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.
The Marketing Concept
States that business must satisfy customer
needs and wants to make a profit.
Executive Summary
Is a brief overview of the entire marketing
plan, addressing each topic.
SWOT Analysis
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Strengths
Weaknesses
Opportunities
Threats
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.
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
1.
2.
3.
4.
The Marketing Mix is the four Ps:
Product
Place
Promotion
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