Transcript Marketing - Mrs Hasseld

Marketing
Information Management
LAP 7
Explain the importance of marketing
strategies to business.
Explain the nature of the
marketing mix.
Explain the importance of marketing
strategies to business.
How do you get
an item you want?
How do you
know
about,
and
have
The conditions
of your
purchase
have
been
planned
way
access
in advance—but
to, the items
not necessarily
you want?
by you.
Do customers really understand how much preparation
goes into connecting them with producers of goods and services?
Many purchases
wouldn’t occur
without
marketers’ efforts.
To achieve satisfying connections,
marketers plan where they need to go
and how to get there efficiently.
When determining their goals, strategies, and tactics,
marketers first figure out where they’re headed.
What is the marketer’s
From their
company’s
overall
plan, marketers determine
Then,
marketers
assemble
to discuss,
destination?
where
theirupon,
firm needs
to be by a particular date.
and
agree
their goal.
A family-style
restaurant
wants to increase sales.
A
is
objective
Example
• Marketers agree toan
increase
annual sales
by 10% over last year’s
yousales.
plan to
fulfill.
• Marketers know this goal is specific and
can be evaluated for success or failure
at the end of a given time frame.
Marketers
want to move
A strategy
is toward
theirof
goal
without
wasting
a plan
action
for achieving
anything.
So, they
plan the route
your goals
and objectives.
they believe to be most efficient.
Which route will the marketer take to get there?
By selecting this strategy,
its marketers reject a couple of ideas:
One strategy
the
family-style
restaurant
mightprices—
use
Staying
open
later—
Reducing
is to may
addput
a kid’s menu
in order
they think parents
they may
not be able to
Example
their kids
to bed early.
makein
enough
profit.
to increase
sales
to parents
the area.
By sensibly evaluating their options,
the restaurant’s marketers pick the strategy most
likely to help them reach their goal.
What are
small
stepsactions
are needed
it happen?
Tactics
specific
used to
to make
carry out
strategies.
Marketers
know
their
tactics
must
line
up
with
Because
marketers
want
to
be
efficient,
theywhere
To introduce
the
new
kid’s
menu,
the
restaurant
Offer a free
they
plan
to go
and
how
they
plan
gettactics,
there,
carefully
choose
the
short-term
actions,
or
Each
of
these
might
decide
to
use
the
following
tactics:
Introduce
kid-tested
meals
suchto
as:
ice-cream
cone
sothey
they
payto
close
every detail.
carryattention
out theirto
strategy.
simple
actions
touse
each
child
leads the restaurant
selects
a • Hot dog with potato chips
• Spaghetti andwho
meatballs
Example
toward its
mealdestination—
from the • Hamburger and french fries
• Macaroni desired
and cheese
menu.
akid’s
little at
a time.
Marketers plan thoroughly but stay flexible.
• No one knows for sure exactly how
a plan will play out.
• Planning needs to be as complete as
possible—but easily adaptable, too.
• Marketers plan for success
and are ready to adjust
at any given moment.
When deciding which strategy to use,
marketers choose the best option.
To
choose
themade
best
strategy
for
reaching
their goal,
• Once
they’ve
their selection,
marketers
A firm’s
strategy
is important
because
it shows
how
marketers
consider:
set
asidewill
the
funds
to make it happen.
its goal
be
reached.
• How
Its strategy
the marketing
may notconcept
be the only
applies
option.
to their situation
• There can be many appropriate
• When
theystrategies.
want to reach their goal
marketing
• Which resources are
on hand
Finding out
the firm
cannotbusiness
Because
Situations
that might
situations
invite a change-of-plan
change, marketers
include:
handle distribution
are on the lookout for obstacles they can turn into
on its own
opportunities for problemHearing
solving.
about a new product
with better features
Seeing the firm’s ad in the back
of the newspaper—instead
of the front, as expected
Figuring out that the price is
slightly high for customers
Changes in
governmental
rules
Changes in technology
Economic
ups-and-downs
Does the same strategy work in every situation?
To adapt,
marketers
adjust
Each
marketing
situation
Not
today’s
world.
theirinstrategies
to fit their
requires
a customized
purposes.
approach.
Explain the nature of the
marketing mix.
refers
goods,
services,
or
ideas
a business
The
marketing
mixtoiswhat
a combination
of the
four
elements
Marketers
research
and
use
creativity
to figure
out what
The
is a unique
blend
of
elements
will need
offer
its
customers.
ofmix
marketing—
product
, price,
place,
customers
and
how
they
will and
meetpromotion.
that need.
that are valuable individually.
• Should we offer one
product—or more than one?
• Is the product a good,
Product
end
service,At
or the
idea?
of the process,
• Does
the
product
Tocustomer
do
this, have
if the
sees
specialmarketers
features?
the product as the
ask
questions
best
solution,
• Does the
product
have
such
as: have
marketers
multiple
uses?
succeeded at this
• What
resources
arestep.
important
first
Price
Promotion
Place
necessary to research
and develop the product?
Others…
refers to
• Toamount
achieve a good balance for each, marketers first determine their
the
of money a firm asks in exchange for its products.
pricing
objectives,
whichto
include
one
or more
the
following:
Marketers
try to achieve
amay
good
balance
between
and
• The
price element
used
be the
primary
factor
invalue
aofcustomer’s
satisfaction
for the customer—and
product choice—but
not any more. cost and profit for the firm.
 Getting their product into more customers’ hands
 Helping customers view their firm as distinct from competitors
 Bringing in the amount of income they desire
 Raising the product’s value in
customers’ eyes
Product
 Matching the product’s value with what
customers expect to receive
Promotion
Place
• At
thedetermining
end of the process,
there
are two measurements
for success:
After
objectives,
marketers
consider if they’re
willing to accept cash or credit and if they will offer discounts.
 Customers feel that the benefits they receive
outweigh the costs.
 The firm brings in enough revenue to make a profit,
while keeping prices low enough to encourage sales.
Product
Promotion
Place
refers to
• To
successful
atcan
distribution,
marketers
consider:
It’s
all
about
creating
convenience
for the
the buying
customer.
Thebe
place
element
make or break
experience.
getting a selected product in the right place at
the right time.
 Which firms to buy the
product from
 When to buy the product
 How much of the product
to order
 How to protect the product from damage
 How to store the product until
it’s needed
 Where to make the product available
 How to get the product where
it’s needed
 How to process customer orders
Product
 Which firms to involve in the process
Price
 How to answer customer questions
Promotion
 How to coordinate all of the steps
involved
• If marketers make a mistake with this element,
the results can be unfortunate:
 The product may be scratched.
 The product may be available in the wrong amount.
 The product may not be available at all.
• If done well, distribution can overProduct
Price
Promotion
shadow other flaws such as a high
price—because convenience might
be worth the expense.
• Distribution is successful if the customer
can buy the product when and where
s/he wants.
refers to
various
types
of
communication
marketers
useand
to inform,
• the
It
uses
types
of communication
such
Promotion
involves
letting
seeks
acustomers
positive
response
know
theas:
from
product’s
the customer.
value
the
persuade,
remind
customers
their products.
benefits
that meetor
the
customer’s
currentof
needs.
 Personal selling
 Sales promotion
 Advertising
 Publicity
Product
Price
Place
• To use these types of communication effectively,
marketers determine:
 Which messages to send
 Which media to use
 When their messages will be delivered
• Marketers also take into consideration things such as:
 Frequency of communication
 Coordination of activities
Product
 Evaluation of results
Price
• If the customer is sure that making the
Place
purchase is the right thing to do at this time—
then marketers have successfully promoted
their product.
• The marketing mix works as a unit.
 When they assemble the mix, marketers carefully determine which
elements to include and to what degree.
 Since so many different marketing circumstances
exist, marketers adapt the mix to suit each one.
• The marketing-mix elements are interrelated: A change to one
element affects the others.
Putting it all together
 When marketers improve the product’s
features, the price goes up.
 When distribution is simplified,
the price goes down.
Similar
to the careful
ofbefore
each tactic,
choosing the
Marketers
selectselection
a strategy
customizing
right blend of the marketing
mix takes
the marketing
mix. thorough planning.
Product
Price
Promotion
Place
Target’s
strategy
Example
is to offer
discount shopping
for the fashionable
crowd.
In support of this strategy, Target has designed a creative
combination of the marketing mix.
Product—Target offers both typical household necessities
and products unique to its stores.
Since Target hires its own designers for some of
This
individuality
encourages
customers
to come
its product
lines, it’s
impossible
for competitors
back
for the
things
they
won’t get anywhere else.
to carry
same
brands.
In support of this strategy, Target has designed a creative
combination of the marketing mix.
Price—Target features quality products at lower prices.
Its
prices
are
lowshoppers
enough to
be considered
This
offers
chic
a refreshing
change
“discount”
highdepartment
enough to establish
from higherbut
priced
stores— an
image
of quality.
and from
lower quality discount stores.
In support of this strategy, Target has designed a creative
combination of the marketing mix.
Place—Target is part of an extensive online system to get
products from its suppliers.
This system helps
Target master
efficient distribution.
It allows the firm to
stock its shelves as
professionally as
department stores do.
Promotion—Target’s advertisements sport a cutting-edge image.
When customers notice the store’s
advertisements, they conclude that
this discount store accommodates
customers’ style requirements.
Target’s marketing mix does two things:
It puts together
It effectively
the image
supports
of quality
and
Target’s
the convenience
strategy ofof
catering
discount
shopping
to classy
in discount
a way fewshoppers.
stores have
demonstrated.
•
•
CompuBank
Strategies for increasing
sales of a service may
be quite different from
strategies used to increase
sales of a good.
24-hour online access
What strategies and tactics
do you think your bank is
using to reach its goal?
…
just what you’d expect
from the first virtual
National Bank!
If Should
you were
a marketing
decision
Victoria’s
Secret
and
maker at one &
ofFitch
these
firms,
Abercrombie
use
sex
how would
to sell you
theirdetermine
products?which
strategy to use?
Acknowledgements
Original Developers:
Lelia Ventling and Mary C. Hollaway,
MarkED
Version 1.0
MarkED Resource Center
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