Download Understanding the Marketing Plan

yes no Was this document useful for you?
   Thank you for your participation!

* Your assessment is very important for improving the work of artificial intelligence, which forms the content of this project

Understanding the
Marketing Mix
and Marketing Plan
Marketing Mix
 Every plan will be different because every business is different.
 Decisions about the Marketing Mix – 4 P’s – is the foundation of a
marketing plan.
 Product
 Price
 Place
 Promotion
 Answers to these questions will be a guide to developing the
actual Marketing Plan and Action Plans.
Product Decisions
 Quantity?
 Sizes?
 Packaging?
 Warranty?
 Design and Image?
 Logo/Slogan?
Price Decisions
 Cost of goods to produce?
 Markup?
 Profit Margin?
 Break-Even Point?
 List price Vs. Selling Price?
 Comparison with competitors?
Place Decisions
 How/Where products will be sold?
 Distribution & Logistics?
 Warehousing?
 Inventory?
 Order Processing?
 Delivery of Product?
Promotion Decisions
 Advertising?
 Sales Promotions?
 Reward Programs?
 Special Events?
 Public Relations?
 Customer Service/Return Policies?
What is a Marketing Plan?
 Written document that defines the target
market and describes the promotion and
marketing efforts to achieve one or more
marketing objectives for a specific time period.
 Written each year but sometimes modified as
the business’s progress and situations change.
 Describes a business’ marketing objectives and
the strategies and tactics to achieve them.
Parts of a Marketing Plan
 Situation Analysis
 Marketing Objectives
 Marketing Strategies
 Marketing Tactics
 Action Plan
 All marketing plans should include this basic
Situation Analysis
 Snapshot of the environment in which the
business has been operating
 Introductory statement
 Target Market
 Competition
Target Market
 Define by using demographic, geographic, economic,
behavioral, and psychographic information.
 Estimate the total size of the target market.
 Include information gained that describe market trends.
 Describe factors that may affect purchasing – season,
price, availability, emotions, services, etc.
 List both direct and indirect competitors
 Outline the product line and what they offer
 Describe your business’ advantage
 Explain why your product is different or
better – more variety? Better pricing? Better
Marketing Objectives
 The goals a business wants to achieve during a
given time
 Most have both corporate and marketing goals
 May be short term – achieved in less than a year
 May be long term – achieved in a year or more
 All marketing objectives should be written as
SMART goals
 S = Specific
 M = Measurable
 A = Attainable
 R = Realistic
 T = Timely
Marketing Strategies
 Decisions made about product, price,
place, and promotion
 Outline of the who, what, when,
where and how of the marketing
Marketing Tactics
 Specific activities to carry out the marketing
 Every marketing strategy will have a set of
tactics designed to accomplish it
 Usually the longest section because it lists
very specific activities
Action Plan
 Time Line – lists when each activity starts and where it
happens, the end date and who is responsible – also
keeps business on track and keeps plan moving
 Budget – costs to implement the marketing and
promotional activities
 Metrics – the way we measure the effectiveness of a
project – marketing is very expensive so business’ want
to make sure they have a return on their investment
Format the Marketing Plan
 At some point, the marketing plan may be presented to
investors and employees
 Make sure it is well written and paragraphs fully explain
the marketing plans
 Grammatically correct, words appropriate and
punctuation accurate
 Exciting, enthusiastic and attractive
 Unique – be creative
Document related concepts

Pricing strategies wikipedia, lookup

Price discrimination wikipedia, lookup

Service parts pricing wikipedia, lookup

Pricing wikipedia, lookup

Perfect competition wikipedia, lookup

Dumping (pricing policy) wikipedia, lookup

Marketing channel wikipedia, lookup

Product planning wikipedia, lookup

Global marketing wikipedia, lookup

Marketing strategy wikipedia, lookup

Retail wikipedia, lookup

Sensory branding wikipedia, lookup

Green marketing wikipedia, lookup

Marketing mix modeling wikipedia, lookup

Advertising campaign wikipedia, lookup

Market penetration wikipedia, lookup

Neuromarketing wikipedia, lookup

Street marketing wikipedia, lookup

Direct marketing wikipedia, lookup

Multicultural marketing wikipedia, lookup

Marketing plan wikipedia, lookup

Integrated marketing communications wikipedia, lookup

Target market wikipedia, lookup

Digital marketing wikipedia, lookup

Guerrilla marketing wikipedia, lookup

Marketing wikipedia, lookup

Multi-level marketing wikipedia, lookup

Viral marketing wikipedia, lookup

Youth marketing wikipedia, lookup

Sports marketing wikipedia, lookup

Marketing communications wikipedia, lookup

Marketing research wikipedia, lookup

Ambush marketing wikipedia, lookup

Target audience wikipedia, lookup

Sales process engineering wikipedia, lookup

Social media marketing wikipedia, lookup

Affiliate marketing wikipedia, lookup

Food marketing wikipedia, lookup

Market segmentation wikipedia, lookup

Advertising management wikipedia, lookup

Segmenting-targeting-positioning wikipedia, lookup

Bayesian inference in marketing wikipedia, lookup

First-mover advantage wikipedia, lookup

Consumer behaviour wikipedia, lookup

Brand equity wikipedia, lookup