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Name: ____________________________________________ Assignment #: _______ Date: ___________ Period: ________ Chapter 10 The Marketing Plan Key Terms marketing plan marketing objectives marketing mix brand package label product positioning product mix channel of distribution direct channel intermediaries price gauging price fixing marketing tactics Objectives: 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. Forming Marketing Objectives A convincing ___________________ ___________ includes a rationale for your selection of marketing strategies and tactics. The Marketing Plan A successful marketing plan contains specific _______________ ______________. Developing the Marketing Mix Developing a ________________ _______ enables an entrepreneur to map out how to accomplish marketing initiatives. The five p’s are known as: P ___________________________ P ___________________________ P ___________________________ P ___________________________ P ___________________________ The Product Strategy The product strategy deals with the goods or services your business will provide. Considerations Include: features and ___________________________ branding, packaging, and ___________________________ selection ___________________________ product mix A product’s _________________, ___________________________, and ________________________ serve as strategies for maintaining customer loyalty. Branding, packaging, and labeling can have a bearing on ____________________ _________________________. The final consideration in your product strategy is determining your company’s ___________________________ __________. The Place Strategy The _____________________________strategy deals with how you will deliver your goods and services to customers. Place strategy considerations include: channels of distribution ______________________________ location, layout, and _______________________________ To formulate a place strategy, the entrepreneur needs to understand the ___________________________ of ___________________________. There are two basic types of channels of distribution in the place strategy-_______________________ and _________________________. A ______________________ _________________________ moves a product from producer to customer with no other businesses involved. An indirect channel of distribution employs intermediaries. The People Strategy The ______________________ strategy involves assembling, preparing, and maintaining the people who will help the business achieve success. The Price Strategy The ________________________ strategy is a financial decision and a marketing strategy that affects the customer’s motivation to buy. Costs & Expenses __________________________ costs and expenses (expenses that are not subject to change depending on the number of units sold), such as __________________, utilities, and insurance _____________________________, affect price. The Promotion Strategy The ___________________ strategy is designed to tell potential customers about a business’s products and their characteristics, benefits, and availability. A ______________________ _________ is the combination of different promotional elements that a company uses to reach and influence potential customers. Marketing Tactics To apply marketing strategies, entrepreneurs employ ____________________ ____________________. Additional Notes/Questions: