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The Marketing Plan
10.1
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.
Section 10.1 Devising a Marketing Plan
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The Marketing Plan
Forming Marketing
Objectives
A convincing marketing
plan includes a rationale for
your selection of marketing
strategies and tactics.
Section 10.1 Devising a Marketing Plan
Key Term
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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The Marketing Plan
The Marketing Plan
A successful marketing
plan contains specific
marketing objectives.
Section 10.1 Devising a Marketing Plan
Key Term
marketing objectives
what a business wants
to accomplish through
its marketing efforts
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The Marketing Plan
Developing the
Marketing Mix
Developing a marketing
mix enables an
entrepreneur to map out
how to accomplish
marketing initiatives.
Section 10.1 Devising a Marketing Plan
Key Term
marketing mix the five
marketing strategies used
to reach a market:
product, place, price,
promotion, and people
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The Marketing Plan
PEOPLE
The people strategy means
assembling, preparing, and
maintaining the people who
will help you achieve success.
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Let’s discuss
Tropicana’s
Promotional Mix
5
Developing the Marketing Mix
The Five Ps of Marketing
P
Product
P
Place
P
Price
P
Promotion
P
People
Section 10.1 Devising a Marketing Plan
6
The Marketing Plan
The Product Strategy
The product strategy deals with the goods or
services your business will provide.
Considerations Include:
features and benefits
branding, packaging, and
labeling
selection
positioning
product mix
Section 10.1 Devising a Marketing Plan
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The Marketing Plan
The Product Strategy
A product’s brand,
package, and label serve
as strategies for
maintaining customer
loyalty.
Key Terms
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
Section 10.1 Devising a Marketing Plan
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The Marketing Plan
The Product Strategy
Branding, packaging, and
labeling can have a bearing
on product positioning.
Section 10.1 Devising a Marketing Plan
Key Term
product positioning
how consumers see a
product in comparison
to another product
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The Marketing Plan
The Product Strategy
The final consideration in
your product strategy is
determining your
company’s product mix.
Section 10.1 Devising a Marketing Plan
Key Term
product mix all the
products a company
makes or sells
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The Marketing Plan
The Place Strategy
The place strategy deals with how you will deliver
your goods and services to customers.
Place strategy considerations include:
channels of distribution
transportation
location, layout, and
availability
Section 10.1 Devising a Marketing Plan
11
The Marketing Plan
The Place Strategy
To formulate a place
strategy, the entrepreneur
needs to understand the
channel of distribution.
Section 10.1 Devising a Marketing Plan
Key Term
channel of distribution
the path a product takes
from producer or
manufacturer to final user
or consumer
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The Marketing Plan
The Place Strategy
There are two basic types of channels of
distribution in the place strategy—direct
and indirect.
Key Term
A direct channel moves a product from
producer to customer with no other
businesses involved.
Section 10.1 Devising a Marketing Plan
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The Marketing Plan
The Place Strategy
An indirect channel of
distribution employs
intermediaries.
Section 10.1 Devising a Marketing Plan
Key Term
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
Section 10.1 Devising a Marketing Plan
Intermediary
Consumer
15
The Marketing Plan
The People Strategy
The people strategy involves assembling,
preparing, and maintaining the people who will
help the business achieve success.
Section 10.1 Devising a Marketing Plan
16
The Marketing Plan
The Price Strategy
The price strategy is a financial decision and
a marketing strategy that affects the customer’s
motivation to buy.
Costs & Expenses
Fixed costs and
expenses (expenses that
are not subject to change
depending on the number of
units sold), such as rent,
utilities, and insurance
premiums, affect
price.
Section 10.1 Devising a Marketing Plan
costs and
expenses
technological
trends
supply and
demand
Factors
Affecting
$ Price $
government
regulations
consumer
perceptions
competition
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The Marketing Plan
Government Regulations
Key Terms
price gouging
an illegal practice
in which competing
companies agree,
formally or informally, to
restrict prices within a
specified range
price fixing pricing
above the market when
no other retailer is
available
Section 10.1 Devising a Marketing Plan
costs and
expenses
technological
trends
supply and
demand
Factors
Affecting
$ Price $
government
regulations
consumer
perceptions
competition
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The Marketing Plan
The Promotion Strategy
The promotion strategy
is designed to tell
potential customers
about a business’s
products and their
characteristics, benefits,
and availability.
Section 10.1 Devising a Marketing Plan
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The Marketing Plan
The Promotion Strategy
Promotional
Mix
?
Product
?
Promotion
?
Price
?
Place
?
People
The Marketing Mix
sales
promotion
A promotional mix is
the combination of different
promotional elements that
a company uses to reach
and influence potential
customers.
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The Marketing Plan
Marketing Tactics
To apply marketing
strategies, entrepreneurs
employ marketing tactics.
Section 10.1 Devising a Marketing Plan
Key Term
marketing tactics
activities that are taken to
carry out a marketing plan
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The Marketing Plan
Section Review
1.What is a marketing objective and what is it’s
purpose?
2.Describe the five strategies of the marketing mix.
3.What is a product mix? Give an example.
4.What is a promotional mix? questions might be
asked when making product strategy decisions?
Section 10.1 Devising a Marketing Plan
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