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SWH The Marketing Plan Devising a Marketing Plan Reviewing and Revising the Marketing Plan SWH 1/22/2016 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. SWH 1/22/2016 To succeed and grow, a business must have a marketing plan with realistic objectives, the proper mix of the five Ps, and an action plan for implementation. SWH 1/22/2016 1 marketing plan marketing objectives marketing mix brand package label product positioning product mix channel of distribution intermediaries intensive distribution selective distribution exclusive distribution marketing tactics SWH 1/22/2016 Marketing is the process of developing, promoting, and distributing products to satisfy customers and businesses. The success of a business is determined in the marketplace. 1/22/2016 A convincing marketing plan includes a rationale for your selection of marketing strategies and tactics. 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 SWH 1/22/2016 A successful marketing plan contains specific marketing objectives. marketing objectives what a business wants to accomplish through its marketing efforts SWH 1/22/2016 The Marketing Plan product introduction or innovation sales or market share team organization advertising Marketing Objectives distribution projected profitability pricing SWH 1/22/2016 8 Developing a marketing mix enables an entrepreneur to map out how to accomplish marketing initiatives. marketing mix the five marketing strategies used to reach a market: product, place, price, promotion, and people SWH 1/22/2016 Developing the Marketing Mix The Five Ps of Marketing P Product P Place P Price P Promotion P People SWH 1/22/2016 10 The product strategy deals with the goods or services your business will provide. SWH 1/22/2016 Product considerations include: features and benefits branding, packaging, and labeling selection positioning mix SWH 1/22/2016 A product’s brand, package, and label serve as strategies for maintaining customer loyalty. 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 SWH 1/22/2016 Branding, packaging, and labeling can have a bearing on product positioning. product positioning how consumers see a product in comparison to another product SWH 1/22/2016 The final consideration in your product strategy is determining your company’s product mix. product mix all the products a company makes or sells SWH 1/22/2016 The place strategy deals with how you will deliver your goods and services to customers. SWH 1/22/2016 Place strategy considerations include: channels of distribution intensity of distribution transportation location, layout, and availability SWH 1/22/2016 To formulate a place strategy, the entrepreneur needs to understand the channel of distribution. channel of distribution the path a product takes from producer or manufacturer to final user or consumer SWH 1/22/2016 There are two basic types of channels of distribution in the place strategy—direct and indirect. A direct channel moves a product from producer to customer with no other businesses involved. SWH 1/22/2016 An indirect channel of distribution employs intermediaries. intermediaries people or businesses that move products between producers and final users, including wholesalers, retailers, distributors, and agents SWH 1/22/2016 The Place Strategy Channels of Distribution Direct Producer Consumer Indirect Producer Intermediary Consumer SWH 1/22/2016 21 There are three ways to distribute a product: intensive distribution selective distribution exclusive distribution intensive distribution placement of a product in all suitable sales outlets selective distribution placement of a product where its number of sales outlets are limited in an area exclusive distribution placement of a product where its number of sales outlets are limited to one per area SWH 1/22/2016 The people strategy involves assembling, preparing, and maintaining the people who will help the business achieve success. SWH 1/22/2016 The price strategy is a financial decision and a marketing strategy that affects the customer’s motivation to buy. The promotion strategy is designed to tell potential customers about a business’s products and their characteristics, benefits, and availability. SWH 1/22/2016 To apply marketing strategies, entrepreneurs employ marketing tactics. Section 10.1 Devising a Marketing Plan marketing tactics activities that are taken to carry out a marketing plan SWH 1/22/2016 1. Identify the role of marketing objectives in developing a marketing plan. Marketing objectives state what a business wants to accomplish through its marketing efforts. SWH 1/22/2016 2. Name the five marketing strategies that make up the marketing mix. product, place, people, price, and promotion. SWH 1/22/2016 3. Describe the part marketing tactics play in the marketing plan. Marketing tactics are the activities used to put the marketing mix and the marketing plan into action. SWH 1/22/2016 State the importance of ongoing market research. List the factors to consider for each strategy when reviewing the marketing mix. Describe how to update the marketing mix and marketing plan. SWH 1/22/2016 The target markets, customer demands, and competition of a business change over time. For a business to succeed, you must make timely adjustments to your marketing plan. SWH 1/22/2016 private brand guarantee diversification Section 10.2 Reviewing and Revising the Marketing Plan SWH 1/22/2016 In business, change is constant. In order to stay up-to-date with changes as they occur: Gather primary data from customers. Gather secondary data from business records. Collect information that affects your operation. Section 10.2 Reviewing and Revising the Marketing Plan SWH 1/22/2016 There are many benefits to ongoing market research. The research provides information you need to make adjustments to your marketing plan and allows you to revise and rework your marketing mix strategies. Section 10.2 Reviewing and Revising the Marketing Plan SWH 1/22/2016 Possible Changes to the Product Strategy adding products revising guarantees and service policies eliminating products Product Strategy Changes changing brands, packaging, or labels Section 10.2 Reviewing and Revising the Marketing Plan changing products identifying new uses for products SWH 1/22/2016 34 You may want to consolidate products you manufacture under different brands under a single brand. private brand a brand that is owned and initiated by a wholesaler or retailer You may also choose to sell your own private brand. Section 10.2 Reviewing and Revising the Marketing Plan SWH 1/22/2016 To build customer confidence and increase sales, a business can offer a service policy or a guarantee. Section 10.2 Reviewing and Revising the Marketing Plan guarantee an assurance of the quality of a product SWH 1/22/2016 Possible Changes to the Place Strategy improving location rearranging layout Place Strategy Changes changing channels of distribution Section 10.2 Reviewing and Revising the Marketing Plan increasing availability SWH 1/22/2016 37 Possible Changes to the People Strategy number of people system rewards People Strategy Changes human resource responsibilities Section 10.2 Reviewing and Revising the Marketing Plan employee qualifications team-building responsibilities SWH 1/22/2016 38 Possible Changes to the Price and Promotion Strategies pricing for profit Price and Promotion Strategy Changes revising terms of sale Section 10.2 Reviewing and Revising the Marketing Plan reacting to market prices SWH 1/22/2016 39 Reviewing and revising your marketing plan and mix regularly will help you identify and make necessary strategy changes. diversification the process of investing in products or businesses with which an existing business is not currently involved Such a review sets the stage for longer-term market planning, such as expansion, revision, or diversification. Section 10.2 Reviewing and Revising the Marketing Plan SWH 1/22/2016 10.2 1. State the importance of ongoing market research. Ongoing market research provides information that enables a business owner to make decisions that ensure the profitability of the business. Section 10.2 Reviewing and Revising the Marketing Plan SWH 1/22/2016 10.2 2. List the factors to consider for each strategy when reviewing the marketing mix. For product strategy: goods and services to offer, differentiation from competitors’ products, and clear product identification. For place strategy: changes in location, layout, availability, and channels of distribution. For people strategy: shifts in demand, changes in the nature of the business, or growth. For price strategy: pricing for profit, reacting to market prices, and revising terms of sale. For promotion strategy: making the most of advertising dollars, stimulating sales, and planning for the long term. Section 10.2 Reviewing and Revising the Marketing Plan SWH 1/22/2016 10.2 3. Describe how to update the marketing mix and marketing plan. Updating the marketing mix involves reviewing individual strategies for recent adjustments and needed changes. Changes and proposed changes are then reviewed for consistency with marketing objectives (and budget considerations). Based on these reviews, adjustments are made to ensure that all strategies are coordinated to accomplish the marketing objectives. Finally, the revised mix is incorporated into the marketing plan and supporting elements of the plan are modified accordingly. Section 10.2 Reviewing and Revising the Marketing Plan SWH 1/22/2016 Once you decide to start an e-commerce business, you will need to plan how your site will be developed. You may use a Web-development service, such as a Web designer or Web developer; a hosted service that offers turnkey sites; a software package; or templates. Section 10.2 Reviewing and Revising the Marketing Plan SWH 1/22/2016 44 template a file that establishes the format and appearance of a Web page turnkey a preprogrammed and ready-to-operate hosted e-commerce site Section 10.2 Reviewing and Revising the Marketing Plan SWH 1/22/2016 45 Web designer a person who plans the aesthetic and navigational aspects of a Web site Web developer a person who programs a Web site from a technical standpoint Section 10.2 Reviewing and Revising the Marketing Plan SWH 1/22/2016 46 End of