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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. 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