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BBUSS 2403 • BUSINESS PLANNING CHAPTER 7 Marketing Plan 3-1 Introduction Marketing plan • Marketing strategy • Positioning • Points of differentiation • Price • Promotional mix • Sales process • Distribution strategy 7-2 Overall Marketing Strategy Marketing strategy – Approach to marketing a firm’s products and services stated in broad terms, which forms the basis of all its marketing-related activities 7-3 Positioning Strategy Positioning is how a firm is situated relative to its rivals 7-4 Points of Differentiation • Clear points about your product that are memorable and distinct that make your product different and better than existing products • Product attribute map 7-5 Product Attribute Map Figure 7-1 High Range of Amenities Provided Gold’s Gym LA Fitness Bally Prime Adult Fitness YMCA Community center fitness clubs Curves International Low Tailored to the Specific Needs of Clientele Low 7-6 High Pricing Strategy How to price your product or service – Cost based – Value based 7-7 Sales Process and Promotions Mix • Sales process are the steps a firm goes through to establish relationships with customers and close sales 1. 2. 3. 4. 5. 6. 7. 7-8 Prospecting Initial contact Qualifying the lead Sales presentation Meeting objections Closing the sale Follow up Promotions Mix • The specific tactics a firm uses to communicate with its potential customers • Advertising • Public relations • Other promotions-related activities 7-9 Advertising • Makes people aware of your product so they are persuaded to buy it • Major goals – Raise customer awareness of product – Explain product's comparative feature and benefits – Create an association between product and lifestyle 7-10 Public Relations Efforts to establish and maintain a company's image with the public Press release Media coverage Article in local newspapers Blogging Monthly newsletter Civic, social, and community involvement 7-11 Other Promotionsrelated Activities Free samples Creating buzz by creating awareness and sense of anticipation about company and product 7-12 Distribution and Sales Distribution encompasses all the activities that move a firm’s product from its place of origin to the consumer • Where people in your target market shop 7-13 Sales Strategy A firm needs to decide whether to field its own sales force or use intermediaries 7-14