1. Indicator 1.04 Employ marketinginformation to develop a
marketing plan MarketingPart 1
2. THE MARKETING MIX Includes four basic Product strategies
called the 4 Ps or elements of Place marketing. For each strategy,
decisions Price have to be made for each product the Promotion
business offers to best reach their target market. 3. The 4 Ps
Product - decisions include what to make or obtain as the businesss
product mix. Level of quality, features, branding, packa ging,
service, and warranty are items to decide and develop for each
product. 4. PRODUCT Examples: Product: the goods, services, or
ideas a businesswill offer its customers. Marketers conduct
research and use theircreativity to figure out what customers need
andhow they will meet those needs 5. The 4 Ps Place - decisions
include where the customer can obtain the products. Many businesses
utilize multiple channels of distribution. For example, store
locations, website, and catalogs are the standard for most
retailers today. Decisions of direct distribution or indirect
distribution (intermediaries/middlemen) 6. PLACE Example: The place
element can make or break the buyingexperience. Getting a product
in the right place at the righttime is all about creating
convenience for thecustomer. 7. The 4 Ps Price - decisions include
determining what a customer is willing to pay What competition is
charging, determining seasonal discounts and allowances, and credit
terms. Determine how to accept payment: Cash, debit, credit, check,
or combination 8. PRICE Example: Price is the amount of money a
firm asks inexchange for its products. To be successful, a good
balance betweencustomer value and satisfaction, as well ascompany
cost and profit must be found. 9. The 4 Ps Promotion - decisions
include the promotional mix (advertising, sales promotion, selling,
and publicity) These decisions are based on the budgeta business
sets for the promotional mix. The ultimate goal of promotion is
togenerate a positive response fromcustomers. 10. PROMOTION
Example: Promotion refers to the various types of communication
that marketers use to inform, persuade, or remind customers about
their products. Advertising Personal selling Publicity Public
relations Sales promotion 11. IMPORTANCE OF THE 4 PS Product is
important Price is importantto obtain or develop because it
establishesthe best product mix your profit and set thewithin your
market quality level of yourand your
targetproducts/services.market. Promotion is Place is important
important because itbecause it is thecommunicates withavenues you
come your customers sointo contact with your they know about
yourcustomers. This is product mix.the element that hasdirect
impact onloyalty and repeatcustomers. 12. ACTIVITY Choose a product
that you use frequently (toiletry items are good). List suggestions
for improvements to the product and the marketing mix. Explain how
the improvements would increase satisfaction of the customer and
the business. 13. RELATIONSHIP OF GOALS, TACTICS, &STRATEGIES
TO THE MARKETING MIX Mission Statement the guiding principle for
all business decisions and provides direction for planning.
Goals/Objectives established on a yearly basis and support the
mission statement. Goals must be measurable and have a deadline.
Strategies are then developed to accomplish goals and it reflects
the method to achieve the goal (what to do). Tactics are then
developed to accomplish the strategies; it is the how things will
be done, daily actions. 14. Goal: What is the marketersdestination?
A goal is an objective you plan to fulfill SMART:(Specific,
Measureable, Action, Realistic, Timebound) Determine where your
firm needs to be by aparticular date and agree upon goals A
family-style restaurant wants to increase sales Agree to increase
annual sales by 10% over lastyears sales Goal is specific and can
be evaluated for success orfailure at the end of a given time
frame. 15. Strategy: Which route will themarketer take to get
there? A strategy is a plan of action for achieving yourgoals and
objectives. Create the plan of action (route) believed to bemost
efficient. Example: Strategy #1: add a kids menu in order to
increase sales to young parents in the area 16. Tactics: What small
steps are neededto make it happen? Tactics are specific actions
used to carry outstrategies Marketers carefully choose the
short-termactions, or tactics, they use to carry out theirstrategy.
Tactics must line up with where they plan to go their goal-and how
they plan to get there They pay attention to every detail their
strategy 17. MARKETING STRATEGIESCHANGE What factors cause that
change? Different Goals Economic conditions change Political or
influence of governmental agencieschanges Demand changes reflecting
new consumer attitudes Environmental changes Advancements in
technology Actions of Competitors 18. ACTIVITYThink of 5 products
that have changed in your lifetime How did they change? Why did
they change?
