Nature of Marketing Strategies

Nature of Marketing Strategies

Pick the Mix

Pick the Mix

Market Planning LAP 2

Market Planning LAP 2

Explain the nature of the marketing mix.

Explain the importance of marketing strategies to business.

Explain the importance of marketing strategies to business.

What prompts you to buy a product?

How do you know about, and have access to, the items you need and want?

What prompts you to buy a product?

How do you know about, and have access to, the items you need and want?

Preparation Is Key

• Marketers must plan:

Where they need to go

How to get there efficiently

Marketers set goals— their destination.

Describe where they’re headed

Describe objectives they plan to fulfill

Identify where they want to be by a certain date

Where Are You Going?Where Are You Going?Where Are You Going?Where Are You Going?

Which Way Are You Headed?Which Way Are You Headed?

• Determine a plan of action

• Help them reach their goals

• Must evaluate options

Marketers develop strategies—their route.

Method: How Will You Get There?Method: How Will You Get There?Method: How Will You Get There?Method: How Will You Get There?

• Carry out their strategies

• Lead them toward their goal—a little at a time

Marketers choose tactics—small steps along the route.

Develop complete plans.

Be ready to adjust.

Choose the Best StrategyChoose the Best Strategy

How does the marketing concept apply to the situation?

When do they want to reach their goal?

What resources are on hand?

Be On the LookoutBe On the Lookout

Business situations change.

Obstacles can be turned into opportunities.

Explain the nature of the marketing mix.

One Size Does Not Fit AllOne Size Does Not Fit All

The same marketing strategy won’t work in every situation.

Marketers adjust and combine their strategies to fit their purposes.

Marketing Mix, mahr-ki-ting miks, n. A combination of the four elements of marketing—product, price, place, and promotion.

Marketing Mix, mahr-ki-ting miks, n. A combination of the four elements of marketing—product, price, place, and promotion.

Product

The goods, services, or ideas a business offers its customers

Solutions to customers’ needs

The amount of money a firm asks in exchange for its products

A balance

• Between customer value and satisfaction

• Between company cost and profit

Price

Getting a selected product in the right place at the right time

Creating convenience for the customer

Place

Promotion

The various types of communication used to inform, persuade, or remind customers about their products

Advertising, personal selling, publicity and public relations, and sales promotion

Put It All TogetherPut It All Together

• The marketing-mix works as a unit.

• The marketing-mix elements are interrelated.

• A change to one element affects the others.

•Marketers select a strategy before customizing the marketing mix.

•Choosing the right blend of the marketing mix takes thorough planning.

Strategies and the Marketing Mix

Target’s Strategy

•Offers discount shopping for the fashionable crowd

•Uses creative marketing mix

Marketing strategies come in all shapes and sizes.

Think about one good and one service that you are familiar with.

How are the strategies and tactics used to market a good similar to and different from those used to market a service?

Barbie dolls are a source of controversy.

Totally Stylin’ Tattoo Barbie comes with tattoos for Barbie and children.

Was it unethical for Mattel to produce a doll with tattoos?

Does a tattooed Barbie make sense in today’s society?

Digital-based photography sources:Digital-based photography sources:

Microsoft Clip GalleryVarious clipart used in conjunction with Microsoft PowerPoint. All rights reservedOne Microsoft WayRedmond, WA 98052-6399 USA

ThinkStock PhotosVarious images used in this presentation are ©2011 ThinkStock Photos. All rights reserved www.thinkstockphotos.com

MBAResearchAcknowledgments

Original DevelopersLelia Ventling,

Mary Hollaway and April Miller, MBAResearch

Version 1.0

Copyright © 2011MBA Research and Curriculum Center®

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