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Learn the purpose of a marketing plan, the five marketing strategies in the marketing mix, and the role of marketing tactics in implementing the plan.
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Section Objectives • Identify the purpose of the marketing plan. • Name the five marketing strategies that make up the marketing mix. • Describe the part that marketing tactics play in the marketing plan.
The Main Idea 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.
Content Vocabulary 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
Forming Marketing Objectives 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.
Forming Marketing Objectives 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
The Marketing Plan A successful marketing plan contains specific marketing objectives. marketing objectives what a business wants to accomplish through its marketing efforts
The Marketing Plan product introduction or innovation sales or market share team organization Marketing Objectives projected profitability advertising pricing distribution 8
Developing the Marketing Mix 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
Developing the Marketing Mix The Five Ps of Marketing P Product P Place P Price P Promotion P People 10
The Product Strategy The product strategy deals with the goods or services your business will provide.
The Product Strategy Product considerations include: • features and benefits • branding, packaging, and labeling • selection • positioning • mix
The Product Strategy 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
The Product Strategy Branding, packaging, and labeling can have a bearing on product positioning. product positioning how consumers see a product in comparison to another product
The Product Strategy The final consideration in your product strategy is determining your company’s product mix. product mix all of the products a company makes or sells
The Place Strategy The place strategy deals with how you will deliver your goods and services to customers.
The Place Strategy Place strategy considerations include: • channels of distribution • intensity of distribution • transportation • location, layout, and availability
The Place Strategy 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
The Place Strategy 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.
The Place Strategy 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
Producer Consumer Producer Intermediary Consumer The Place Strategy Channels of Distribution Direct Indirect 21
The Place Strategy There are three ways to distribute a product: 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 • intensive distribution • selective distribution • exclusive distribution
The People Strategy The people strategy involves assembling, preparing, and maintaining the people who will help the business achieve success.
The Price and Promotion Strategies 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.
Marketing Tactics To apply marketing strategies, entrepreneurs employ marketing tactics. marketing tactics activities that are taken to carry out a marketing plan
After You Read 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.
After You Read 2. Name the five marketing strategies that make up the marketing mix. product, place, people, price, and promotion
After You Read 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.
Section Objectives • 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.
The Main Idea 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.
Content Vocabulary private brand guarantee diversification
The Importance of Ongoing Market Research 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.
Reviewing Your Marketing Plan and Mix 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 to make them more effective.
Possible Changes to the Product Strategy adding products eliminating products revising guarantees and service policies Product Strategy Changes changing products changing brands, packaging, or labels identifying new uses for products 34
Possible Changes to the Product Strategy You may want to consolidate products you manufacture under different brands under a single brand. You may also choose to sell your own private brand. private brand a brand that is owned and initiated by a wholesaler or retailer
Possible Changes to the Product Strategy To build customer confidence and increase sales, a business can offer a service policy or a guarantee. guarantee an assurance of the quality of a product
Possible Changes to the Place Strategy improving location rearranging layout Place Strategy Changes changing channels of distribution increasing availability 37
Possible Changes to the People Strategy number of people system rewards employee qualifications People Strategy Changes human resource responsibilities team-building responsibilities 38
Possible Changes to the Price and Promotion Strategies pricing for profit Price andPromotion Strategy Changes reacting to market prices revising terms of sale 39
Revising Your Marketing Plan and Mix Reviewing and revising your marketing plan and mix regularly will help you identify and make necessary strategy changes. Such a review sets the stage for longer-term market planning, such as expansion, revision, or diversification. diversification the process of investing in products or businesses with which an existing business is not currently involved
After You Read 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.
After You Read 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, and 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.
After You Read 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.
End of Chapter 10 The Marketing Plan
