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The Marketing Plan

The Marketing Plan. The Marketing Mix. Overview of the Marketing Plan. Determine different target markets One product can have many different variations of marketing mixes as one product can serve many markets Done for all new products Done for all versions

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The Marketing Plan

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  1. The Marketing Plan The Marketing Mix

  2. Overview of the Marketing Plan

  3. Determine different target markets • One product can have many different variations of marketing mixes as one product can serve many markets • Done for all new products • Done for all versions • Done to create new strategies for existing products • Decide on tangible/intangible attributes • Product description, accessories, variety, packaging • Customer service, technical support, guarantees, warranties Product Strategy

  4. Core Product – the intangible BENEFIT of the product. EX. Car – speed, convenience • Actual Product – the tangible car itself with all the bells & whistles • Augmented Product – the intangible ATTRIBUTES such as warranty, customer support, after sales maintenance & services, value Product Planning

  5. Product Planning 12 pieces Dark Chocolate Truffles 22 pieces Truffle Assortment $25.00 $7.19

  6. Product Planning Traditional Gift Basket Traditional Gift Basket $24.99 $50.00

  7. What are you paying for?? • For the romantic young to middle aged adult, to show the sweet side of a person for a thank you or special occasion • Chocolate pieces itself • Fancy gold wrapper • Basket/ribbon • Other pre-packaging • Customer satisfaction guarantee • Prestige, luxury, excellence • Knowledge of high quality & price STRIVERS & ACHIEVERS LUXURY AFFLUENCE IMAGE STATUS

  8. How much are consumers willing to pay? • Compare your pricing strategy among your competition • Top 3 competitors • Discuss value in your higher prices • Can the company make a profit off the market (retail) value of your product? • Break even point? • Planned changes to strategy • Decide to offer coupons? Discounts? Bargaining? Bonuses? Price Strategy

  9. Objective to make product available when and where customers want them (place utility) • When it comes from A and arrives to Z, product needs to be in usable condition • Temperature controlled • Timing to avoid spoilage • Is it arriving to a retailer or wholesaler? • Who ? (specific customers) • How is it getting there? (air, land, sea) • Where inside the store is it going? (product placement Distribution Strategy

  10. Create awareness to give market a reason to buy your product • Remind/persuade audience of benefits • Type of advertising media? • Type of advertising execution style? • Specific promotional incentives? • Publicity Promotion Strategy

  11. Refers to how your level of service and/or expertise, skills and human capital of the people who work for you can be used to set you apart from your competitors • Signals your HR is a key component in company overall success • Selectiveness improves execution, effectiveness • Provides accountability for measuring results (staffing/org chart) • Includes partnerships, outsourcing, social media connections The 5th P!!!! PEOPLE

  12. OPEN WORD DOC

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