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Marketing Strategies

Marketing Strategies. So What Are They?. For marketers to achieve desired results, they need a plan. Set goals/objectives Establish a plan of action ( strategies ) Carry out strategies with specific actions ( tactics ). AHA!. The process…check this out:.

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Marketing Strategies

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  1. Marketing Strategies

  2. So What Are They? • For marketers to achieve desired results, they need a plan. • Set goals/objectives • Establish a plan of action (strategies) • Carry out strategies with specific actions (tactics) AHA!

  3. The process…check this out: • Marketers, when planning their strategies follow these simple steps… • 1. Find out company’s overall plan • 2. Figure out specifically where their firm needs to be by a particular date. • 3. Write down agreed-upon goals • Example: A restaurant wants to increase this year’s sales by 10% over last year’s sales

  4. And then……. AHA! • 4. They lay out their plan of action (strategy) to show how they will reach their goal. • Ex: The restaurant evaluates its many options and decides to add a kids’ menu to increase sales. • 5. To be efficient, marketers choose their short-term actions (tactics) to carry out their strategies. Tactics need to be in line with goals/objectives and strategy • Ex: a. Introduce meals which kids like b. Offer free ice cream to kids who order kids’ meals

  5. So many options though… • Which strategies and tactics should we use? • Consider: • 1. How the marketing concept applies to the situation • 2. Time: when we want to reach our goal • 3. Which resources are on hand

  6. Remember….. • Business is constantly CHANGING, so marketers need to look for challenges/opportunities along the way • Examples: price is set slightly too high, new government regulations that affect business, economy changes, hearing about a new/better product than own • Marketers must react QUICKLY • Remain ALERT

  7. Marketing Mix • The combination of the four elements of marketing (The 4 P’s – product, price, promotion, place)

  8. Product • The goods, services, or ideas a business will offer its customers • Marketers conduct research and use creativity to determine what customers need and how they will meet that need • Questions marketers need to ask……. Level of quality? What resources are necessary? Which brands should be used? One product or more than one?

  9. Product (cont.) • Marketers have succeeded with the product element when customers view the product as the best solution to their needs.

  10. Price • The amount of money a business asks in exchange for its products • Marketers must find a good balance between customer value and satisfaction and between company cost and profit. • Marketers start by determining pricing objectives………. • Marketers determine how they will accept payment (cash, check, credit, debit?) • Discounts? • Successful when they make a profit, while keeping price low enough to encourage sales

  11. Place • Getting a selected product in the right place at the right time • Considerations marketers address…………

  12. Place (cont.) • Marketers are successful with the place element when customers can buy a desired product at the right place and time.

  13. Promotion • Letting customers know the product’s value and its benefits that meet customers’ current needs and refers to the various types of communication that marketers use to inform, persuade, or remind customers about their products • Seeks a positive response (BUYING)

  14. Promotion (cont.) • Types of communication included:

  15. Promotion (cont.) • Factors marketers need to consider to use communication channels effectively

  16. We’re All Connected…… • A change to one element affects the other elements • Examples: improving features might raise prices • When marketers assemble the mix, they determine which elements to include and to what degree, keeping in mind the mix works as a unit.

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