Mix and Marketing Plan Marketing Mix Every plan will be different because every business is different Decisions about the Marketing Mix 4 Ps is the foundation of a marketing plan ID: 781807
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Slide1
Understanding the
Marketing
Mix
and Marketing Plan
Slide2Marketing Mix
Every plan will be different because every business is different
.
Decisions about the Marketing Mix –
4
P’s – is the foundation of a marketing plan.
Answers to these questions will be a guide to developing the actual Marketing Plan and Action Plans.
Slide3Product Decisions
Quantity?
Sizes?
Packaging?
Warranty?
Design and Image
?
Logo/Slogan?
Slide4Price Decisions
Cost of goods to produce?
Markup?
Profit Margin?
Break-Even Point?
List price Vs. Selling Price?
Comparison with competitors?
Slide5Place Decisions
How/Where products will be sold?
Distribution & Logistics?
Warehousing?
Inventory?
Order Processing?
Delivery of Product?
Slide6Promotion Decisions
Advertising?
Sales Promotions
?
Reward Programs?
Special Events?
Public Relations?
Customer Service/Return Policies?
Slide7What is a Marketing Plan?
Written document that defines the target market and describes the promotion and marketing efforts to achieve one or more marketing objectives for a specific time period.
Written each year but sometimes modified as the business’s progress and situations change.
Describes a business’ marketing objectives and the strategies and tactics to achieve them.
Slide8Parts of a Marketing Plan
Situation Analysis
Marketing Objectives
Marketing Strategies
Marketing Tactics
Action Plan
All marketing plans should include this basic information
Slide9Situation Analysis
Snapshot of the environment in which the business has been
operating
Introductory statement
Target Market
Competition
Slide10Target Market
Define by using demographic, geographic, economic, behavioral, and psychographic information.
Estimate the total size of the target market.
Include information gained that describe market trends.
Describe factors that may affect purchasing – season, price, availability, emotions, services, etc.
Slide11Competition
List both direct and indirect competitors
Outline the product line and what they offer
Describe your business’ advantage
Explain why your product is different or better – more variety? Better pricing? Better sizing?
Slide12Marketing Objectives
The goals a business wants to achieve during a given
time
Most have both corporate and marketing goals
May be short term – achieved in less than a year
May be long term – achieved in a year or more
All marketing objectives should be written as SMART goals
Slide13SMART Goals
S
= Specific
M
= Measurable
A
= Attainable
R
= Realistic
T
= Timely
Slide14Marketing Strategies
Decisions made about product, price, place, and promotion
Outline of the who, what, when, where and how of the marketing process
Slide15Marketing Tactics
Specific activities to carry out the marketing strategies.
Every marketing strategy will have a set of tactics designed to accomplish it
Usually the longest section because it lists very specific
activities
Slide16Action Plan
Time Line
– lists when each activity starts and where it happens, the end date and who is responsible – also keeps business on track and keeps plan moving forward
Budget
– costs to implement the marketing and promotional activities
Metrics
– the way we measure the effectiveness of a project – marketing is very expensive so business’ want to make sure they have a return on their investment
Slide17Format the Marketing Plan
At some point, the marketing plan may be presented to investors and employees
Make sure it is well written and paragraphs fully explain the marketing plans
Grammatically correct, words appropriate and punctuation accurate
Exciting, enthusiastic
and attractive
Unique – be creative