Understanding the Marketing Mix and Marketing Plan

Transcript:Understanding the Marketing Mix and Marketing Plan:
Understanding the Marketing Mix and Marketing Plan Marketing 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. Product Decisions Quantity? Sizes? Packaging? Warranty? Design and Image? Logo/Slogan? Price Decisions Cost of goods to produce? Markup? Profit Margin? Break-Even Point? List price Vs. Selling Price? Comparison with competitors? Place Decisions How/Where products will be sold? Distribution & Logistics? Warehousing? Inventory? Order Processing? Delivery of Product? Promotion Decisions Advertising? Sales Promotions? Reward Programs? Special Events? Public Relations? Customer Service/Return Policies? What 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. Parts of a Marketing Plan Situation Analysis Marketing Objectives Marketing Strategies Marketing Tactics Action Plan All marketing plans should include this basic information Situation Analysis Snapshot of the environment in which the business has been operating Introductory statement Target Market Competition Target 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. Competition 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? Marketing 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 SMART Goals S = Specific M = Measurable A = Attainable R = Realistic T = Timely Marketing Strategies Decisions made about product, price, place, and promotion Outline of the who, what, when, where and how of the marketing process Marketing Tactics Specific activities to carry out the marketing strategies. Every marketing strategy will have a set of tactics designed to accomplish it Usually