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The Marketing Plan

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Title: The Marketing Plan


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(No Transcript)
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Chapter 10
The Marketing Plan
Devising a Marketing Plan
10.1
Reviewing and Revising the Marketing Plan
10.2
3
10.1
  • Identify the role of marketing objectives in
    developing a marketing plan.
  • Name the five marketing strategies that make up
    the marketing mix.
  • Describe the part marketing tactics play in the
    marketing plan.

Section 10.1 Devising a Marketing Plan
4
10.1
  • 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.

Section 10.1 Devising a Marketing Plan
5
10.1
  • 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
Section 10.1 Devising a Marketing Plan
6
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.

Section 10.1 Devising a Marketing Plan
7
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
Section 10.1 Devising a Marketing Plan
8
The Marketing Plan
  • A successful marketing plan contains specific
    marketing objectives.

marketing objectives what a business wants to
accomplish through its marketing efforts
Section 10.1 Devising a Marketing Plan
9
The Marketing Plan
product introduction or innovation
sales or market share
team organization
Marketing Objectives
projected profitability
advertising
pricing
distribution
Section 10.1 Devising a Marketing Plan
9
10
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
Section 10.1 Devising a Marketing Plan
11
Developing the Marketing Mix
The Five Ps of Marketing
P
Product
P
Place
P
Price
P
Promotion
P
People
Section 10.1 Devising a Marketing Plan
11
12
The Product Strategy
  • The product strategy deals with the goods or
    services your business will provide.

Section 10.1 Devising a Marketing Plan
13
The Product Strategy
  • Product considerations include
  • features and benefits
  • branding, packaging, and labeling
  • selection
  • positioning
  • mix

Section 10.1 Devising a Marketing Plan
14
The Product Strategy
  • A products 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
Section 10.1 Devising a Marketing Plan
15
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
Section 10.1 Devising a Marketing Plan
16
The Product Strategy
  • The final consideration in your product strategy
    is determining your companys product mix.

product mix all the products a company makes or
sells
Section 10.1 Devising a Marketing Plan
17
The Place Strategy
  • The place strategy deals with how you will
    deliver your goods and services to customers.

Section 10.1 Devising a Marketing Plan
18
The Place Strategy
  • Place strategy considerations include
  • channels of distribution
  • intensity of distribution
  • transportation
  • location, layout, and availability

Section 10.1 Devising a Marketing Plan
19
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
Section 10.1 Devising a Marketing Plan
20
The Place Strategy
  • There are two basic types of channels of
    distribution in the place strategydirect and
    indirect.
  •  
  • A direct channel moves a product from producer to
    customer with no other businesses involved.

Section 10.1 Devising a Marketing Plan
21
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
Section 10.1 Devising a Marketing Plan
22
The Place Strategy
Channels of Distribution
Direct
Indirect
Section 10.1 Devising a Marketing Plan
22
23
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
  • intensive distribution
  • selective distribution
  • exclusive distribution

exclusive distribution placement of a product
where its number of sales outlets are limited to
one per area
Section 10.1 Devising a Marketing Plan
24
The People Strategy
  • The people strategy involves assembling,
    preparing, and maintaining the people who will
    help the business achieve success.

Section 10.1 Devising a Marketing Plan
25
The Price and Promotion Strategies
  • The price strategy is a financial decision and a
    marketing strategy that affects the customers
    motivation to buy.
  •  
  • The promotion strategy is designed to tell
    potential customers about a businesss products
    and their characteristics, benefits, and
    availability.

Section 10.1 Devising a Marketing Plan
26
Marketing Tactics
  • To apply marketing strategies, entrepreneurs
    employ marketing tactics.

marketing tactics activities that are taken to
carry out a marketing plan
Section 10.1 Devising a Marketing Plan
27
10.1
  • Identify the role of marketing objectives in
    developing a marketing plan.

Marketing objectives state what a business wants
to accomplish through its marketing efforts.
Section 10.1 Devising a Marketing Plan
28
10.1
  • Name the five marketing strategies that make up
    the marketing mix.

product, place, people, price, and promotion.
Section 10.1 Devising a Marketing Plan
29
10.1
  • 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 10.1 Devising a Marketing Plan
30
10.2
  • 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.

Section 10.2 Reviewing and Revising the Marketing
Plan
31
10.2
  • 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.

Section 10.2 Reviewing and Revising the Marketing
Plan
32
10.2
  • private brand
  • guarantee
  • diversification

Section 10.2 Reviewing and Revising the Marketing
Plan
33
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.

Section 10.2 Reviewing and Revising the Marketing
Plan
34
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.

Section 10.2 Reviewing and Revising the Marketing
Plan
35
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
Section 10.2 Reviewing and Revising the Marketing
Plan
35
36
Possible Changes to the Product Strategy
  • You may want to consolidate products you
    manufacture under different brands under a single
    brand.

private brand a brand that is owned and
initiated by a wholesaler or retailer
You may also choose to sell your own private
brand.
Section 10.2 Reviewing and Revising the Marketing
Plan
37
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
Section 10.2 Reviewing and Revising the Marketing
Plan
38
Possible Changes to the Place Strategy
improving location
rearranging layout
Place Strategy Changes
changing channels of distribution
increasing availability
Section 10.2 Reviewing and Revising the Marketing
Plan
38
39
Possible Changes to the People Strategy
number of people
system rewards
employee qualifications
People Strategy Changes
human resource responsibilities
team-building responsibilities
Section 10.2 Reviewing and Revising the Marketing
Plan
39
40
Possible Changes to the Price and Promotion
Strategies
pricing for profit
Price andPromotion Strategy Changes
reacting to market prices
revising terms of sale
Section 10.2 Reviewing and Revising the Marketing
Plan
40
41
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
Section 10.2 Reviewing and Revising the Marketing
Plan
42
10.2
  • 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.
Section 10.2 Reviewing and Revising the Marketing
Plan
43
10.2
  • 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, or 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.
Section 10.2 Reviewing and Revising the Marketing
Plan
44
10.2
  • 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.
Section 10.2 Reviewing and Revising the Marketing
Plan
45
E-Commerce Development Options
  • Once you decide to start an e-commerce business,
    you will need to plan how your site will be
    developed.
  •  
  • You may use a Web-development service, such as a
    Web designer or Web developer a hosted service
    that offers turnkey sites a software package or
    templates.

Section 10.2 Reviewing and Revising the Marketing
Plan
45
46
Tech Terms
template a file that establishes the format and
appearance of a Web page   turnkey a
preprogrammed and ready-to-operate hosted
e-commerce site
Section 10.2 Reviewing and Revising the Marketing
Plan
46
47
Tech Terms
Web designer a person who plans the aesthetic
and navigational aspects of a Web site   Web
developer a person who programs a Web site from
a technical standpoint
Section 10.2 Reviewing and Revising the Marketing
Plan
47
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