Devising a marketing plan
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Devising a Marketing Plan. Marketing Objectives. Marketing Plan - A plan used by a business to guide its marketing process to a desired conclusion Marketing objectives - What a business wants to accomplish through its marketing efforts Product introduction Sales Projected profitability

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Marketing objectives
Marketing Objectives

  • Marketing Plan- A plan used by a business to guide its marketing process to a desired conclusion

  • Marketing objectives- What a business wants to accomplish through its marketing efforts

    • Product introduction

    • Sales

    • Projected profitability

    • Pricing

    • Distribution

    • Advertising

    • Team organization


Marketing mix
Marketing Mix

  • Developing the marketing mix enables you to map out how you are going to reach your objectives

    • Product

    • Place

    • Price

    • Promotion

    • People


Product
Product

  • Deals with the goods/services your business will provide

  • Every product must relate to your target market

    • Product selection, brands, and your product mix

    • Make up product positioning- how consumers see your brand


Place
Place

  • How you will deliver your goods and services to customers

    • What’s your channel of distribution, intensity of distribution, and transportation

  • Location and layout of the business must also fit into the target market


People
People

  • Assembling, preparing, and maintaining the people who will help you achieve success

    • Basic hiring criteria

    • Developing employees (training)

    • Establishing a positive environment

    • Rewarding your employees


Reviewing and revising the marketing plan
Reviewing and Revising the Marketing Plan

  • Must use ongoing market research to improve the marketing mix

    • Surveys, accounting records, sales receipts, trade publications, magazines

  • Use the info gathered to improve your marketing mix

    • Add/eliminate products, rearranging layout, improving location,


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