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The Concept of Marketing Strategies. Entrepreneurship 1 3.01. The Marketing Mix. The marketing mix, known as the four P’s, is a combination of decisions a business must make in order to best reach its target market. PRODUCT. The goods and services a business will offer to its customers

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the marketing mix
The Marketing Mix
  • The marketing mix, known as the four P’s, is a combination of decisions a business must make in order to best reach its target market
product
PRODUCT
  • The goods and services a business will offer to its customers
    • A. Choice of product: Will the business offer a variety of products?
    • B. Packaging: Does the packaging protect the product and provide necessary information about the product?
product continued
PRODUCT continued . . .
  • C. Level of quality: What level of quality will the business ensure?
  • D. Brand name: What brand name products will the business offer?
  • E. Warranty: Will the business offer a warranty to its customers to ensure satisfaction?
price
PRICE
  • The amount a business charges customers for their products
    • A. Price setting. Price will be set based on product demand, cost, and competitors’ actions.
    • B. Terms. Will the company only accept cash? Will the company extend credit? What type of credit will the company extend?
price continued
PRICE continued . . .
  • Discounts. Will the business offer discounts to employees? Locals? Will the business discount merchandise at certain times of the year?
place distribution
PLACE (distribution)
  • Making products available at the right time and location.
    • A. Channels of Distribution: the path a product takes to get from the producer to the consumer
    • B. What specific stores will offer the products? (wholesaler, retailer, department, discount, etc.)
place continued
PLACE continued . . .
  • C. What method of transportation will be used to get the product from the producer to the consumer? (truck, train, place, boat, pipeline)
  • D. How will inventory be handled and controlled? (methods- physical, storing, checking, or receiving)
promotion
PROMOTION
  • Informing, reminding, and persuading customers of the goods and services available to them.
    • A. What will the message be?
    • B. When will the message be delivered?
promotion continued
PROMOTION continued . . .
  • C. Where will the message be delivered?
  • D. What inducements will be used to encourage customers to purchase the product?
  • E. How will the message be delivered?
marketing goals
Marketing Goals
  • A marketing goal is defined as a desired result or specific achievement. Typically a goal is a measurable result that is achieved through marketing objectives.
  • Because goals are quantitative, a business can always clearly answer whether or not a marketing goal was met with a simple yes or no.
  • Examples of marketing goals for a business may include:
    • Increase sales revenue by 20%
    • Improve customer loyalty and retention by 10%
    • Launch three new product lines
    • Acquire 10,000 new monthly subscribers
    • Gain 5% market share
marketing strategies
Marketing Strategies
  • A marketing strategy is defined as your game plan to achieve your objectives. Strategies can be simply aligned to broader categories in a marketing plan, or they can be more formally aligned with the “4 P’s of marketing” in an overall marketing plan.
  • Each of the “4 P’s of marketing” includes a strategy. Examples of marketing strategies include:
    • Launch a product that solves customers’ XYZ problem
    • Promote product through local online advertising
    • Pricing discounts for long-term customers or subscriber programs
    • Make products available through well-branded affiliate programs
  • Marketing objectives are not static.
    • They change as a business develops.
    • They also change in response to both internal and external circumstances.
importance of a marketing strategy
Importance of a marketing strategy
  • This will give you a clear direction as to where you should go with your marketing efforts, and will give you a better understanding of what marketing methods are going to reach your customers in the exact manner that you were hoping for.
  • Marketing objectives are not static.
    • They change as a business develops.
    • They also change in response to both internal and external circumstances.
marketing tactics
Marketing Tactics
  • Tactics are defined as specific actions that will be taken in support of the marketing strategies.
  • Examples of tactics for business marketing plans include:
    • Run banner ads monthly on XYZ website
    • Send 10,000 direct mail pieces to existing customers in March
    • Create a monthly email newsletter to promote new products to customers
    • Set up a LinkedIn group as a social media public relations channel
    • Launch a telemarketing campaign in September to acquire 1,000 new customers

Source: Definition of Marketing Objectives, Goals, Strategies and Tactics | Suite101.comhttp://suite101.com/article/definition-of-marketing-objectives-goals-strategies-and-tactics-a321854#ixzz277X7lQz5