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The Concept of Marketing Strategies

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 Concept of Marketing Strategies

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  1. The Concept of Marketing Strategies Entrepreneurship 1 3.01

  2. 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

  3. 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?

  4. 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?

  5. 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?

  6. PRICE continued . . . • Discounts. Will the business offer discounts to employees? Locals? Will the business discount merchandise at certain times of the year?

  7. 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.)

  8. 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)

  9. 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?

  10. 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?

  11. Marketing Goals, Strategies and Tactics

  12. 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

  13. 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.

  14. 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.

  15. 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

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