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The Marketing

Plan

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Contents
Chapter 10 The Marketing Plan

The Marketing Plan

10.1 Devising a Marketing Plan

10.2 Reviewing and Revising the Marketing


Plan

2
The Marketing Plan

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 3


The Marketing Plan

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 4


The Marketing Plan

10.1

marketing plan product mix


marketing objectives channel of distribution
marketing mix intermediaries
brand intensive distribution
package selective distribution
label exclusive distribution
product positioning marketing tactics

Section 10.1 Devising a Marketing Plan 5


The Marketing Plan

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 6


The Marketing Plan

Forming Marketing
Objectives
A convincing marketing plan marketing plan a plan
includes a rationale for your used by a business to
guide its marketing
selection of marketing process to a desired
strategies and tactics. conclusion based on
information obtained
through market research
and target market
decisions

Section 10.1 Devising a Marketing Plan 7


The Marketing Plan

The Marketing Plan

A successful marketing plan marketing objectives


contains specific marketing what a business wants to
accomplish through its
objectives. marketing efforts

Section 10.1 Devising a Marketing Plan 8


The Marketing Plan
product
introduction or
innovation
team sales or
organization market share

Marketing
Objectives projected
advertising profitability

distribution pricing

Section 10.1 Devising a Marketing Plan 9


The Marketing Plan

Developing the
Marketing Mix
Developing a marketing mix marketing mix the five
enables an entrepreneur to marketing strategies used to
reach a market: product,
map out how to accomplish place, price, promotion, and
marketing initiatives. people

Section 10.1 Devising a Marketing Plan 10


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 1


1
The Marketing Plan

The Product Strategy

The product strategy deals with the goods or services


your business will provide.

Section 10.1 Devising a Marketing Plan 12


The Marketing Plan

The Product Strategy

Product considerations include:

• features and benefits


• branding, packaging, and labeling
• selection
• positioning
• mix

Section 10.1 Devising a Marketing Plan 13


The Marketing Plan

The Product Strategy

A product’s brand, package, brand the name, symbol,


and label serve as strategies or design used to identify a
product
for maintaining customer
loyalty. 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 14


The Marketing Plan

The Product Strategy

Branding, packaging, and product positioning


labeling can have a bearing how consumers see a
on product positioning. product in comparison to
another product

Section 10.1 Devising a Marketing Plan 15


The Marketing Plan

The Product Strategy

The final consideration in your product mix all the


product strategy is products a company
makes or sells
determining your company’s
product mix.

Section 10.1 Devising a Marketing Plan 16


The Marketing Plan

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 17


The Marketing Plan

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 18


The Marketing Plan

The Place Strategy

To formulate a place strategy, channel of distribution


the entrepreneur needs to the path a product takes
from producer or
understand the channel of manufacturer to final user or
distribution. consumer

Section 10.1 Devising a Marketing Plan 19


The Marketing Plan

The Place Strategy

There are two basic types of channels of distribution in


the place strategy—direct and indirect.

A direct channel moves a product from producer to


customer with no other businesses involved.

Section 10.1 Devising a Marketing Plan 20


The Marketing Plan

The Place Strategy

An indirect channel of intermediaries people or


distribution employs businesses that move
products between producers
intermediaries. and final users, including
wholesalers, retailers,
distributors, and agents

Section 10.1 Devising a Marketing Plan 21


The Place Strategy
Channels of Distribution
Direct

Producer Consumer

Indirect

Producer Intermediary Consumer

Section 10.1 Devising a Marketing Plan 22


The Marketing Plan

The Place Strategy

There are three ways to intensive distribution


distribute a product: placement of a product in all
suitable sales outlets
selective distribution
• intensive distribution placement of a product
where its number of sales
• selective distribution outlets are limited in an area

• 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 23
The Marketing Plan

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 24


The Marketing Plan

The Price and Promotion


Strategies
The price strategy is a financial decision and a
marketing strategy that affects the customer’s
motivation to buy.

The promotion strategy is designed to tell potential


customers about a business’s products and their
characteristics, benefits, and availability.

Section 10.1 Devising a Marketing Plan 25


The Marketing Plan

Marketing Tactics

To apply marketing strategies, marketing tactics


entrepreneurs employ activities that are taken to
carry out a marketing plan
marketing tactics.

Section 10.1 Devising a Marketing Plan 26


The Marketing Plan

10.1

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 27


The Marketing Plan

10.1

2. Name the five marketing strategies that make


up the marketing mix.

product, place, people, price, and promotion.

Section 10.1 Devising a Marketing Plan 28


The Marketing Plan

10.1

3. 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 29


The Marketing Plan

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 30


The Marketing Plan

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 31


The Marketing Plan

10.2

private brand
guarantee
diversification

Section 10.2 Reviewing and Revising the Marketing Plan 32


The Marketing Plan

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 33


The Marketing Plan

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 34


Possible Changes to the Product Strategy

adding eliminating
products products

revising Product
guarantees changing
Strategy products
and service
Changes
policies

changing brands,
packaging, identifying new
or labels uses for
products

Section 10.2 Reviewing and Revising the Marketing Plan 35


The Marketing Plan

Possible Changes to the


Product Strategy
You may want to consolidate private brand a brand
products you manufacture that is owned and initiated
by a wholesaler or retailer
under different brands under
a single brand.

You may also choose to sell


your own private brand.

Section 10.2 Reviewing and Revising the Marketing Plan 36


The Marketing Plan

Possible Changes to the


Product Strategy
To build customer confidence guarantee an assurance
and increase sales, a of the quality of a product

business can offer a service


policy or a guarantee.

Section 10.2 Reviewing and Revising the Marketing Plan 37


Possible Changes to the Place Strategy

improving rearranging
location layout

Place
Strategy
Changes

changing
channels of increasing
distribution availability

Section 10.2 Reviewing and Revising the Marketing Plan 38


Possible Changes to the People Strategy

number of
people

system employee
rewards People qualifications
Strategy
Changes

human
resource team-building
responsibilities responsibilities

Section 10.2 Reviewing and Revising the Marketing Plan 39


Possible Changes to the
Price and Promotion Strategies

pricing for profit

Price and
Promotion
Strategy
revising Changes reacting to
terms of sale market
prices

Section 10.2 Reviewing and Revising the Marketing Plan 40


The Marketing Plan

Revising Your Marketing


Plan and Mix
Reviewing and revising your diversification the
marketing plan and mix regularly process of investing in
products or businesses
will help you identify and make
with which an existing
necessary strategy changes. business is not currently
involved
Such a review sets the stage for
longer-term market planning,
such as expansion, revision, or
diversification.

Section 10.2 Reviewing and Revising the Marketing Plan 41


The Marketing Plan

10.2

1. 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 42


The Marketing Plan

10.2

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 43


The Marketing Plan

10.2

3. 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 44


The Marketing Plan

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


The Marketing Plan

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


The Marketing Plan

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


End of

The Marketing
Plan

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