Presentation on theme: "Develop marketing strategies to guide marketing tactics."— Presentation transcript:
1 Develop marketing strategies to guide marketing tactics. 3.01
2 OVERVIEWMarketing strategies are designed and implemented for the overall purpose of achieving planned goals.The business's goals and strategies for achieving those goals may change frequently. Changing the business's image, increasing its profits, or improving management techniques might be specific goals at any point in time.Choosing distribution channels is a consideration in the place element of marketing.The place element of marketing focuses on considerations in getting the selected product in the right place at the right time. Some of the other place considerations are storage, transportation, inventory handling and control, and choice of specific outlets to offer the products. Sales promotion is an aspect of the promotion element. Extending credit is a consideration of the price element. Warranties and guarantees are considerations in the product element.Specific actions best describes the role of tactics in marketing strategies.Tactics are the specific actions that a business uses to carry out its marketing strategies. A marketing strategy is the plan of action or road map the business uses to accomplish its marketing goals. Goals are desired outcomes. An option is a choice among two or more alternatives.
3 marketing mixMarketing MixProductPricePlacePromotion The combination of the four elements of marketing—product, price, place, and promotion.
4 Marketing MixMarketers adapt their marketing mix to suit each situation. The marketing mix elements are interrelated:A change to one element affects the other elementsExamples:Improving product features will probably result in price increases.Simplifying the place element will probably result in price decreases.When marketers assemble the mix, they carefully determine which elements to include and to what degree—keeping in mind that the mix words as a unit.
5 productThe goods, services, or ideas a business will offer its customers
6 ProductMarketers conduct research and use their creativity to determine what customers need and how they will meet that need.Questions marketers ask to answer the question:Should we offer one product—or more than one?Is the product a good, service, or idea?Does the product have special features?Does the product have multiple uses?What resources are necessary to research and develop the product?What level of quality should be produced or provided?Which brands should be used?How should the product be packaged?How might the product affect the company’s image?How might customers view this product in relation to others?Should the company offer a warranty, maintenance contract, or other support services?Marketers have succeeded with the product element when customers view the product as the best solution to their needs.
7 PlaceGetting a selected product in the right place at the right time
8 Place Considerations marketers address: Which businesses to buy fromWhen to buy the productHow much of the product to orderHow to protect the product from damageHow to store the product until it’s neededWhere to make the product availableHow to get the product where it’s neededHow to process customer ordersWhich businesses to involve in the processHow to answer customer questionsHow to coordinate all the steps involvedMarketers are successful with the place element when customers can buy a desired product when and where they want.
9 PromotionLetting customers know the product’s value and its benefits that meet customers’ current needs and refers to the various types of communication that marketers use to inform, persuade, or remind customers about their products
10 Promotion Seeks a positive response from customers—they buy. Types of communication included:AdvertisingPersonal sellingPublicity/Public relationsSales promotionFactors marketers need to consider to use communication channels effectively:Which messages to sendWhich media to useWhen they want messages deliveredHow often they want messages deliveredHow to coordinate communication effortsHow to evaluate resultsAdvertise Here
11 priceThe amount of money a business asks in exchange for its products
12 pRICEMarketers must find a good balance between customer value and satisfaction and between company cost and profit.Marketers start by determining their pricing objectives:Getting their products into more customers’ hands—might be accomplished by lowering the priceHelping customers view the business as distinct from its competitors—might offer something uniqueBringing in the amount of income they need/want—involves pricing the product high enough to cover expenses and provide a profitRaising the product’s value in the customer’s eyes—involves getting customers to view the product as higher qualityMatching the product’s value with what customers expect to receive—setting prices at the level customers expectMarketers also determine how they will accept payment—cash, credit, debit, or check?They decide whether they will offer discounts.Marketers know they’ve been successful with the price element when customers feel that the benefits they receive outweigh the costs, and the business is bringing in enough revenue to make a profit, while keeping prices low enough to encourage sales.
13 Goals Objectives they plan to fulfill Desired Outcomes Where it is they want to beWhat they want to achieve
14 GoalsSince marketers have many options to choose from to reach their goals/objectives, they try to select the best option available to them by considering the following:How the marketing concept applies to their situationWhen they want to reach their goalWhich resources are on hand
15 strategiesA marketing strategy is the plan of action or road map the business uses to accomplish its marketing goals.Marketers customize their strategies based on their goals/objectives and environment. They adjust and/or combine strategies to achieve their desired results.Strategies are carried out with tactics—the specific actions used to carry out the strategy.
16 The process marketers follow when they plan their strategies They find out their company’s overall plan.They figure out specifically where their firm needs to be by a particular date.They write down agreed upon goals—where it is they want to achieve.Example: A restaurant wants to increase this year’s sales by 10% over last year’s sales.They lay out their plan of action—their strategy—to show how they will reach their goal.Example: The restaurant evaluates its many options and decides to add a kids’ menu to increase sales.To be efficient, marketers choose their short-term actions—tactics—to carry out their strategy. The tactics must be in line with their goal/objectives and strategy.Example: Tactics that the restaurant might use:Introduce meals which kids like.Offer a free ice-cream cone to each child selecting a kids’ meal.
17 factors that may cause marketing strategies to change Business situations change, which requires marketers to look for challenges/opportunities along the way.Examples:Finding out that the company can’t handle distribution on its ownHearing about a new product with better features than the one currently offeredFiguring out that the price is slightly high for customersSeeing the company’s ad in the back of the newspaper instead of in the section in which it was expectedLearning of new government regulations that impact the businessWatching the economy improve/worsenMarketers must react quickly and accurately to changes to be able to achieve their goals/objectives.They must remain alert to changes in their environment.
18 tacticsTactics are the specific actions that a business uses to carry out its marketing strategies
19 the relationship of goals, strategies, and tactics StratetiesTactics are the specific actions that a business uses to carry out its marketing strategies. A marketing strategy is the plan of action or road map the business uses to accomplish its marketing goals. Goals are desired outcomes. An option is a choice among two or more alternatives.It is very important to identify goals and objectives before identifying strategies and tactics so that marketers know what they are trying to achieve before determining how they’re going to go about it.For marketers to achieve their desired results, they plan where they need to go and how to get there efficiently. Then, they do what it takes to achieve those results.
20 Performance ACTIVITIES Imagine that you are the marketing manager for your school’s play or other school activity. Identify strategies that you would use to market the play/activity. Explain why you would use them, and summarize your plan in a brief presentation for the play/activity directors.Conduct research into the marketing strategies used by local businesses that offer products similar to those that you plan to sell. Identify the goals, strategies, and tactics that you believe each firm is using. Find out as much as you can about each firm’s marketing mix, and compare it to the mixes of other firms. Determine whether each marketing mix supports the goals and strategies of its firm. Record your findings, and present your research to the class for discussion. Then, insert your written findings in your VIP portfolio.