Chapter #10, The Marketing Plan Terms Marketing Plan Product Mix Marketing Objectives Channel of Distribution Marketing Mix Intermediaries Brand Intensive.

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Presentation transcript:

Chapter #10, The Marketing Plan Terms 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 Private Brand Guarantee Diversification

In a business plan There is a section called: The Marketing Plan The Marketing plan contains Marketing objectives (goals) that the business would like to obtain.

All objectives (goals) Must be S.M.A.R.T. Specific Measurable Attainable Realistic Timely

Each marketing objective Is related to a portion of the Marketing Mix

The Marketing Mix The Marketing Mix is the four Ps: 1.Product 2.Place 3.Promotion 4.Price

Product Positioning is: packaging, product features, product benefits, labels and branding for all the products that the company sells (AKA) Product Mix.

A package is a physical container for a good. A label is part of the packaging and is used to present product information A product feature is an attribute regarding a product. A product benefit is the good the customer derives from using the product Positioning is how customers see a product. An example of this is Cadillac and is positioned as prestigious.

Place / Channel of Distribution This refers to the path a product takes from the producer to the customer. (Trains, Planes, Trucks or Ships) And what businesses take ownership of the product. Each step of ownership in the product path is known as an intermediary.

Place also refers to the Location on the shelf inside the retailer’s layout and design, so that the product can be found and compete with the products in its category.

Intensive Distribution Placement of a product in all suitable places

Selective Distribution Placement of a product where the number of sales outlets are limited.

Exclusive Distribution Placement of a product is determined by one retail outlet in an area.

Promotion refers to Advertising, Types of Personal Selling Techniques, Service Policies, Contests, Couponing and Public Relations

Price Strategy Price is how much should a business charge its customers.

All of the marketing mix strategies and objectives are created in conjunction and relevance to the other objectives and are related to the business plan objectives. In other words, none of this is created in a vacuum.

Each part of Marketing Mix Will always need review. Examples like this could be: Change of vendors, suppliers or location (Place) Change is advertising style, (Promotion) Change in Pricing Change packaging. (Product) Smart entrepreneurs must stay on top of changes if a business is to survive. These are Marketing Tactics

Diversification is The change in product lines to meet Target Market Segments.

Private Brand is: A named product owned by a wholesaler or retailer.

Guarantee Is an assurance of quality for a brand