Nature of Marketing Strategies Pick the Mix Nature of Marketing Strategies Market Planning LAP 2

Explain the importance of marketing strategies to business. Explain the nature of the marketing mix.

Explain the importance of marketing strategies to business.

What prompts you to buy a product? How do you know about, and have access to, the items you need and want?

Preparation Is Key Marketers must plan: Where they need to go How to get there efficiently

Where Are You Going? Marketers set goals— their destination. Describe where they’re headed Describe objectives they plan to fulfill Identify where they want to be by a certain date

Which Way Are You Headed? Marketers develop strategies— their route. Determine a plan of action Help them reach their goals Must evaluate options

Method: How Will You Get There? Marketers choose tactics—small steps along the route. Carry out their strategies Lead them toward their goal— a little at a time

Develop complete plans. Be ready to adjust.

Choose the Best Strategy How does the marketing concept apply to the situation? When do they want to reach their goal? What resources are on hand?

Be On the Lookout Business situations change. Obstacles can be turned into opportunities.

Explain the nature of the marketing mix.

One Size Does Not Fit All The same marketing strategy won’t work in every situation. Marketers adjust and combine their strategies to fit their purposes.

Marketing Mix, mahr-ki-ting miks, n Marketing Mix, mahr-ki-ting miks, n. A combination of the four elements of marketing—product, price, place, and promotion.

Product The goods, services, or ideas a business offers its customers Solutions to customers’ needs

Price The amount of money a firm asks in exchange for its products A balance Between customer value and satisfaction Between company cost and profit

Place Getting a selected product in the right place at the right time Creating convenience for the customer

Promotion The various types of communication used to inform, persuade, or remind customers about their products Advertising, personal selling, publicity and public relations, and sales promotion

Put It All Together The marketing-mix works as a unit. The marketing-mix elements are interrelated. A change to one element affects the others.

Strategies and the Marketing Mix Marketers select a strategy before customizing the marketing mix. Choosing the right blend of the marketing mix takes thorough planning.

Target’s Strategy Offers discount shopping for the fashionable crowd Uses creative marketing mix

Marketing strategies come in all shapes and sizes. Think about one good and one service that you are familiar with. How are the strategies and tactics used to market a good similar to and different from those used to market a service?

Barbie dolls are a source of controversy. Totally Stylin’ Tattoo Barbie comes with tattoos for Barbie and children. Was it unethical for Mattel to produce a doll with tattoos? Does a tattooed Barbie make sense in today’s society?

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