The Marketing Plan Business Organization and Management Chapter 10

What is Marketing? Marketing is the process of developing, promoting and distributing products to satisfy the objectives of customers and businesses.

Marketing Plan This is a plan that is used by a business to guide its marketing process to a desired conclusion. Includes: –Description of target market –Marketing objectives –Marketing strategies –Marketing budget

Marketing Objectives These are goals that a business wants to accomplish through its marketing efforts.

Marketing Mix The marketing mix enables you to map out and plan how you are going to accomplish your objectives. Marketing mix is made up of five marketing strategies. –The five P’s

Product Strategy #1 The Product Strategy –Product features and benefits Style, color, quality Warranties, delivery, installation, instructions Convenience, improved health, saving time, saving money –Branding, packaging and labeling Brand is the name, symbol, or design used to identify a product A package is the physical container or wrapper that holds the product The label is the part of the package used to present information

The Place Strategy #2 Involves how you will deliver your goods and services to customers. Also known as distribution strategy –Channels of distribution are the paths a product takes from producer to the final user. Two channels - Direct and Indirect Page

Intermediaries are people or businesses that move products between producers and final users. –Ex. Wholesalers The channel of distribution can affect the production cost, risk potential, and how quickly your product reaches the customer.

–Intensity of distribution Intensive distribution –Ex. You can find best-selling paperbacks in bookstores, supermarkets and magazine stands. Selective distribution –College textbooks may be found only near colleges Exclusive distribution –A museum might sell a special book for an exhibit –Technology Reduces inventory Reduces the time customers spend searching for information Distributors can easily connect with customers

The People Strategy # 3 Assembling, preparing and maintaining the people who will help you achieve success. –Basic hiring criteria – Qualifications, required skills, good attitudes –Developing employees Orientation – your vision for the company, plans to carry it out and expectations of high performance Provide training for skills employees need –Establishing a productive environment –Rewarding your people

The Price and Promotion Strategies Strategy #4 & 5 Price Strategy –Impacts business in two ways Ensures costs are covered and a profit is made. A marketing strategy that affects the customer’s motivation to buy Promotion Strategy –Designed to tell potential customers about your products and their characteristics, benefits, and availability. –Enhance company’s image