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Marketing 1.02-A

Marketing 1.02-A. Explain the concept of marketing strategies. Goal: What is the marketer’s destination?. A goal is an objective you plan to fulfill Determine where your firm needs to be by a particular date and agree upon goals A family-style restaurant wants to increase sales

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Marketing 1.02-A

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  1. Marketing 1.02-A Explain the concept of marketing strategies

  2. Goal: What is the marketer’s destination? • A goal is an objective you plan to fulfill • Determine where your firm needs to be by a particular date and agree upon goals • A family-style restaurant wants to increase sales • Agree to increase annual sales by 10% over last years sales • Goal is specific and can be evaluated for success or failure at the end of a given time frame.

  3. StrategyWhich route will the marketer take to get there? • A strategy is a plan of action for achieving your goals and objectives. • Create the plan of action (route) believed to be most efficient. • Example: • Add a kids’ menu in order to increase sales to young parents in the area or get on the health bandwagon and offer healthy alternatives to kids.

  4. Tactics: What small steps are needed to make it happen? • Tactics are specific actions used to carry out strategies • Marketers carefully choose the short-term actions, or tactics, they use to carry out their strategy. • Tactics must line up with where they plan to go –their goal-and how they plan to get there • They pay attention to every detail – their strategy

  5. Tactics • Example: Scent Marketing http://watchmojo.com/index.php?id=6938

  6. Marketers need to stay flexible • No one knows for sure exactly how a plan will play out • Planning needs to be as complete as possible-but easily adaptable • Marketers plan for success and are ready to adjust at any given moment http://www.myfoxla.com/dpp/news/consumer/restaurants-making-kids-menus-healthier-20110713

  7. Marketers keep their plans flexible • Business situations change, so marketers must look for obstacles they can turn into opportunities • Situations which might invite a change of plan include: • Hearing about a new product w/better features • Figuring out that the price is slightly high for customers • Seeing the firm’s ad in the back of the newspaper, instead of the section in which it was expected • Learning of new government regulations that impact the business • Watching the economy improve or worsen

  8. Deciding on Strategies and choosing the best option • A firm’s strategy is important because it shows how its goal will be reached • Its strategy may not be the only option • There can be many appropriate marketing strategies • To choose the best strategy for reaching their goal, marketers consider: • How the marketing concept applies to their situation • When they want to reach their goal • Which resources are on hand • After selecting, marketers set aside funds to make it happen. http://www.youtube.com/user/gate6agency?feature=pyv&ad=5487186101&kw=advertising#p/u/0/QpGXQJFie64

  9. Does the same marketing strategy work in every situation? • Not in today’s world • Each situation requires a customized approach • Marketers often adjust, or even combine, their strategies to fit their purposes • Marketers combine marketing elements differently to product strategies appropriate for reaching assorted marketing goals

  10. Group Activity Research websites of a retailer. Compare and contrast the marketing mix of the website to the actual store. Present to class. Target Walmart Foot Locker Old Navy Macy’s K-Mart Best Buy Dick’s Home Depot

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