Identify the role of marketing objectives in developing a marketing plan.

1. 10.1 • Identify the role of marketing objectives in developing a marketing plan. • Name the five marketing strategies that make up the marketing mix. • Describe the part marketing tactics play in the marketing plan. Section 10.1 Devising a Marketing Plan

2. Forming Marketing Objectives A convincing marketing plan includes a rationale for your selection of marketing strategies and tactics. Key Term marketing plan a plan used by a business to guide its marketing process to a desired conclusion based on information obtained through market research and target market decisions Section 10.1 Devising a Marketing Plan

3. The Marketing Plan A successful marketing plan contains specific marketing objectives. Key Term marketing objectives what a business wants to accomplish through its marketing efforts Section 10.1 Devising a Marketing Plan

4. Developing the Marketing Mix Developing a marketing mix enables an entrepreneur to map out how to accomplish marketing initiatives. Key Term marketing mix the five marketing strategies used to reach a market: product, place, price, promotion, and people Section 10.1 Devising a Marketing Plan

5. PEOPLE The people strategy means assembling, preparing, and maintaining the people who will help you achieve success. Let’s discuss Tropicana’s Promotional Mix Tropicana teams with Weight Watchers to Offer Tropicana Light ‘n Healthy as Part of 'Points' Program

6. Developing the Marketing Mix The Five Ps of Marketing P Product P Place P Price P Promotion P People Section 10.1 Devising a Marketing Plan 6

7. The Product Strategy The product strategy deals with the goods or services your business will provide. • Considerations Include: • features and benefits • branding, packaging, and labeling • selection • positioning • product mix Section 10.1 Devising a Marketing Plan

8. The Product Strategy Key Terms A product’s brand, package, and label serve as strategies for maintaining customer loyalty. brand the name, symbol, or design used to identify a product package the physical container or wrapper used to present information label the part of the package used to present information about the product Section 10.1 Devising a Marketing Plan

9. The Product Strategy Branding, packaging, and labeling can have a bearing on product positioning. Key Term product positioning how consumers see a product in comparison to another product Section 10.1 Devising a Marketing Plan

10. The Product Strategy The final consideration in your product strategy is determining your company’s product mix. Key Term product mix all the products a company makes or sells Section 10.1 Devising a Marketing Plan

11. The Place Strategy Place strategy considerations include: The place strategy deals with how you will deliver your goods and services to customers. • channels of distribution • transportation • location, layout, and availability Section 10.1 Devising a Marketing Plan

12. The Place Strategy To formulate a place strategy, the entrepreneur needs to understand the channel of distribution. Key Term channel of distribution the path a product takes from producer or manufacturer to final user or consumer Section 10.1 Devising a Marketing Plan

13. The Place Strategy There are two basic types of channels of distribution in the place strategy—direct and indirect. A direct channelmoves a product from producer to customer with no other businesses involved. Key Term Section 10.1 Devising a Marketing Plan

14. The Place Strategy An indirect channel of distribution employs intermediaries. Key Term intermediaries people or businesses that move products between producers and final users, including wholesalers, retailers, distributors, and agents Section 10.1 Devising a Marketing Plan

15. Producer Consumer Producer Intermediary Consumer The Place Strategy Channels of Distribution Direct Indirect Section 10.1 Devising a Marketing Plan 15

16. The People Strategy The peoplestrategy involves assembling, preparing, and maintaining the people who will help the business achieve success. Section 10.1 Devising a Marketing Plan

17. The Price Strategy The price strategy is a financial decision and a marketing strategy that affects the customer’s motivation to buy. costs and expenses supply anddemand Costs & Expenses Factors Affecting $ Price $ Fixed costs and expenses (expenses that are not subject to change depending on the number of units sold), such as rent, utilities, and insurance premiums, affect price. consumer perceptions technological trends government regulations competition Section 10.1 Devising a Marketing Plan

18. Government Regulations Key Terms price gougingan illegal practice in which competing companies agree, formally or informally, to restrict prices within a specified range costs and expenses supply anddemand Factors Affecting $ Price $ consumer perceptions technological trends price fixingpricing above the market when no other retailer is available government regulations competition Section 10.1 Devising a Marketing Plan

19. The Promotion Strategy The promotion strategy is designed to tell potential customers about a business’s products and their characteristics, benefits, and availability. Section 10.1 Devising a Marketing Plan

20. publicity personal selling PromotionalMix advertising sales promotion The Promotion Strategy Product Promotion ? ? Price ? Place ? People ? Apromotional mix isthe combination of different promotional elements that a company uses to reach and influence potential customers. The Marketing Mix

21. Marketing Tactics To apply marketing strategies, entrepreneurs employ marketing tactics. Key Term marketing tactics activities that are taken to carry out a marketing plan Section 10.1 Devising a Marketing Plan

22. Section Review • What is a marketing objective and what is it’s purpose? • Describe the five strategies of the marketing mix. • What is a product mix? Give an example. • What is a promotional mix? questions might be asked when making product strategy decisions? Section 10.1 Devising a Marketing Plan