Devising a Marketing Plan

1. Devising a Marketing Plan

2. Marketing Objectives • Marketing Plan- A plan used by a business to guide its marketing process to a desired conclusion • Marketing objectives- What a business wants to accomplish through its marketing efforts • Product introduction • Sales • Projected profitability • Pricing • Distribution • Advertising • Team organization

3. Marketing Mix • Developing the marketing mix enables you to map out how you are going to reach your objectives • Product • Place • Price • Promotion • People

4. Product • Deals with the goods/services your business will provide • Every product must relate to your target market • Product selection, brands, and your product mix • Make up product positioning- how consumers see your brand

5. Place • How you will deliver your goods and services to customers • What’s your channel of distribution, intensity of distribution, and transportation • Location and layout of the business must also fit into the target market

6. People • Assembling, preparing, and maintaining the people who will help you achieve success • Basic hiring criteria • Developing employees (training) • Establishing a positive environment • Rewarding your employees

7. Reviewing and Revising the Marketing Plan • Must use ongoing market research to improve the marketing mix • Surveys, accounting records, sales receipts, trade publications, magazines • Use the info gathered to improve your marketing mix • Add/eliminate products, rearranging layout, improving location,