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The Marketing Plan

The document discusses key aspects of developing an effective marketing plan, including defining marketing and the marketing mix, setting goals, understanding customers, and determining pricing strategies. It explains that marketing involves determining customer needs and satisfying them through the right product, price, placement, and promotion. The marketing plan should identify business goals and how they will be achieved through specific marketing tactics. It also emphasizes the importance of a consumer-driven approach and adapting to changes in the business environment.

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46 views

The Marketing Plan

The document discusses key aspects of developing an effective marketing plan, including defining marketing and the marketing mix, setting goals, understanding customers, and determining pricing strategies. It explains that marketing involves determining customer needs and satisfying them through the right product, price, placement, and promotion. The marketing plan should identify business goals and how they will be achieved through specific marketing tactics. It also emphasizes the importance of a consumer-driven approach and adapting to changes in the business environment.

Uploaded by

S H A S H I
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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The Marketing Plan

What is Marketing?
all of the processes used to determine and satisfy the needs of
customers and the company
 Planning

 Pricing

 Promoting

 Distributing

 Selling
A successful marketing
concept will
Identify what will satisfy the customers’ needs and
wants

Develop and market products or services that customers


consider better than other choices

Operate profitably
Marketing Mix
Reaching the target market through a blend of:

Product

Price

Distribution

Promotion
The Marketing Strategy
a plan that identifies how business goals will be achieved
through marketing efforts

Product introduction or innovation

Pricing

Distribution

Promotion

Sales or Market share

Projected Profitability
Marketing goals should
Be achievable with your available resources

Be written following the SMART guidelines

Reflect short, medium and long-term goals


Short-Term Goals
Achievements for the next year are the focus of short-
term goals.
 Number of Customer

 Level of Sales

 Level of Profit
Medium-Term Goals

Achievements for the next two to five years are the


focus of medium-term goals.

Make sure your marketing strategy facilitates


achievement of medium-term goals.
Long-Term Goals

Achievements for a 5, 10, or 20 year time horizon are


the focus of long-term goals.

Long-term goals can help define current marketing


plans.
Marketing Plan
The marketing plan should include following information

Product or Service

Target Market

Competition

Marketing Budget

Business Location

Pricing Strategy

Promotional Strategy

Distribution Strategy
Marketing plans should include performance standards
that are measurable.

Actual results should be compared to performance


standards quarterly.
Consumer-Driven Market

The wants and needs of customers are the most


important consideration when developing any product or
marketing effort.

The U.S. has changed from a product- driven market to


a consumer-driven market.

Consumers are more educated.


Competition includes the global market.
Product Mix
product mix
the different products and services a business sells

Entrepreneurs may carry some products that are not


profitable just to please customers.

A small percentage of the product selection often makes


up the majority of sales revenue.
Product Management
There is more to a product than consumers may realize.

Features

Branding

Packaging

Labeling

Positioning
Select Product Features

 Features
product characteristics that will satisfy customer needs

 The target market should be considered when selecting


product features.
Consider Branding,
Packaging, and Labeling
 Brand

 The name, symbol, or design used to identify your


product

 Package

 The box, container, or wrapper in which the product is


placed
 Label
 where information about the product is given on the
package

 The brand, package, and label that you choose for a


product help differentiate it from others on the market.
Position Your Products or
Services
Different products and services within the same
category serve different customer needs.

Positioning

Creating an image for the product in the customer’s


mind
Market Share

A business’s percentage of the total sales generated by


all companies in the same market

The total market for a product must be known in order


for market share to be determined.
Market Share

Amount of Sales ÷ Total Market Size


There are multiple ways to increase market
share including
 lowering prices
 advertising and promotion
 networking with potential customers
Demand-Based Pricing

Demand-based pricing

pricing that is determined by how much customers are


willing to pay for a product or service

Survey potential customers to determine what they


would be willing to pay for a product.

The highest price identified is the maximum price that


can be charged.
Cost-Based Pricing

cost-based pricing- determined by using the wholesale


cost of an item as the basis for the price charged

markup price -determined by adding a percentage


amount to the wholesale cost of an item
Competition-Based Pricing

competition-based pricing

pricing that is determined by considering what


competitors charge for the same good or service
Price a Service or an Idea

To set a price for a service, consider the following:

The cost of items used in providing the service

The amount of time required to produce the service


Pricing Strategies

Pricing can make or break a business.

Pricing techniques may change over time.


Introductory Pricing

price skimming - used for products that are new and


unique ;a high price is charged to cover product
development costs

penetration pricing- a low introductory price is charged


to build

a strong customer base  discourages competition


Psychological Pricing

Psychological pricing
Certain prices have an impact on how customers
perceive a product

Used most commonly in retail


Techniques used in psychological
pricing include the following
 prestige pricing- a high price to create a feeling of
superiority

 odd/even pricing- prices ending in odd numbers are


perceived to be bargains

prices ending in even numbers suggest higher quality


Discount Pricing

discount pricing
offers customers a reduced price  encourages
purchases
Trade discount
price reductions granted by a manufacturer or
wholesaler to buyers in the same trade

seasonal discounts - used to sell seasonal merchandise


out of season

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