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Developing a Marketing Plan. 10.1. Section. p g g. p g g. Updating the Marketing Plan. 10.2. Section. Glencoe Entrepreneurship: Building a Business.
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The Marketing Plan

SECTION

10.1

Developing a Marketing Plan

SECTION

F Forming i Marketing M k ti Objectives Obj ti Section

10.1

Developing p g a Marketing g Plan

Section

10.2

Updating the Marketing Plan

A convincing marketing plan includes a rationale for your selection of marketing strategies and tactics.

Th success off a business The b i iis d determined t i d iin th the marketplace.

SECTION

10.1

Developing a Marketing Plan

F Forming i Marketing M k ti Objectives Obj ti

Marketing is the process of developing, promoting, and distributing products to satisfy customers t and db businesses. i

Glencoe Entrepreneurship: Building a Business

10.1

Chapter 10 The Marketing Plan

Chapter 10 The Marketing Plan

Glencoe Entrepreneurship: Building a Business

Glencoe Entrepreneurship: Building a Business

Developing a Marketing Plan

SECTION

10.1

marketing plan ap plan used by y a business to guide its marketing process to a desired conclusion based on information obtained through market research and target market decisions

Developing a Marketing Plan

The Marketing Plan Th Marketing The M k ti Plan Pl

D Developing l i the th Marketing M k ti Mix Mi

product introduction or innovation

A successful marketing plan contains specific marketing objectives.

sales or market share

team organization

marketing objectives what a business wants to accomplish through its marketing efforts

advertising

M k ti Marketing Objectives

distribution

Developing a marketing mix enables an entrepreneur to map out how to accomplish marketing initiatives.

projected profitability

marketing mix the five marketing g strategies g used to reach a market: product, place, price, promotion, and people

pricing

Chapter 10 The Marketing Plan

Chapter 10 The Marketing Plan

5 Glencoe Entrepreneurship: Building a Business

Glencoe Entrepreneurship: Building a Business

SECTION

10.1

Developing a Marketing Plan

SECTION

10.1

Developing a Marketing Plan

Developing the Marketing Mix The Five Ps of Marketing

Th Product The P d t Strategy St t

P d t Product

The product strategy deals with the goods or services your business b i will ill provide. id

P Place

Product considerations include: • • • • •

Price P Promotion P p People

features and benefits branding, packaging, and labeling selection positioning mix

Th Product The P d t Strategy St t brand

A product’s brand, package, and label serve as strategies for maintaining customer loyalty. package the physical container or wrapper used to present information

Chapter 10 The Marketing Plan

Chapter 10 The Marketing Plan

Glencoe Entrepreneurship: Building a Business

Glencoe Entrepreneurship: Building a Business

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the name, symbol, or design used to identify a product

label the p part of the p package g used to present information about the product

SECTION

10.1

Developing a Marketing Plan

Th Product The P d t Strategy St t product positioning

Branding, packaging, and l b li can h labeling have a b bearing i on product positioning.

The final consideration in your product strategy is determining your company’s product mix.

how consumers see a product in comparison to another product

SECTION

10.1

Developing a Marketing Plan

The Place Th Pl Strategy St t The place strategy deals with how you will deliver your goods and services to customers. Place strategy considerations include: • • • •

product mix all of the products a company makes or sells

channels of distribution intensity of distribution transportation location, layout, and availability

SECTION

10.1

Developing a Marketing Plan

Th Place The Pl Strategy St t

To formulate a place strategy, the entrepreneur needs to understand the channel of distribution.

Chapter 10 The Marketing Plan

Chapter 10 The Marketing Plan

Chapter 10 The Marketing Plan

Glencoe Entrepreneurship: Building a Business

Glencoe Entrepreneurship: Building a Business

Glencoe Entrepreneurship: Building a Business

SECTION

10.1

Developing a Marketing Plan

SECTION

10.1

channel of distribution the p path a p product takes from producer or manufacturer to final user or consumer

Developing a Marketing Plan The Place Strategy

Th Place The Pl Strategy St t

Channels of Distribution

Th Place The Pl Strategy St t

Direct

There are two basic types of channels of distribution in the place strategy—direct and i di t indirect.

An indirect channel of distribution employs intermediaries.

A direct di t channel h l moves a product d t ffrom producer d to customer with no other businesses involved. Chapter 10 The Marketing Plan

Chapter 10 The Marketing Plan

Glencoe Entrepreneurship: Building a Business

Glencoe Entrepreneurship: Building a Business

intermediaries

Producer

p p or businesses that people move products between producers and final users, including wholesalers, retailers, distributors, and agents

Consumer

Indirect Producer

Intermediary

Consumer

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SECTION

10.1

Developing a Marketing Plan

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10.1

Developing a Marketing Plan

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10.1

Developing a Marketing Plan

intensive distribution

Th Place The Pl Strategy St t

placement of a product in all suitable sales outlets

There are three ways to distribute di ib a product: d selective distribution

• intensive distribution • selective distribution • exclusive distribution

placement of a product where its number of sales outlets are limited in an area

Th People The P l Strategy St t

The people strategy involves assembling, preparing, and maintaining the people who will h l th help the b business i achieve hi success.

Th Price The P i and d Promotion P ti Strategies St t i

The price strategy is a financial decision and a marketing strategy that affects the customer’s motivation to buy. The promotion strategy is designed to tell potential customers about a business’s products and their characteristics, benefits, and availability.

exclusive distribution placement of a product where its number of sales outlets are limited to one per area

Chapter 10 The Marketing Plan

Chapter 10 The Marketing Plan

Chapter 10 The Marketing Plan

Glencoe Entrepreneurship: Building a Business

Glencoe Entrepreneurship: Building a Business

Glencoe Entrepreneurship: Building a Business

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Developing a Marketing Plan

10.1

SECTION

M k ti Tactics Marketing T ti

10.2

Updating the Marketing Plan

SECTION

Th Importance The I t off Ongoing O i Market M k t Research R h

To apply marketing strategies, entrepreneurs employ marketing tactics.

activities that are taken to carry out a marketing plan

• • •

Updating the Marketing Plan

R i i Your Reviewing Y Marketing M k ti Plan Pl and d Mix Mi

There are many benefits to ongoing market research.

In business business, change is constant constant. In order to stay up-todate with changes as they occur:

marketing tactics

10.2

Gather primary data from customers. Gather secondary data from business records. Collect information that affects your operation.

The research provides information you need to make adjustments to your marketing plan and allows ll you tto revise i and d rework k your marketing k ti mix strategies to make them more effective.

Chapter 10 The Marketing Plan

Chapter 10 The Marketing Plan

Chapter 10 The Marketing Plan

Glencoe Entrepreneurship: Building a Business

Glencoe Entrepreneurship: Building a Business

Glencoe Entrepreneurship: Building a Business

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Possible Changes to the Product Strategy adding products p

revising guarantees t and service policies

changing brands, packaging, or labels

Updating the Marketing Plan Possible Changes to the Place Strategy

Possible Changes to the Product Strategy You may want to consolidate products you manufacture under g different brands under a single brand. You may also choose to sell your own private i t brand. b d

eliminating products p

Product Strategy Changes

10.2

changing products

T build To b ild customer t confidence fid and increase sales, a business can offer a service policy or a guarantee.

identifying new uses for products p

private brand a brand that is owned and initiated by a wholesaler or retailer

improving po g location

rearranging ea a g g layout

Place Strategy St t Changes changing channels of distribution

guarantee an assurance of the quality of a product

increasing availability

Chapter 10 The Marketing Plan

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24 Glencoe Entrepreneurship: Building a Business

SECTION

Possible Changes to the People Strategy

Possible Changes to the Price and Promotion Strategies

Reviewing and revising your marketing plan and mix regularly will help you identify and make necessary strategy changes. h Such a review sets the stage for longer longer-term term market planning, such as expansion, revision, or diversification.

pricing i i ffor profit fit

People Strategy Changes

human resource responsibilities

employee qualifications q

P i and Price d Promotion Strategy Changes

revising terms of sale

team-building responsibilities

Updating the Marketing Plan

R i i Your Revising Y Marketing M k ti Plan Pl and d Mix Mi

number of people

system rewards

10.2

reacting to market k t prices

Chapter 10 The Marketing Plan

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diversification the p process of investing g in products or businesses with which an existing business is not currently involved