Prepared by ms. dale 4.2 Marketing Strategies BMI3C Prepared by ms. dale 4.2 Marketing Strategies

Lesson Objectives To describe how consumers make decisions using value equations To develop a value equation on a product of the student's choosing. To describe the difference between push and pull marketing strategies http://www.allmedicaltourism.com/Articles/destinations/barbados/barbados/images/Barbados_Island.jpg 8 May 2019

CIE 3M 08/05/2019 Review We have looked at ______________________, _________________and now we will explore __________________________. 8 May 2019

CIE 3M 08/05/2019 Mrktng Strategies A marketing strategy is the method in which to carry out a _________________. The marketing strategy will outline how the company will carry out its plan. This includes which marketing activities will be used and the marketing mix formula (percentages and priorities). 8 May 2019

CIE 3M 08/05/2019 Mrktng Strategies A Typical Marketing Plan will contain the following sections: 1. The Marketing ___________ 2. Lists the ________________________ 3. ___________ Results 4. ___________ Strategy 5. __________ Strategy 6. __________ Strategy 7. ___________ Proposal 8. __________ Forecast 8 May 2019

CIE 3M 08/05/2019 Mrktng Strategies Branding strategies will focus on the consumer’s _______ __________ . Each and every one of us makes a value calculation when we are presented with products to purchase. 8 May 2019

CIE 3M 08/05/2019 Mrktng Strategies The Barbados government and tourism/hospitality providers must develop strategies to increase the benefits and reduce the costs of the vacation. The following slide is an example how promotional marketing strategies work to affect a person’s value equation. Adam and Vishna are looking to take a vacation. Barbados is a place they want to visit. Image credit: http://www.guidebookamerica.com/international/barbadosMMG.jpg 8 May 2019

CIE 3M Trip to Barbados for Adam and Vishna (pages 26 to 27) Benefits Assigned Value (1-10) Costs Pleasure: great food, warm weather, lots to do, escape from the traffic jams 6 Monetary Costs: $7000 Can (21 000 MYR)This takes up most of their savings and prolongs purchases for other needs and wants 10 Prestige: pictures to show friends, dinner-party conversations, tans 3 Safety: Some people do not think air travel is safe. Health care may not be easily accessible Adventure: Long flights, learning or experiencing SCUBA diving, change of scenery Timing: Adam and Vishna both work. Adam is off during the March break but Vishna needs to negotiate with her boss for time off. 5 Romance: great honeymoon location, very romantic venues 4 Complexity: Neither Adam and Vishna have travelled outside of their own country before, need passports, and knowledge about how to plan a trip. 2 08/05/2019 Marketing Strategies 8 May 2019

CIE 3M 08/05/2019 Mrktng Strategies Using the value equation we get the following results: Total Benefits (___) – Total Costs (____) = _____ The consumer will purchase a product/service only if it has a positive value. _____________ ______________________________________ ___________________________________ 8 May 2019

CIE 3M Find an advertisement for a product either in print or digital form. Then develop a Value Equation for the product. Product: Benefits Value (1-10) Costs 08/05/2019 Marketing Strategies Provide 15 minutes for this activity. Collect in the following period. 8 May 2019

Mrktng Strategies _____ ______ CIE 3M 08/05/2019 Mrktng Strategies Along with branding and promotional strategies there are also _________________________ that focus on the best way to deliver a product/service to the market. _____ Consumer Producer ______ Consumer Producer 8 May 2019

Mrktng Strategies ____ CIE 3M 08/05/2019 Mrktng Strategies PULL STRATEGIES: The consumer “pulls” the product through the distribution chain. To do this the producers build ___________ and _________in the consumer, so that they will ask sellers for that product. Consumers will be “pulled” or ________ to that product. Show the following commercials and ask the students to respond, how they apply to the pull strategy. Have them record their ideas in their notes. http://www.youtube.com/watch?v=R41NNPBqRCk – I-Pad http://www.youtube.com/watch?v=xgWNNimr0Yo – Old Spice ____ Consumer Producer 8 May 2019

Mrktng Strategies _____ CIE 3M 08/05/2019 Mrktng Strategies PUSH STRATEGIES: The producer “pushes” the product through the distribution chain. To do this the producer markets their products to ____________________ . The strategy of the producer is that if the customer sees the product they will buy it. List products that are pushed at consumers, explain how they are “pushed”? _____ Consumer Producer 8 May 2019

Mrktng Strategies Review CIE 3M 08/05/2019 Mrktng Strategies Review To review the last three slides http://www.marketing-made-simple.com/articles/push-pull-strategy.htm 8 May 2019

Review Complete you value equation. Key Points from Lesson Homework / Assignment Complete you value equation. List three products that use a Push Strategy and three products that use a Pull Strategy Review your notes! Marketing Strategies Marketing Plan Value Equation Costs and Benefits Push Strategies Pull Strategies 8 May 2019