Understanding the Marketing Mix and Marketing Plan 3.01 Apparel 2

Marketing Mix Every plan will be ______________ because every business is different. Decisions about the ______________ Mix – 4 P’s – is the foundation of a marketing plan. Answers to these questions will be a guide to developing the actual Marketing Plan and ______________ Plans.

Product Decisions ________________? Sizes? __________________? Warranty? Design and ______________? Logo/Slogan?

Price Decisions Cost of _____________ to produce? Markup? ________________ Margin? Break-Even Point? List price Vs. _______________ Price? Comparison with competitors?

Place Decisions How/Where ________________ will be sold? Distribution & Logistics? ______________________? Inventory? Order Processing? ____________________ of Product?

Promotion Decisions Advertising? ____________________Promotions? Reward Programs? Special Events? __________________ Relations? Customer Service/_____________ Policies?

What is a Marketing Plan? Written ______________ that defines the target market and describes the promotion and marketing efforts to achieve one or more marketing objectives for a specific time period. Written each year but sometimes _______________ as the business’s progress and situations change. Describes a business’ marketing ____________ and the ______________ and tactics to achieve them.

Parts of a Marketing Plan Situation _________________ Marketing ________________ Marketing Strategies Marketing ____________________ Action Plan All marketing plans should include this _______________information

Situation Analysis ___________________ of the environment in which the business has been operating Introductory statement ________________ Market Competition

Target Market Define by using __________________, geographic, economic, behavioral, and psychographic information. Estimate the total _______________ of the target market. Include information gained that describe market ____________________. Describe factors that may affect purchasing – season, price, availability, emotions, services, etc.

Competition List both ______________ and indirect competitors Outline the product line and what they ____________ Describe your business’ ______________ Explain why your product is different or better – more variety? Better pricing? Better sizing?

Marketing Objectives The _____________ a business wants to achieve during a given time Most have both __________ and marketing goals May be short term – achieved in less than a ________ May be long term – achieved in a year or more All marketing objectives should be written as _________________ goals

S = Specific M = Measurable A = Attainable R = Realistic T = Timely SMART Goals S = Specific M = Measurable A = Attainable R = Realistic T = Timely

________________ made about product, price, place, and promotion Marketing Strategies ________________ made about product, price, place, and promotion _______________ of the who, what, when, where and how of the marketing process

Marketing Tactics Specific ________________ to carry out the marketing strategies. Every marketing strategy will have a set of________________ designed to accomplish it Usually the longest section because it lists very ______________ activities

Action Plan _________________ – lists when each activity starts and where it happens, the end date and who is responsible – also keeps business on track and keeps plan moving forward _______________ – costs to implement the marketing and promotional activities ________________ – the way we measure the effectiveness of a project – marketing is very expensive so business’ want to make sure they have a return on their investment

Format the Marketing Plan At some point, the _________________ plan may be presented to investors and employees Make sure it is well written and paragraphs fully explain the marketing plans Grammatically ____________________, words appropriate and punctuation accurate Exciting, _____________________ and attractive Unique – be creative