The Concept of Marketing Strategies Entrepreneurship 1 3.01

The Marketing Mix The marketing mix, known as the four P’s, is a combination of decisions a business must make in order to best reach its target market

PRODUCT The goods and services a business will offer to its customers A. Choice of product: Will the business offer a variety of products? B. Packaging: Does the packaging protect the product and provide necessary information about the product?

PRODUCT continued . . . C. Level of quality: What level of quality will the business ensure? D. Brand name: What brand name products will the business offer? E. Warranty: Will the business offer a warranty to its customers to ensure satisfaction?

PRICE The amount a business charges customers for their products A. Price setting. Price will be set based on product demand, cost, and competitors’ actions. B. Terms. Will the company only accept cash? Will the company extend credit? What type of credit will the company extend?

PRICE continued . . . Discounts. Will the business offer discounts to employees? Locals? Will the business discount merchandise at certain times of the year?

PLACE (distribution) Making products available at the right time and location. A. Channels of Distribution: the path a product takes to get from the producer to the consumer B. What specific stores will offer the products? (wholesaler, retailer, department, discount, etc.)

PLACE continued . . . C. What method of transportation will be used to get the product from the producer to the consumer? (truck, train, place, boat, pipeline) D. How will inventory be handled and controlled? (methods- physical, storing, checking, or receiving)

PROMOTION Informing, reminding, and persuading customers of the goods and services available to them. A. What will the message be? B. When will the message be delivered?

PROMOTION continued . . . C. Where will the message be delivered? D. What inducements will be used to encourage customers to purchase the product? E. How will the message be delivered?

Marketing Goals, Strategies and Tactics

Marketing Goals A marketing goal is defined as a desired result or specific achievement. Typically a goal is a measurable result that is achieved through marketing objectives. Because goals are quantitative, a business can always clearly answer whether or not a marketing goal was met with a simple yes or no. Examples of marketing goals for a business may include: Increase sales revenue by 20% Improve customer loyalty and retention by 10% Launch three new product lines Acquire 10,000 new monthly subscribers Gain 5% market share

Marketing Strategies A marketing strategy is defined as your game plan to achieve your objectives. Strategies can be simply aligned to broader categories in a marketing plan, or they can be more formally aligned with the “4 P’s of marketing” in an overall marketing plan. Each of the “4 P’s of marketing” includes a strategy. Examples of marketing strategies include: Launch a product that solves customers’ XYZ problem Promote product through local online advertising Pricing discounts for long-term customers or subscriber programs Make products available through well-branded affiliate programs Marketing objectives are not static. They change as a business develops. They also change in response to both internal and external circumstances.

Importance of a marketing strategy This will give you a clear direction as to where you should go with your marketing efforts, and will give you a better understanding of what marketing methods are going to reach your customers in the exact manner that you were hoping for. Marketing objectives are not static. They change as a business develops. They also change in response to both internal and external circumstances.

Marketing Tactics Tactics are defined as specific actions that will be taken in support of the marketing strategies. Examples of tactics for business marketing plans include: Run banner ads monthly on XYZ website Send 10,000 direct mail pieces to existing customers in March Create a monthly email newsletter to promote new products to customers Set up a LinkedIn group as a social media public relations channel Launch a telemarketing campaign in September to acquire 1,000 new customers Source: Definition of Marketing Objectives, Goals, Strategies and Tactics | Suite101.com http://suite101.com/article/definition-of-marketing-objectives-goals-strategies-and-tactics-a321854#ixzz277X7lQz5