Chapter Seven Marketing Plan Dr. Bruce Barringer University of Central Florida 7-1

Copyright © 2009 Pearson Education, Inc. publishing as Prentice Hall Introduction Marketing plan Marketing strategy Positioning Points of differentiation Price Promotional mix Sales process Distribution strategy Copyright © 2009 Pearson Education, Inc. publishing as Prentice Hall

Overall Marketing Strategy Approach to marketing a firm’s products and services stated in broad terms, which forms the basis of all its marketing-related activities Copyright © 2009 Pearson Education, Inc. publishing as Prentice Hall

Copyright © 2009 Pearson Education, Inc. publishing as Prentice Hall Positioning Strategy Positioning is how a firm is situated relative to its rivals Copyright © 2009 Pearson Education, Inc. publishing as Prentice Hall

Points of Differentiation Clear points about your product that are memorable and distinct that make your product different and better than existing products Product attribute map Copyright © 2009 Pearson Education, Inc. publishing as Prentice Hall

Product Attribute Map Figure 7-1 High Gold’s Gym LA Fitness Bally Prime Adult Fitness Range of Amenities Provided YMCA Community center fitness clubs Curves International Low Low Copyright © 2009 Pearson Education, Inc. publishing as Prentice Hall Tailored to the Specific Needs of Clientele High

Copyright © 2009 Pearson Education, Inc. publishing as Prentice Hall Pricing Strategy How to price your product or service Cost based Value based Copyright © 2009 Pearson Education, Inc. publishing as Prentice Hall

Sales Process and Promotions Mix Sales process are the steps a firm goes through to establish relationships with customers and close sales Prospecting Initial contact Qualifying the lead Sales presentation Meeting objections Closing the sale Follow up Copyright © 2009 Pearson Education, Inc. publishing as Prentice Hall

Copyright © 2009 Pearson Education, Inc. publishing as Prentice Hall Promotions Mix The specific tactics a firm uses to communicate with its potential customers Advertising Public relations Other promotions-related activities Copyright © 2009 Pearson Education, Inc. publishing as Prentice Hall

Copyright © 2009 Pearson Education, Inc. publishing as Prentice Hall Advertising Makes people aware of your product so they are persuaded to buy it Major goals Raise customer awareness of product Explain product's comparative feature and benefits Create an association between product and lifestyle Copyright © 2009 Pearson Education, Inc. publishing as Prentice Hall

Copyright © 2009 Pearson Education, Inc. publishing as Prentice Hall Public Relations Efforts to establish and maintain a company's image with the public Press release Media coverage Article in local newspapers Blogging Monthly newsletter Civic, social, and community involvement Copyright © 2009 Pearson Education, Inc. publishing as Prentice Hall

Other Promotions-related Activities Free samples Creating buzz by creating awareness and sense of anticipation about company and product Copyright © 2009 Pearson Education, Inc. publishing as Prentice Hall

Distribution and Sales Distribution encompasses all the activities that move a firm’s product from its place of origin to the consumer Where people in your target market shop Copyright © 2009 Pearson Education, Inc. publishing as Prentice Hall

Copyright © 2009 Pearson Education, Inc. publishing as Prentice Hall Sales Strategy A firm needs to decide whether to field its own sales force or use intermediaries Copyright © 2009 Pearson Education, Inc. publishing as Prentice Hall

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