1. Explain the concept of marketing strategies. 5-11

2. Marketing Mix
All of the tools or activities available to organizations to be used in meeting the needs of a target market; the blending of the four marketing elements (product, price, place and promotion) by a business.

3. Product
Anything offered to a market by a business to satisfy needs, including physical products, services, and ideas.

4. Place
Making products and services available where the consumer wants them.

5. Promotion
Any form of communication used to inform, persuade, or remind consumers about an organization’s goods or services.

6. Price
The actual amount that customers pay and the methods of increasing the value of the product to the customers.

7. Goals
A precise statement of results the business expects to achieve.

8. Strategies
A careful plan or method; the art of devising or employing plans towards a goal.

9. Tactics
The art or skill of employing available means to accomplish an end; a system or mode of procedure.

10. Identify the components of the marketing mix:
The marketing mix also known as the 4 P’s of marketing consist of:
Product
Price
Place
Promotion

11. Describe the importance of each of the components of the marketing mix.
Product
Price
Place
Promotion

12. Explain the relationship of goals, strategies, and tactics.
Goals are set by businesses to achieve the end result desired by the company.
Strategies are the plans or methods used to achieve a goal.
Tactics are the skills used for the strategies implemented to achieve a goal.

13. Describe the importance of marketing strategies.
Marketing strategies must be well-thought-out to insure success for a business. Marketing is the largest component of most businesses, therefore a well developed marketing strategy will assist businesses in making profits.

14. Explain the factors that may cause marketing strategies to change.
Demographics, Geographics, Demand, Supply, Price, etc.

15. Explain the importance of strategies in the marketing mix.
Product- must determine what products to produce, how to produce, and how much to produce.
Price- must determine competitors prices, cost, and profit desired.
Place- must determine how to transport, method of transportation, where to store or sell.
Promotion- must consider how, what when, where, and customer reach.

16. Performance Exercise
Imagine that you are the marketing manager for your school’s homecoming celebration. Identify strategies that you would use to market the activities. Explain why you would use them, and summarize your plan in a brief presentation for the class.