1. Understanding the Marketing Mix and Marketing Plan 3.01 Apparel 2

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.

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

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

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

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

7. 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.

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

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

10. 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.

11. 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?

12. 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

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

14. ________________ 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

15. 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

16. 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

17. 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