1. SWH The Marketing Plan Devising a Marketing Plan Reviewing and Revising the Marketing Plan 1/22/2016SWH

2.  Identify the role of marketing objectives in developing a marketing plan.  Name the five marketing strategies that make up the marketing mix.  Describe the part marketing tactics play in the marketing plan. 1/22/2016SWH

3. To succeed and grow, a business must have a marketing plan with realistic objectives, the proper mix of the five Ps, and an action plan for implementation. 1/22/2016SWH

4. marketing plan marketing objectives marketing mix brand package label product positioning 1/22/2016SWH 1 product mix channel of distribution intermediaries intensive distribution selective distribution exclusive distribution marketing tactics

5. Marketing is the process of developing, promoting, and distributing products to satisfy customers and businesses. The success of a business is determined in the marketplace. 1/22/2016

6. A convincing marketing plan includes a rationale for your selection of marketing strategies and tactics. 1/22/2016SWH marketing plan a plan used by a business to guide its marketing process to a desired conclusion based on information obtained through market research and target market decisions

7. A successful marketing plan contains specific marketing objectives. 1/22/2016SWH marketing objectives what a business wants to accomplish through its marketing efforts

8. The Marketing Plan 8 Marketing Objectives product introduction or innovation sales or market share projected profitability pricing distribution advertising team organization 1/22/2016SWH

9. Developing a marketing mix enables an entrepreneur to map out how to accomplish marketing initiatives. 1/22/2016SWH marketing mix the five marketing strategies used to reach a market: product, place, price, promotion, and people

10. Developing the Marketing Mix 10 The Five Ps of Marketing P P P P P Product Place Price Promotion People 1/22/2016SWH

11. The product strategy deals with the goods or services your business will provide. 1/22/2016SWH

12. Product considerations include: 1/22/2016SWH features and benefits branding, packaging, and labeling selection positioning mix

13. A product’s brand, package, and label serve as strategies for maintaining customer loyalty. 1/22/2016SWH brand the name, symbol, or design used to identify a product package the physical container or wrapper used to present information label the part of the package used to present information about the product

14. Branding, packaging, and labeling can have a bearing on product positioning. 1/22/2016SWH product positioning how consumers see a product in comparison to another product

15. The final consideration in your product strategy is determining your company’s product mix. 1/22/2016SWH product mix all the products a company makes or sells

16. The place strategy deals with how you will deliver your goods and services to customers. 1/22/2016SWH

17. Place strategy considerations include: 1/22/2016SWH channels of distribution intensity of distribution transportation location, layout, and availability

18. To formulate a place strategy, the entrepreneur needs to understand the channel of distribution. 1/22/2016SWH channel of distribution the path a product takes from producer or manufacturer to final user or consumer

19. There are two basic types of channels of distribution in the place strategy—direct and indirect. A direct channel moves a product from producer to customer with no other businesses involved. 1/22/2016SWH

20. An indirect channel of distribution employs intermediaries. 1/22/2016SWH intermediaries people or businesses that move products between producers and final users, including wholesalers, retailers, distributors, and agents

21. The Place Strategy 21 Channels of Distribution ProducerConsumerProducerConsumerIntermediary Direct Indirect 1/22/2016SWH

22. There are three ways to distribute a product: 1/22/2016SWH intensive distribution placement of a product in all suitable sales outlets selective distribution placement of a product where its number of sales outlets are limited in an area exclusive distribution placement of a product where its number of sales outlets are limited to one per area intensive distribution selective distribution exclusive distribution

23. The people strategy involves assembling, preparing, and maintaining the people who will help the business achieve success. 1/22/2016SWH

24. The price strategy is a financial decision and a marketing strategy that affects the customer’s motivation to buy. The promotion strategy is designed to tell potential customers about a business’s products and their characteristics, benefits, and availability. 1/22/2016SWH

25. To apply marketing strategies, entrepreneurs employ marketing tactics. 1/22/2016SWH marketing tactics activities that are taken to carry out a marketing plan Section 10.1 Devising a Marketing Plan

26. 1. Identify the role of marketing objectives in developing a marketing plan. 1/22/2016SWH Marketing objectives state what a business wants to accomplish through its marketing efforts.

27. 2. Name the five marketing strategies that make up the marketing mix. 1/22/2016SWH product, place, people, price, and promotion.

28. 3. Describe the part marketing tactics play in the marketing plan. 1/22/2016SWH Marketing tactics are the activities used to put the marketing mix and the marketing plan into action.

29.  State the importance of ongoing market research.  List the factors to consider for each strategy when reviewing the marketing mix.  Describe how to update the marketing mix and marketing plan. 1/22/2016SWH

30. The target markets, customer demands, and competition of a business change over time. For a business to succeed, you must make timely adjustments to your marketing plan. 1/22/2016SWH

31. private brand guarantee diversification 1/22/2016SWH Section 10.2 Reviewing and Revising the Marketing Plan

32. In business, change is constant. In order to stay up-to-date with changes as they occur: 1/22/2016SWH Section 10.2 Reviewing and Revising the Marketing Plan Gather primary data from customers. Gather secondary data from business records. Collect information that affects your operation.

33. There are many benefits to ongoing market research. The research provides information you need to make adjustments to your marketing plan and allows you to revise and rework your marketing mix strategies. 1/22/2016SWH Section 10.2 Reviewing and Revising the Marketing Plan

34. Possible Changes to the Product Strategy 34 Product Strategy Changes adding products eliminating products changing products identifying new uses for products changing brands, packaging, or labels revising guarantees and service policies Section 10.2 Reviewing and Revising the Marketing Plan 1/22/2016SWH

35. You may want to consolidate products you manufacture under different brands under a single brand. 1/22/2016SWH private brand a brand that is owned and initiated by a wholesaler or retailer Section 10.2 Reviewing and Revising the Marketing Plan You may also choose to sell your own private brand.

36. To build customer confidence and increase sales, a business can offer a service policy or a guarantee. 1/22/2016SWH guarantee an assurance of the quality of a product Section 10.2 Reviewing and Revising the Marketing Plan

37. Possible Changes to the Place Strategy 37 improving location rearranging layout increasing availability changing channels of distribution Place Strategy Changes Section 10.2 Reviewing and Revising the Marketing Plan 1/22/2016SWH

38. Possible Changes to the People Strategy Section 10.2 Reviewing and Revising the Marketing Plan 38 number of people employee qualifications team-building responsibilities human resource responsibilities People Strategy Changes system rewards 1/22/2016SWH

39. Possible Changes to the Price and Promotion Strategies 39 pricing for profit Price and Promotion Strategy Changes reacting to market prices revising terms of sale Section 10.2 Reviewing and Revising the Marketing Plan 1/22/2016SWH

40. Reviewing and revising your marketing plan and mix regularly will help you identify and make necessary strategy changes. Such a review sets the stage for longer-term market planning, such as expansion, revision, or diversification. 1/22/2016SWH diversification the process of investing in products or businesses with which an existing business is not currently involved Section 10.2 Reviewing and Revising the Marketing Plan

41. 1. State the importance of ongoing market research. 1/22/2016SWH Section 10.2 Reviewing and Revising the Marketing Plan Ongoing market research provides information that enables a business owner to make decisions that ensure the profitability of the business. 10.2

42. 2. List the factors to consider for each strategy when reviewing the marketing mix. 1/22/2016SWH Section 10.2 Reviewing and Revising the Marketing Plan For product strategy: goods and services to offer, differentiation from competitors’ products, and clear product identification. For place strategy: changes in location, layout, availability, and channels of distribution. For people strategy: shifts in demand, changes in the nature of the business, or growth. For price strategy: pricing for profit, reacting to market prices, and revising terms of sale. For promotion strategy: making the most of advertising dollars, stimulating sales, and planning for the long term. 10.2

43. 3. Describe how to update the marketing mix and marketing plan. 1/22/2016SWH Section 10.2 Reviewing and Revising the Marketing Plan Updating the marketing mix involves reviewing individual strategies for recent adjustments and needed changes. Changes and proposed changes are then reviewed for consistency with marketing objectives (and budget considerations). Based on these reviews, adjustments are made to ensure that all strategies are coordinated to accomplish the marketing objectives. Finally, the revised mix is incorporated into the marketing plan and supporting elements of the plan are modified accordingly. 10.2

44. Section 10.2 Reviewing and Revising the Marketing Plan 44 Once you decide to start an e-commerce business, you will need to plan how your site will be developed. You may use a Web-development service, such as a Web designer or Web developer; a hosted service that offers turnkey sites; a software package; or templates. 1/22/2016SWH

45. Section 10.2 Reviewing and Revising the Marketing Plan 45 1/22/2016SWH template a file that establishes the format and appearance of a Web page turnkey a preprogrammed and ready-to-operate hosted e-commerce site

46. Section 10.2 Reviewing and Revising the Marketing Plan 46 1/22/2016SWH Web designer a person who plans the aesthetic and navigational aspects of a Web site Web developer a person who programs a Web site from a technical standpoint

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