Describing the Marketing Plan Intro Clip Marketing Plan

Describing the Marketing Plan Intro Clip

Marketing Plan – Document describing business and marketing objectives and the strategies and tactics to achieve them. Larger companies Many Marketing Managers – Marketing Plan for each different product line. Smaller Only companies One Marketing Manager – Only one Marketing Plan for the entire company.

Market Plan is like a Travel Plan Marketing Objectives – where you plan to travel (Florida, Italy, Bahamas, etc. ) Marketing Strategies – the means of travel (flying, driving, train, etc. ) Marketing Tactics – the specific paths taken to reach the final destination (highways, roads, rivers, etc. )

Critical Marketing Questions The marketing plan should answer 5 basic questions: 1. What are the current economic and competitive situations affecting the business? 2. What are the marketing objectives for the upcoming years? 3. What are the best strategies to implement for the business to achieve its marketing objectives? 4. What are the most efficient marketing tactics for each strategy? 5. How will the success of the marketing plan be measured?

Product Strategies – decisions marketers help make about what products a business should sell. Include decisions on: Quantities Sizes Packaging Warranties Brand Names Image Design

Price Strategies – decisions made about pricing and how prices are set to make a profit. Affect Company Image Higher Compare prices means a higher-quality image to customers Pricing to Competition Lower profits prices may increase sales and generate desired

Place Strategies – decisions about how and where the products are produced, acquired, shipped, and sold to customers. Marketers work directly with sales team to develop Place Strategies. Place decisions include: Physical Locations (Company Store & other stores) Internet (Online Store & Shipping) Internationally or Locally

Promotion Strategies – decisions about which selling, advertising, sales promotions and public relations activities to use in the Promotional Mix – a combination of elements used in a promotional campaign.