MARKETING PLAN CHAPTER ELEVEN Warm Up What are

MARKETING PLAN CHAPTER ELEVEN

Warm Up What are ways companies market products to you? List some examples …

How Does It Work? Do companies just create commercials and broadcast them on random tv channels? Do they post social media content with hopes anyone will see?

Hopefully you said NO…. If companies do not try to understand their customer base, then they would be wasting money on their marketing efforts. They also need a marketing plan to guide their efforts. Granted some companies waste money every day on marketing efforts… Can you think of some bad marketing examples?

Marketing Plan A comprehensive plan that shows steps that will be taken to advertise a target market.

Key Components of a Marketing Plan Marketing Mix Target Market Unique Selling Proposition Price and Position Strategy Product Mix Channel of Distribution Promotion Strategy Conversion Strategy Retention Strategy Financial Projections

Marketing Mix The use of the 4 -P’s classifications for developing a marketing strategy on product, price, place and promotion. Let’s Listen to this hit song! https: //www. youtube. com/watch? v=z. FENz_nnrq 8

Product • What new products are currently successful and why? • Any patents or protection? • Quality of product.

Price • Are products prices properly? • What is the pricing strategy? • Are pricing strategies working? • What price can the product fetch? • How will consumers react?

Place • How to easily reach customers. • Where are products similar being sold? • Who is helping get products to customers?

Promotion • Where is the company positioned in the market? (high end / low end) • What promotional strategies have been successful? • Reputation and image among consumers.

Target Market A particular group of consumers at which a company aims its products and services. When a business does not identify a target market, its marketing plan has no focus.

Multiple Target Markets A product may have more than one target market. For example, a children’s cereal is both marketed to a child and parent. The parent will need to buy it for the child, and the child needs to want it.

Unique Selling Proposition USP the factor that differentiates a product from its competitors. A USP should answer these questions: Why should I buy from you? What makes you stand out in a crowd? What does your brand do well?

Pricing & Position Strategy Ability to price products according to competitors and position the product at a specific level or quality category. Your price will dictate a position that you would like to be in the market. Low Price = Low Quality ? ? High Price = High Quality ? ?

Product Mix The total number of product lines a company offers to its customers.

Channel of Distribution The path a product takes from manufacturer to consumer.

Promotion Strategy A plan to increase awareness, persuade a target audience, create interest, generate sales or create brand loyalty.

Promotion Strategy Includes • Advertising • Personal Selling • Sales Promotions • Direct Marketing • Internet Marketing • Public Relations

Push Marketing Promotional strategy where businesses attempt to take their products to the customers. This is accomplished by negotiating with retailers to sell products or set up pop displays.

Pull Marketing Promotional strategy where businesses try to pull customers their way. Common tactics include mass media promotions, advertising and sales promotions.

Conversion Strategy Transform a person into a paying customer. For example, transform a website visitor to a customer. Do you recall pop up coupons appearing on websites to entice you to buy? Or ads from sites you visited on a prior day? This is all part of web conversion strategies.

WISE POPS https: //wisepops. com/ Let’s see what Wisepops has to offer online businesses.

Retention Strategy A strategy used to retain customers through customer loyalty and brand loyalty initiatives. • Rewards • Incentives • Points • Service Subway points club is an example of a retention strategy

Constant Contact https: //www. constantcontact. com/main Let’s see how Constant Contact can help with a retention strategy.

Financial Projections An estimate of future financial performance of a business.

Financial Projections Use Companies rely on financial projections to plan funding for marketing plans. Marketing plans can be a significant burden on a company financially. Thinking of a career as a financial analyst? https: //www. investopedia. com/articles/professionals/ 120415/career-advice-financial-analyst-vsbusinessanalyst. asp