01 - IBBusinessAndManagement.com

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IBBusinessAndMangement.com, Business and Management, Marketing, Marketing Planning

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© IBBusinessandManagement.com IB Business and Management The IB Diploma Business and Management course delivered IN STYLE, ONLINE.

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z © Marketing planning 4.2

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z © Marketing planning The process of formulating appropriate strategies & preparing marketing activities to meet marketing objectives Effective market planning is always based on clear awareness of: Competitors actions Consumer wants Market trends Therefore, effective market research is vital The marketing plan will contain: Detailed action programmes Budgets Sales forecasts strategies (based on the marketing mix)

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z © The marketing mix product price promotion place people processes Physical evidence Consumers require the right product. This may be an existing product, an adaptation to an existing product or a new product Is important in terms of product perception, the consumers’ ability to purchase and a firm’s revenues Must be effective. Informing consumers to the availability & convincing them that your brand is best How your product will be distributed to the consumer. Right time. Right place. Question 4.2.1, p 461 What organizational objectives could they have? How would an effective marketing mix meet these? Be specific!

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z © The marketing mix Activity: what went wrong? Identify which marketing mix decision is not integrated with the other decisions [4 marks] Recommend & justify a change to one of the marketing mix decisions [12 marks] price High – based on top-range competitors’ prices place Exclusive dealers in impressive city showrooms promotion Advertised on radio only price Low: low costs allow prices to be set below competitors place Sold over the internet promotion Advertised on posters & in free local newspapers price Low price offers to large family groups place Salon located in wealthy area of the city promotion Advertised in fashion & beauty magazines price High price strategy place Expensive business district location with many top-class restaurants promotion Advertised in business magazines, loyalty card scheme operated with quality stores

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