PowerPoint Presentation: z Marketing planning 4.2
PowerPoint Presentation: 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 researc h is vital The marketing plan will contain: Detailed action programmes Budgets Sales forecasts strategies (based on the marketing mix )
PowerPoint Presentation: z The marketing mix
PowerPoint Presentation: 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 may they have? How would an effective marketing mix meet these? Be specific!
PowerPoint Presentation: 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] Product Fast sports car a price High – based on top-range competitors’ prices place Exclusive dealers in impressive city showrooms promotion Advertised on radio only Product Range of furniture for families with low incomes b price Low : low costs allow prices to be set below competitors place Sold over the internet promotion Advertised on posters & in free local newspapers Product Women's fashion hairdressing salon with cutting by well-known stylists c price Low price offers to large family groups place Salon located in wealthy area of the city promotion Advertised in fashion & beauty magazines Product Fast food restaurant d 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