Transcript Market Planning LAP 2 Explain the nature of the marketing mix

Pick the
Mix
Nature of Marketing
Strategies
Market Planning
LAP 2
Explain the importance
of marketing strategies
to business.
Explain the nature of
the marketing mix.
Explain the importance
of marketing strategies
to business.
 What prompts you to
buy a product?
 How do you know about, and
have access to, the items you
need and want?
Preparation Is Key
•
Marketers must plan:
 Where they need to go
 How to get there efficiently
Where Are You Going?
 Marketers set goals—
their destination.
 Describe where they’re
headed
 Describe objectives they
plan to fulfill
 Identify where they want
to be by a certain date
Which Way Are You Headed?
 Marketers develop strategies—
their route.
• Determine a plan of action
• Help them reach their goals
• Must evaluate options
Method: How Will You Get There?
 Marketers choose tactics—small steps
along the route.
• Carry out their strategies
• Lead them toward their goal—
a little at a time
 Develop complete plans.
 Be ready to adjust.
Choose the Best Strategy
 How does the marketing concept apply
to the situation?
 When do they want to reach their goal?
 What resources are
on hand?
Be On the Lookout
 Business situations
change.
 Obstacles can be turned
into opportunities.
Explain the nature of the
marketing mix.
One Size Does Not Fit All
 The same marketing strategy won’t
work in every situation.
 Marketers adjust and combine their
strategies to fit their purposes.
Marketing Mix, mahr-ki-ting miks,
n. A combination of the four elements
of marketing—product, price, place,
and promotion.
Product
 The goods, services, or ideas a business
offers its customers
 Solutions to customers’ needs
Price
 The amount of money a firm asks
in exchange for its products
 A balance
• Between customer value and satisfaction
• Between company
cost and profit
Place
 Getting a selected product in
the right place at the right time
 Creating convenience
for the customer
Promotion
 The various types of communication used
to inform, persuade, or remind customers
about their products
 Advertising, personal selling, publicity
and public relations, and sales promotion
Put It All Together
• The marketing-mix works
as a unit.
• The marketing-mix
elements are interrelated.
• A change to one element
affects the others.
Strategies and the
Marketing Mix
• Marketers select a strategy before customizing
the marketing mix.
• Choosing the right blend of
the marketing mix takes
thorough planning.
Target’s Strategy
• Offers discount shopping for
the fashionable crowd
• Uses creative marketing mix
 Marketing strategies come in all shapes and sizes.
 Think about one good and one service that you are
familiar with.
 How are the strategies and tactics used to market
a good similar to and different from those used to
market a service?
 Barbie dolls are a source of controversy.
 Totally Stylin’ Tattoo Barbie comes with
tattoos for Barbie and children.
 Was it unethical for Mattel to produce a doll
with tattoos?
 Does a tattooed Barbie make sense in
today’s society?
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Acknowledgments
Original Developers
Lelia Ventling,
Mary Hollaway and April Miller,
MBAResearch
Version 1.0
Copyright © 2011
MBA Research and Curriculum Center®
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