Developing Your Marketing Mix
Transcript of Developing Your Marketing Mix
Mark
eti
ng
Com
munic
ate
s w
ith c
ust
om
ers
1.Four step of a marketing plan.”
2.Learning how to develop a successful
marketing mix3.Learning the principles of a pricing
strategy
Key Objectives
Marketing: is your plan
for bringing your product or
service to the consumer in a
way that illuminates your
competitive advantage, and
explains your value proposition.”
Term
s to
Know
Marketing Segment:
is made up of consumers who
have a similar response to a
certain type of marketing.”
Term
s to
Know
Pric
e:
What
It S
ays
about
Your
Product
The Four P’s are the way you
communicate information
about your business to the
consumers1.Product2.Place3.Price4.Promotion
Key
Obje
ctiv
es
Pric
e:
What
It S
ays
about
Your
Product
Simply selling at a lower price
will not necessarily ensure a
larger market share” You will need to know how the
consumers in your market think
before you can make good
decisions about the four P’s”
You will need to develop a
carefully researched marketing
plan.”
Key
Obje
ctiv
es
Deve
lopin
g
Mark
eti
ng S
kills Helps develop sales
techniques, business
communication, and
business development.”
Builds Customer Relationships.”
Consu
mer
Analy
sis Ex. 1
Before you can develop a
marketing plan, you will
need to analyze your
customers. Who they are?
What do they want?” Ex. 2Developing a competitive
advantage.”
Things to Consider
Consu
mer
Analy
sis
City Kidz Customers/Family and
Children of All Ages.”
City Kidz is a place that is
dedicated to teaching financial
literacy to kids of all ages.
Example 1
Example 2
Mark
eti
ng
Analy
sis
Market Size: Current
and Future.”Market Growth Rate”Market profitability” Industry cost structure”Distribution channels”
Market Trade”Key Success Factors”
Things to Consider
Succ
ess
ful
Mark
et
Segm
ents It is difficult to target
two very different segments of a market
at the same time.”