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TODAY’S REPORT: MARKETING STRATEGY PUSH BUTTON TO START By: JERAMEEL PALCON LU MARKETING STRATEGY DEFINITIONS MARKET STRATEGY PLANNING MARKET STRATEGY SPECIFICATIONS WAITING TO CHOOSE FROM ABOVE OPTIONS MARKETING MIX MARKETING STRATEGY DE DEFINITIONS FINITION MARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS MARKETING MIX MARKETING MARKETING STRATEGY STRATEGY MARKETING CONCEPT A strategy that organization's marketing integrates an goals into a cohesive whole Ideally drawn from market research, it focuses on the ideal product mix to achieve maximum profit potential The marketing strategy is set out in a marketing plan BACK MARKETING STRATEGY DEFINITION MARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS MARKETING MIX MARKETING It is the process of planning and executing the STRATEGY conception, pricing, promotion, and distribution of MARKETING CONCEPT ideas, goods, and services to create exchanges that satisfy individual and organizational objectives B MARKETING STRATEGY DEFINITION MARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS MARKETING MIX MARKETING As applied to small business, marketing means STRATEGY identifying what the customers want and satisfying MARKETING CONCEPT this want through the right product, the right price, the right location, and the right information B MARKETING STRATEGY DEFINITION MARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS MARKETING MIX MARKETING STRATEGY Refers to a plan of action designed to achieve a particular goal MARKETING CONCEPT B MARKETING STRATEGY DEFINITION MARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS MARKETING MIX MARKETING The marketing concept provides a guiding principle STRATEGY MARKETING CONCEPT to small business which is making a match between its intended customers and its products or services To achieve the desired match, the following questions must be answered: B MARKETING STRATEGY DEFINITION MARKETING STRATEGY MARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS MARKETING MIX Who are my customers? What products or services are required by my customers? MARKETING CONCEPT At what price are the products or services required? At what place are the products or services required? At what time are the products or services required? How the customers want the products or services delivered? B MARKETING STRATEGY DEFINITIONS MARKET STRATEGY PLANNING M A R K E T S T R AT E G Y S P E C I F I C AT I O N S MARKETING MIX TARGET TARGET MARKETING MARKETING STEPS STEPS TARGET MARKET Is the particular market segment that the company IDENTIFICATION OF TARGET MARKET wishes to serve IDENTIFICATION OF THE CHARACTERISTICS OF THE TARGET MARKET MEASUREMENT OF THE SIZE OF THE MARKET AREA APPLICABLE MARKETING MIX FOR AN EXAMPLE: CLICK HERE SIZE OF MARKETING AREA MARKETING STRATEGY DEFINITIONS MARKET STRATEGY PLANNING M A R K E T S T R AT E G Y S P E C I F I C AT I O N S “To be able to serve the target market properly, its TARGET TARGET MARKETING MARKETING characteristics must be known by the small business operator.” STEPS STEPS IDENTIFICATION OF TARGET MARKET IDENTIFICATION OF THE CHARACTERISTICS OF THE TARGET MARKET MEASUREMENT OF THE SIZE OF THE MARKET AREA APPLICABLE MARKETING MIX SIZE OF MARKETING AREA Characteristics of the target market: Age Sex Family size Family life cycle Income Occupation Religion Race Nationality MARKETING MIX MARKETING STRATEGY DEFINITIONS MARKET STRATEGY PLANNING TARGET TARGET MARKETING MARKETING STEPS M A R K E T S T R AT E G Y S P E C I F I C AT I O N S MARKETING MIX To effectively serve the target market, the following must be known: STEPS Number of potential customers Knowing the number of potential customers will provide the means of IDENTIFICATION OF TARGET MARKET ascertaining the most economical approach to reach them This will even help in deciding whether or not to continue adapting the target market IDENTIFICATION OF THE CHARACTERISTICS OF THE TARGET MARKET MEASUREMENT OF THE SIZE OF THE MARKET AREA The population growth trend of the market area APPLICABLE MARKETING MIX Information about the growth trend of the market area is very important for SIZE OF MARKETING AREA the firm To most companies, growing markets offer several advantages One of them is expanding sales potential MARKETING STRATEGY DEFINITIONS MARKET STRATEGY PLANNING TARGET MARKETING STEPS STEPS IDENTIFICATION OF TARGET MARKET IDENTIFICATION OF THE CHARACTERISTICS OF THE TARGET MARKET MEASUREMENT OF THE SIZE OF THE MARKET AREA APPLICABLE MARKETING MIX SIZE OF MARKETING AREA M A R K E T S T R AT E G Y S P E C I F I C AT I O N S MARKETING MIX MARKETING STRATEGY DEFINITIONS MARKET STRATEGY PLANNING TARGET MARKETING STEPS STEPS IDENTIFICATION OF TARGET MARKET IDENTIFICATION OF THE CHARACTERISTICS OF THE TARGET MARKET MEASUREMENT OF THE SIZE OF THE MARKET AREA APPLICABLE MARKETING MIX SIZE SIZE OF MARKETING OF MARKETING AREA AREA M A R K E T S T R AT E G Y S P E C I F I C AT I O N S MARKETING MIX MARKETING STRATEGY DEFINITIONS MARKET STRATEGY PLANNING THE MARKETING MIX CONTROLLABLE VARIABLES PRODUCT OFFERING PRICE PROMOTION PLACE MARKET STRATEGY SPECIFICATIONS M A R K E T I N G MMARKETING IX MIX MARKETING STRATEGY DEFINITIONS MARKET STRATEGY PLANNING MARKET STRATEGY SPECIFICATIONS M A R K E T I N G MMARKETING IX MIX MARKETING THE MARKETING MIX MIX The MARKETING MIX refers to the combination of CONTROLLABLE VARIABLES the controllable marketing variables that a manager uses to carry out a marketing strategy in pursuit of the PRODUCT OFFERING PRICE PROMOTION PLACE firm’s objectives in a given target market MARKETING STRATEGY DEFINITIONS MARKET STRATEGY PLANNING M A R K E T I N G MMARKETING IX MIX MARKET STRATEGY SPECIFICATIONS THE MARKETING MIX CONTROLLABLE VARIABLES CONTROLLABLE VARIABLES THE MARKETING MIX IS BLENDING OF THE FOLLOWING CONTROLLABLE VARIABLES: PRODUCT OFFERING PRODUCT OFFERING PRICE PROMOTION PLACE PRICE PROMOTION PLACE MARKETING STRATEGY DEFINITIONS MARKET STRATEGY PLANNING MARKET STRATEGY SPECIFICATIONS M A R K E T I N G MMARKETING IX MIX THE MARKETING MIX PRODUCT OFFERING CONTROLLABLE VARIABLES CONTROLLABLE VARIABLES The product offering must provide PRODUCT OFFERING PRICE customers with value that will be preferred over the competition It may involve a physical good, a service, or a combination of both PROMOTION PLACE MARKETING STRATEGY DEFINITIONS MARKET STRATEGY PLANNING M A R K E T I N G MMARKETING IX MIX MARKET STRATEGY SPECIFICATIONS THE MARKETING MIX PRICE CONTROLLABLE VARIABLES CONTROLLABLE VARIABLES The price is what is charged for products PRODUCT OFFERING PRICE offered The right price must be determined in relation to cost of producing and selling the product The price of the competition must also PROMOTION PLACE be considered MARKETING STRATEGY DEFINITIONS MARKET STRATEGY PLANNING M A R K E T I N G MMARKETING IX MIX MARKET STRATEGY SPECIFICATIONS THE MARKETING MIX CONTROLLABLE VARIABLES CONTROLLABLE VARIABLES PROMOTION Promotion refers to communicating information between the company and potential buyers to influence buying attitudes and behavior PRODUCT OFFERING a PRICE Personal selling This involves direct communication between sellers and potential customers PROMOTION Advertising b This consists of any form of paid, non personal presentation of PLACE ideas, goods, or services c Sales promotion This refers to promotion activities that stimulate interest, trial, or purchase by final customers MARKETING STRATEGY DEFINITIONS MARKET STRATEGY PLANNING M A R K E T I N G MMARKETING IX MIX MARKET STRATEGY SPECIFICATIONS THE MARKETING MIX PLACE CONTROLLABLE VARIABLES CONTROLLABLE VARIABLES This refers to making products available PRODUCT OFFERING PRICE PROMOTION PLACE in the right quantities and locations, when customers want them STOP END OF THE SHOW STOP END OF THE SHOW MARKETING STRATEGY DEFINITIONS M A R K E T S T R AT E G Y S P E C I F I C AT I O N S MARKET STRATEGY PLANNING EXAMPLE TARGET TARGET MARKETING MARKETING IDENTIFYING THE TARGET MARKET STEPS PUBLISHING FIRM APPLICABLE MARKETING MIX ELEMENTARY ELEMENTARY STUDENTS STUDENTS HIGH SCHOOL STUDENTS IDENTIFIED DESIRABLE IDENTIFIEDWITH WITHHIGHLY HIGHLY DESIRABLE CHARACTERISTICS IDENTIFIED WITH MODERATELY DESIRABLE CHARACTERISTICS TS KE T IN GS EG M EN TARGET MARKET M AR SIZE OF MARKETING AREA MARKETING MIX COLLEGE STUDENTS IDENTIFIED WITH LESS DESIRABLE CHARACTERISTICS IDENTIFIED WITH LESS DESIRABLE PROFESSIONALS CHARACTERISTICS