Marketing Concepts that Support Marketing Plans

1
Marketing Concepts that Support Marketing Plans

• A marketing mix is a combination of marketing
  tools that are used to satisfy customers and
  company objectives.
• Consumers often call the marketing mix "the
  offering." Your offer is controlled by the
  following variables often referred to as the four
  Ps in marketing
• Product
• Price
• Place (Distribution)
• Promotion

2
The Four Marketing Ps

• Product In marketing, a product is anything that
  can be offered to a market that might satisfy a
  want or need. However it is much more than just a
  physical object. It is the complete bundle of
  benefits or satisfactions that buyers perceive
  they will obtain if they purchase the product. It
  is the sum of all physical, psychological,
  symbolic, and service attributes.
• Price the price costumers pay for a product
  influences the products image and likelihood of
  purchase.

3
The Four Marketing Ps

• Promotion message issued in behalf of some
  product or cause or idea or person or
  institution. Promotion involves disseminating
  information about a product, product line, brand,
  or company.
• Place refers to where the product is made
  available to market members and covers two areas
  (1) channels of distribution, such as wholesalers
  or retailers handling products between procedures
  and consumers, and (2) physical distribution,
  such as transportation, warehousing, and
  inventory control facilities designed to make
  products available at appropriates times and
  places in marketing channels.

4
Marketing Mix ideas

• By using variations of these four components you
  have the ability to reach multiple consumers
  within your target market.
• Creating a successful marketing mix that will
  increase results often takes experimenting and
  market research. There are many methods that can
  be used, both in person and the use of impersonal
  presentations. The key is to not always depend on
  "one" mix always explore other avenues. The
  combining and coordination of these elements will
  be more effective than depending on one.

5
Is Marketing the Same As Selling?

• Some people use the terms Marketing and Selling
  interchangeably. Selling could be regarded as the
  last phase of marketing. It is the sale that
  finally pushes the product into the hands of the
  consumer.
• Marketing Functions That Need to Be Performed
  Before Selling
• Market Research
• Product Development
• Communication
• Market Development
• Pricing

6
Target Market

• The target market is a defined segment of the
  market that is the strategic focus of a business
  or a marketing plan. Normally the members of this
  segment possess common characteristics and a
  relative high propensity to purchase a particular
  product or service. Because of this, the member
  of this segment represent the greatest potential
  for sales volume and frequency. The target market
  is often defined in terms of geographic,
  demographic, and psychographic characteristics.

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Other definitions

• Marketing Plan A plan for delivering the
  program's product or message to different
  portions of the target population.
• Competition a business relation in which two
  parties compete to gain customers "business
  competition can be fiendish at times"
• Marketing strategy a business approach to
  marketing its products/ services expresses in
  broad terms, which forms the basis for developing
  a marketing plan