Marketing strategy plan - I will show you a four analyzing Marketing plan mix or it is also widely known as four pieces of marketing plan your work and work your plan the philosophy of planning is as important in the business as it is in the life in the same way marketing also needs a plan to reach its objective and that is called marketing plan.
The marketing strategy plan leads to segmenting and targeting the market and once these segments are identified marketing mix helps the company to achieve its objective so the marketing mix is the set of marketing tools the firm uses to pursue its marketing objectives in the target market and you have heard about four Piece of marketing and that is marketing mix for goods.
Now four Piece of marketing the concept of four Piece of marketing has been given by Jerome McCarthy and he has talked about product price place and promotion as the four Piece of marketing now this four Piece represents the set of marketing tools into four broad groups from the sellers point of view out of these four Piece a company can change its price and advertising and promotions in the short run but it can change the product or can develop a new product or can modify the place say distribution channel only in the long run, for example, a company may reduce the price of its products by just announcing it through advertisements on the contrary.
If you wanted to launch a car like Ford EcoSport it can take up to four to five years in making again if you are Unilever or Ford you need to develop your distribution channel and it can take up months together now let us talk about the first Piece in marketing is called product.
Marketing strategy plan - The product is the starting point for marketing a product is anything that can be offered to a customer to satisfy his or her need or want whether it's a television or an insolence policy the product offers a total bundle of benefits to the customers typically in marketing the term product is used for any good or service or any other entities which can be marketed.
Then talk about products in terms of Philip Kotler then he has talked about 10 entities which can be marketed these 10 entities are goods services experiences events persons places properties organizations information and the tenth one ideas under product factors like form performance, quality, conformance, quality, durability, reliability, repairability, style, design, product, variety quality, features, brand name, packaging, size, service, warranty, return, company reputation, pre-sale information, post-sale, technical support, repair services, service distinction, ordering each delivery installation, customer training, consulting maintenance and repair are also taken into account to offer the value to the customers a company needs to have some product to sell.
So if you are getting into the business okay you need to have some product to sell if the company is new then it's developed a new product to sell in the market in case of products which are already there in the market the company needs to differentiate its market offering and that is what we have talked about in the case of met needs and unmet needs in the case of met needs you need to create your offering in such a way that you can differentiate with your competition, but in the case of unmet needs if you are creating something new then it is good on your part.
Price is the second Piece in marketing mix it has got a great relevance at business and price is the only element in marketing which produces revenue for the business organization and that's why pricing is very very important it is also the easiest element in the marketing mix which can be adjusted in the short-run and price is also important as it communicates the value proposition and that value proposition is very very important in marketing.
Marketing strategy plan
All the other factors may take a longer time to change and in the era of hyper-competition pricing is the easiest way to react in the market because now the markets are very very hyper-competitive and you will have to take the action fast now once you are talking about the product price place promotion.
Pricing is the easiest and the fastest way you can react in the market now pricing does not only take into account the maximum retail price that is also called MRP but it also takes into account discounts allowances payment terms credit terms and 0% financing the price for any product or service is decided on the basis of the company's price objectives, the demand for the product, the estimation of cost and your competitors cost price and offers so all these things will decide your pricing strategy.
The third peace that places this is very very critical for the success of any business place means a marketing channel or trade channel or a distribution channel to reach out to the customers according to Lewis stone and Adil Ansari marketing channels are a set of interdependent organizations involved in the process of making a product or services available for use or consumption so whatever the products or services you are using that is coming through the marketing channel it is a set of mechanism or the network via which a form goes to the market and it serves mainly for functions the marketing channel helps to generate the demand for the company.
Marketing strategy plan
The 4th pieces of marketing that is called promotions now promotions include advertising sales promotion public relations direct marketing personal selling and now digital marketing now it is also known as integrated marketing communications where a company tries to integrate all its communication efforts to get maximum returns on their promotional expenditure now once the product is developed in accordance with the needs of the customers, it needs to be priced attractively and then it needs to be available at the point of purchase but the customer will not ask about your product in the market if he or she is not aware of it again awareness or communication to the customer should be in such a way that the customers choose your product over competitors product today customers are communicated through various communication channels like print advertisement TV commercials, posters leaflet point of purchase materials holdings video films directories sales meetings fears and trade shows online shopping, telemarketing, catalog marketing contests seminars, etc so this is all about 4th Pieces of marketing and this is a very very important topic.
The marketing strategy plan leads to segmenting and targeting the market and once these segments are identified marketing mix helps the company to achieve its objective so the marketing mix is the set of marketing tools the firm uses to pursue its marketing objectives in the target market and you have heard about four Piece of marketing and that is marketing mix for goods.
Now four Piece of marketing the concept of four Piece of marketing has been given by Jerome McCarthy and he has talked about product price place and promotion as the four Piece of marketing now this four Piece represents the set of marketing tools into four broad groups from the sellers point of view out of these four Piece a company can change its price and advertising and promotions in the short run but it can change the product or can develop a new product or can modify the place say distribution channel only in the long run, for example, a company may reduce the price of its products by just announcing it through advertisements on the contrary.
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| MARKETING STRATEGY PLAN |
If you wanted to launch a car like Ford EcoSport it can take up to four to five years in making again if you are Unilever or Ford you need to develop your distribution channel and it can take up months together now let us talk about the first Piece in marketing is called product.
Marketing strategy plan - The product is the starting point for marketing a product is anything that can be offered to a customer to satisfy his or her need or want whether it's a television or an insolence policy the product offers a total bundle of benefits to the customers typically in marketing the term product is used for any good or service or any other entities which can be marketed.
Then talk about products in terms of Philip Kotler then he has talked about 10 entities which can be marketed these 10 entities are goods services experiences events persons places properties organizations information and the tenth one ideas under product factors like form performance, quality, conformance, quality, durability, reliability, repairability, style, design, product, variety quality, features, brand name, packaging, size, service, warranty, return, company reputation, pre-sale information, post-sale, technical support, repair services, service distinction, ordering each delivery installation, customer training, consulting maintenance and repair are also taken into account to offer the value to the customers a company needs to have some product to sell.
So if you are getting into the business okay you need to have some product to sell if the company is new then it's developed a new product to sell in the market in case of products which are already there in the market the company needs to differentiate its market offering and that is what we have talked about in the case of met needs and unmet needs in the case of met needs you need to create your offering in such a way that you can differentiate with your competition, but in the case of unmet needs if you are creating something new then it is good on your part.
Price is the second Piece in marketing mix it has got a great relevance at business and price is the only element in marketing which produces revenue for the business organization and that's why pricing is very very important it is also the easiest element in the marketing mix which can be adjusted in the short-run and price is also important as it communicates the value proposition and that value proposition is very very important in marketing.
Marketing strategy plan
All the other factors may take a longer time to change and in the era of hyper-competition pricing is the easiest way to react in the market because now the markets are very very hyper-competitive and you will have to take the action fast now once you are talking about the product price place promotion.
Pricing is the easiest and the fastest way you can react in the market now pricing does not only take into account the maximum retail price that is also called MRP but it also takes into account discounts allowances payment terms credit terms and 0% financing the price for any product or service is decided on the basis of the company's price objectives, the demand for the product, the estimation of cost and your competitors cost price and offers so all these things will decide your pricing strategy.
The third peace that places this is very very critical for the success of any business place means a marketing channel or trade channel or a distribution channel to reach out to the customers according to Lewis stone and Adil Ansari marketing channels are a set of interdependent organizations involved in the process of making a product or services available for use or consumption so whatever the products or services you are using that is coming through the marketing channel it is a set of mechanism or the network via which a form goes to the market and it serves mainly for functions the marketing channel helps to generate the demand for the company.
Marketing strategy plan
The 4th pieces of marketing that is called promotions now promotions include advertising sales promotion public relations direct marketing personal selling and now digital marketing now it is also known as integrated marketing communications where a company tries to integrate all its communication efforts to get maximum returns on their promotional expenditure now once the product is developed in accordance with the needs of the customers, it needs to be priced attractively and then it needs to be available at the point of purchase but the customer will not ask about your product in the market if he or she is not aware of it again awareness or communication to the customer should be in such a way that the customers choose your product over competitors product today customers are communicated through various communication channels like print advertisement TV commercials, posters leaflet point of purchase materials holdings video films directories sales meetings fears and trade shows online shopping, telemarketing, catalog marketing contests seminars, etc so this is all about 4th Pieces of marketing and this is a very very important topic.
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Building an elaborate plan is the first step of efficient marketing. We have also laid out a proper plan for promoting our business. For now, we have decided to focus mainly on mobile marketing through text messages. Have already hired the reputed heymarket business texting service to handle our SMS marketing campaign.
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