Marketing
Essay by 24 • March 20, 2011 • 2,598 Words (11 Pages) • 1,140 Views
Item: Pentax PocketJet 3 with Bluetooth
The final component of the Strategic Marketing Plan is the Marketing Mix. The Marketing Mix is the set of decisions about price, communications and promotion, product policy, channels of distribution, and customer relationship management. Only by addressing these elements can you actually implement your marketing strategy. You will focus on communications and promotion, following an integrated marketing communications (IMC) approach. Such an approach delivers a clear and consistent message to your consumers.
Provide a detailed description of your IMC approach and the corresponding promotion strategy necessary to send your message to your target market. (For example, the elements of the promotion strategy include: advertising, personal selling, public relations, direct marketing, and sales promotion) and how you would use them to communicate with your target segment.
Explain your rationale for choosing these specific elements.
Describe the message you wish to communicate based on your core strategy and explain your rationale for the message.
Develop a strategy to measure the effectiveness of the IMC.
Has the internet played any role in how you developed your marketing approach? Why or why not?
ABOUT THE PRODUCT
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STRATEGIC MARKETING PLAN
MEANING OF MARKETING PLAN
A Marketing Plan is a written document that details the actions necessary to achieve a specified marketing objective(s). It can be for a product or service, a brand, or a product line. It can cover one year (referred to as an annual marketing plan), or cover up to 5 years. A marketing plan may be part of an overall business plan. Solid marketing strategy is the foundation of a well-written marketing plan. While a marketing plan contains a list of actions, a marketing plan without a sound strategic foundation is of little use.
In general terms, it must:
* Describe and explain the current situation
* Specify the expected results (objectives)
* Identify the resources that will be needed (including financing, time, and skills)
* Describe the actions that will need to be taken to achieve the objective(s)
* Devise a method of monitoring results and adjusting the plan where necessary
A sound marketing plan is key to the success of your business. It should include your market research, your location, the customer group you have targeted, your competition, positioning, the product or service you are selling, pricing, advertising, and promotion.
Effective marketing, planning and promotion begins with current information about the marketplace. Visit your local library, talk to customers, study the advertising of other businesses in your community, and consult with any relevant industry associations. This interactive tool will help you assess your marketing strengths and weaknesses.
There are many ways to develop and format a marketing plan .The approach can be:
1. Purpose and Mission
2. Situational Analysis
3. Strategies and Objectives
4. Tactical Marketing Programs
5. Budgeting, Performance Analysis and Implementation
6. Additional Considerations
MARKETING MIX
It is an important component of strategic marketing plan. The marketing mix approach to marketing is one model of creating and implementing marketing strategies. It stresses the "mixing" of various decision factors in such a way that both organizational and consumer objectives are attained. The most common variables used in constructing a marketing mix are price, promotion, product and distribution (also called placement).
Product: Defines the characteristics of your product or service that meets the needs of your customers.
Price: Decide on a pricing strategy - do not let it just happen! It means deciding the price which consumer has to pay including discount structure.
Promotion: This includes all the weapons in the marketing armoury - advertising, selling, sales promotions, Public Relations, etc.
Place (or route of distribution): Some of the revolutions in marketing have come about by changing this P. Think of telephone insurance and the Internet! A bit of lateral thinking here might reap rewards for your business. (Kotler, 1998)
In this response our focus is on integrated marketing communications and and the corresponding promotion strategy necessary to send your message to your target market.
INTEGRATED MARKETING COMMUNICATIONS
It is where all aspects of a company's promotional efforts work together with a unified purpose to deliver a consistent and positive message; recognizes that all contact points with customers and prospects are important, from the truck making a delivery to the CEO in the news.
www.garyeverhart.com/glossary_of_advertising_terms.htm
# A strategy in which a company coordinates advertising, sales promotion, personal selling, and publicity in order to present a
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