W12-13 Flashcards
MARKETING PLAN PART 5: MARKETING STRATEGY (80 cards)
The marketing mix is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market.
MARKETING MIX/TACTICAL PLANS
It consists of everything that a company can do to influence demand for its product. It is also a tool to help marketing planning and execution
MARKETING MIX/TACTICAL PLANS
The _____________ is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market.
- Marketing mix
MARKETING MIX/TACTICAL PLANS
The marketing mix can be divided into four groups of variables commonly known as the four Ps:
(4)
product
price
place
promotion
The goods and/or services offered by a company to its customers.
product
The amount of money paid by customers to purchase the product.
price
The activities that make the product available to consumers.
place or distribution
The activities that communicate the product’s features and benefits and persuade customers to purchase the product.
promotion
variety, quality, design, features, brand name, packaging, services
product
list price, discounts, allowance, payment period, credit terms
price
channels, coverage, assortments, locations, inventory, transportation, logistics
place
advertising, personal selling, sales promotion, public relations
promotion
Each of the four Ps has its own tools to contribute to the marketing mix:
such as product, price, place and promotion
marketing tools
An effective ______________ combines the 4 Ps of the marketing mix.
marketing strategy
It is designed to meet the company’s marketing objectives by providing its customers with value.
marketing strategy
The 4 Ps of the marketing mix are related, and combine to establish the product’s position within its
target markets.
marketing strategy
- Increase variety of doughnuts flavors or toppings
2.Increase variety of flavors to coffee, hot or iced coffee
3.Packaged doughnuts with longer shelf life, labeling nutritional facts and dates of manufacture and expiry
4.The ________ is customized to every important occasions such as on Valentine’s Day, doughnut will have hearty shapes, or during graduation with the Grad Hats, etc.
Example of Marketing Mix Strategies(4P’s) ____________
product
1.It will offer promotional discounts on special occasions
2.Offers points system or rewards award to loyal customers
3.Offers Discounts 30 minutes before closing hours
4.Lowering Operating and Production cost by outsourcing suppliers so we can lower
down our price to be more competitive with our rivals
Example of Marketing Mix Strategies(4P’s) ____________
Pricing
- Stores located at the busiest cities will open 24-hours
- It will add stores near schools and hospital and business centers
- More drive-through stores at suburbs and business centers
- More commissaries where the packaged products are being sold
- Accepts online ordering for free delivery with minimum amount
Example of Marketing Mix Strategies(4P’s) ____________
place
__________ is also known as mark-up pricing, is the easiest way to determine the price of a product.
Cost-plus pricing
You make the product, add a fixed percentage on top of the costs, and sell it for the total.
Cost-plus pricing
Let’s say you just started an online t-shirt business and you want to calculate the selling price for a shirt. The cost for making the t-shirt are:
- Material costs: P5
- Labor costs: P25
- Shipping costs: P5
- Marketing and overhead costs: P10
You could then add a markup – say 35%—to the P45 total it cost to make your product. Here’s what that formula looks
Like: Cost (P45) x Markup (1.35) = Selling price P60.75
Cost-plus pricing
It refers to using competitors’ pricing data as a benchmark and purposely pricing your products below theirs. For example, for businesses in industries with highly similar products where price is the only differentiator, you may rely on price to win customers.
Competitive pricing
Value-based pricing, also known as ________________.
price-to-value
