Marketing Strategy
What does the marketing strategy section cover in relation to the marketing mix?
Marketing strategies to be included for each piece of the marketing mix
A detailed _______ of the product or service should be included in this section
description
You should explain where your company and products or services are what?
located
Why is it important to explain the pricing strategy in the marketing plan?
To demonstrate how it fits with the target market's needs and perceived value
What are the two main areas of promotion covered?
Personal and non personal promotion
It is important to explain _______ you’ve chosen the marketing channels and strategies in this section
why
The logo and packaging are part of the what?
branding
What should you explain in detailed about the distribution channel?
How these channels best meet the needs of the target market
What should the price section explain about pricing strategies?
What pricing strategy(s) are being used and how they fit the target market
Name some promotional channels
TV, radio, billboards, website, emails, social media
What are the 2 things the marketing mix strategies are determined by
Target market and market research
You should explain the ___________ and ___________ of the product or service
features and benefits
What types of distribution channels might be used?
Direct, indirect, or multi-channel distribution
How does customer perceived value affect pricing?
Affects how much customers are willing to pay
What is personal promotion?
Direct interaction between the company and a potential customer.
Why is it important to explain chosen marketing channels and strategies in the marketing strategy section?
To show how these offerings meet the needs of the target market based on research
Colour, size and models are different what?
variations/ options
What distribution strategies could be chosen for a product?
Intensive, selective, or exclusive distribution strategies
What should be discussed regarding pricing discounts?
Any pricing discounts, sales, promotions, or offers that are part of the marketing strategy
What is non personal promotion
Indirect methods of promoting products or services without personal interaction
What question should this section answer
How do these offerings meet the needs of your target market?
Variations or options for services are usually offered as what?
bundles
Why is it important to align your distribution strategies with the needs and behaviours of your target market?
To ensure that the products are available where and when customers are most likely to purchase them
Give an example of a pricing promotion that might be included
Free 7-day trial and 10% off if you sign up during launch week
What are some promotional strategies a company might use?
Advertising, personal selling, experiential marketing, sponsorships.