CHAPTER 6:THE MARKETING GAME

PLANBy: The Swagdaddies

Vocab6.1

Tactic- the way a product or service is differentiated in the minds of customers from other competing products or services.

Strategies-Are the process by which the tactics are implemented.

Marketing Intelligence-Information gathered about competitors.

Trade Shows-Major events where people in a related industry meet to show there products, exchange ides, learn about latest trends, and so forth.

6.1 Summary Overall you want to use tactics to stand out from the

rest. In some way, shape, or form you must convince the consumers that your product is different from the rest, in a better way!

Strategies are how you will put your tactics in place. These are things like product placement and buying billboards and using benches etc.. to get your product out there and have people recognize it.

Obviously, you are not alone when trying to sell products. So when people realize how well yours is doing they may create something similar. You need to learn to stay ahead of the competition. You need to put your strategies and tactics to work to keep people interested in your product over everyone else.

6.1 Questions What’s the difference between marketing

tactics and strategies? Why is it important of planning to stay

ahead of the competition?

6.2 Vocab Marketing Plan-a precisely written document

that describes the tactics and strategies that will be used to market the product or service

Interpretation-explaining the information so that it has meaning and drawing conclusions that relate to the defined marketing research problem.

Applied Research-basic marketing research which is used to solve problems

Touch points-Business makes contact with customers

6.2 Summary Applied research: This is saying that you

need to focus on customers, long term profitability, and coordination of all six of the core marketing standards.

You need to learn from the customer, you need to observe them and find out what brings them in and what keeps them away.

6.2 Summary Cont. You need to make note of every point

made because it can lead to further information about your customer that you may need in order to run a successful marketing campaign.

When you know, your customer you can put in the right things to attract them.

6.2 Questions Why is it important of learning from

customers? Discuss with a partner the strategies of

sports marketing and entertainment marketing.

6.3 Vocab Mission Statement-identifies the nature of

the business and the reason it exists. Mass Market-broad group of customers. Product portfolio-all the products a

company has available for customers at any one time.

Test Marketing-the sales potential for a new product is tried in a regional, or otherwise small, market prior to its final release nationwide and/or worldwide.

6.3 Summary A Sense of Direction:

The products of a company should focus on a target group of consumers instead of a broad group, or the mass market

The product portfolio is the all of the products that a company has to offer at one time, and it must be continually renewed in case sales decline and to keep overall income up.

Test marketing is a step in the planning process that companies are willing to use to see how customers will react to a new product or service.

6.3 Summary Cont The Marketing Plan and its Components

At the end of the planning stage, it is time for a formal document that explains the tactics and strategies that are to be used in creating a product, this is called the Marketing Plan.

There are no major specifications in creating a marketing plan, they are determined by the specific needs of the organization and the products or services to be marketed.

Usually divided into three major categories: Analysis Strategy Implementation

6.3 Summary Cont Analysis- This section includes the mission statement,

marketing information, and the tactic.

This section also reiterates the company's mission statement. Marketing Information- this includes data about the current

and past performances of the organization. this includes potential and current customers, as well as their wants and needs, and what drives them to buy.

Also included in this section is info about the organizations competitors .

Tactic- the tactic explains how the new product/service is different in the mind of the customers from all other competing products/services, and should also point out a gap that is not being filled by another product/service.

6.3 Summary Cont Strategy- This section describes the marketing mix of the

product (product, distribution, pricing, and promotion) as well as plans for the financing and risk management of the product.

Product/Service-The product/service is produced based on the need that is identified from the marketing information and tactic that is chosen.

Distribution- Describes basically how the product will be made available to customers.

Pricing-some questions must be answered like, What price is the consumer willing to pay? How much will it cost the organization to produce the product/service? and Would a lower price increase the customer base but at the same time increase revenue?

6.3 Summary Cont Promotional Strategies- Describes what strategies

company will use in advertising, publicity, personal selling, and sales promotion to position the product in the minds of customers.

Financing- This section includes expected costs/incomes, also, questions need to be answered in the financing of the product. For instance, How much will it cost to produce or deliver? what is the estimated revenue and will it cover the production costs?

Risk Management- Risks, such as legal liabilities, are proposed and strategies to minimize those risks are outlined here.

6.3 Summary Cont Implementation- This section describes how the marketing plan will be put

into action. It includes a timeline, assignments of responsibility, communication procedures to be followed, selling methods to be used, and guidelines for review and evaluation of the plan.

Timeline- typically companies should start with an end date for a product, then work backwards from there including steps and stages for product completion

Assignments of Responsibility- This section basically assigns jobs to people throughout the company and specifies who is responsible for what.

Internal Communication Systems- this must be in place to assure that all key members of the organization have a chance to review and communicate feedback.

Selling- the marketing plan must outline how direct sales, sucha as ticket and related merchandise sales, will be handled.

Review and Evaluation- The MP should include dates and times were progress should be monitored and ensure that everything is on track.

6.3 Summary Cont Look to the Future:

a company must consider where they are going and what the next steps for staying ahead will be, as well as preparing for changes in technology and customer interests.

6.3 Questions How do marketers determine direction

and focus for a marketing plan? Describe the components of a marketing

plan.

http://www.youtube.com/user/salesforce?v=dX0DtlPzUYQ

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http://www.youtube.com/user/WaspBarcode?v=RMYDek7RT0U&feature=pyv

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