Entrepreneurship: Chapter 10: The Marketing Plan Vocab Words – Flashcards
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Marketing plan
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is a blueprint used by a business to guide its marketing activities to a desired conclusion.
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Marketing objectives
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are goals a business wants to accomplish through its marketing efforts.
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Marketing mix
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is made up of 5 marketing strategies you will use to reach your market; product, place, price, promotion, & people strategy.
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Brand
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is the name, symbol, or design used to identify a product.
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Package
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is the physical container or wrapper that holds the product.
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Label
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is the part of the package used to present information.
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Product positioning
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refers to how consumes see your product compared to the competition's product.
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Product mix
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all the parts of the product of a company makes or sells.
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Channel of distribution
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is the path a product takes from producer to consumer.
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Intermediaries
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happen in an indirect channel.`
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Intensive distribution
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involves placement of a product in all suitable sales outlets.
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Selective distribution
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limits the # of sales outlets in a given area.
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Exclusive distribution
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limits the # of outlets to one per area.
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Marketing tactics
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are the activities that need to be taken to carry out the marketing plan aka the action plan.
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Private brand
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is a brand that is owned and initiated by a wholesaler or retailer.
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Guarantee
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is an assurance of the quality of a product.
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Diversification
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the process of investing in products or businesses with which you are not currently involved.
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Name the five strategies that make up the marketing mix
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1. Product Strategy 2. Place Strategy 3. People Strategy 4. Price (and) 5. Promotion Strategy
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Marketing Plan describes...
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target market profile of primary customer marketing objectives marketing strategy & tactics marketing budget
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Marketing Objectives
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-product introduction & innovation -sales or market share -projected profitability -pricing -distribution -advertising -team organization
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Product Strategy
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deals with the goods and services
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Product Strategy (consider)
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-features and benefits -branding, packaging, and labeling -product selection -product positioning -product mix -questions to ask -impact of technology
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Questions to ask about product decisions
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-What products should I manufacture or sell? -How will my products meet the needs of my target market? -What level of quality should my goods or services have? -How much inventory should I maintain? -How will my products be different from or better than competitors? -How will I position my products? - What will my customer service policy be?
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Place Strategy
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how you will deliver your product (distribution strategy)
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Place Strategy (consider)
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-channels of distribution -intensity of distribution -transportation -location, layout, and availability -questions to ask -impact of technology
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People Strategy
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-basic hiring -developing employees (orientation & training) -establishing a productive environment -rewarding your people -questions to ask
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Price Strategy
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-financial decisions --costs are covered --motivates customers to buy
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Promotion Strategy
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-marketing tactics
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Day-to-Day Marketing Actions
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-financial -risk management -selling -promotion -pricing -purchasing -marketing information -product/service planning distribution
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The Process of Ongoing Market Research
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1. Gather primary data from your business 2. Gather secondary data from your business records 3. Collect information that affects your operations
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Possible changes to product strategy
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-adding -elimination -changing -new uses -brand, packaging, labels -guarantees & service policy
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Possible changes to the place strategy
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1. improving location 2. rearranging layout 3. increasing availability 4. changing channels of distribution
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Possible changes to the people strategy
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-shifts in demand -nature of the business -growth
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Possible changes to price
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-pricing for profit -market pricing -terms of sales
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Possible changes to promotion strategy
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-making the most of advertising dollars -stimulating sales -planning for long terms
