This document discusses developing a successful marketing mix. It covers key topics like the four P's of marketing - product, place, price, and promotion. It emphasizes that simply lowering price does not ensure larger market share and that you must understand customer needs. The four steps are analyzing customers, competitors, the overall market, and choosing effective market segments. Customer analysis involves understanding who they are and what they want. The market analysis examines size, growth, profitability and more. Effective segments are those a business can uniquely target without confusion. Overall, the document provides an overview of essential marketing strategy elements.
2. Four step of a marketing plan.” Learning how to develop a successful marketing mix Learning the principles of a pricing strategy Key Objectives Marketing Communicates with customers
3. Marketing: is your plan for bringing your product or service to the consumer in a way that illuminates your competitive advantage, and explains your value proposition.” Terms to Know
4. Marketing Segment: is made up of consumers who have a similar response to a certain type of marketing.” Terms to Know
5. The Four P’s are the way you communicate information about your business to the consumers Product Place Price Promotion Key Objectives Price: What It Says about Your Product
6. Simply selling at a lower price will not necessarily ensure a larger market share” You will need to know how the consumers in your market think before you can make good decisions about the four P’s” You will need to develop a carefully researched marketing plan.” Key Objectives Price: What It Says about Your Product
7. Developing Marketing Skills Helps develop sales techniques, business communication, and business development.” Builds Customer Relationships.”
8. Consumer Analysis Ex. 1 Before you can develop a marketing plan, you will need to analyze your customers. Who they are? What do they want?” Ex. 2 Developing a competitive advantage.” Things to Consider
9. Consumer Analysis City Kidz Customers/Family and Children of All Ages.” City Kidz is a place that is dedicated to teaching financial literacy to kids of all ages. Example 1 Example 2
10. Marketing Analysis Market Size: Current and Future.” Market Growth Rate” Market profitability” Industry cost structure” Distribution channels” Market Trade” Key Success Factors” Things to Consider
11. Successful Market Segments It is difficult to target two very different segments of a market at the same time.”
12. Successful Market Segments Anita Roddick : created a different line of cosmetics for women . Her success proved that selling an honest product straightforwardly can be the most effectively marketing strategy.” Example
