EI 3.01 Notes Name:
Date: Period:
EI 3.01 Notes Guide
3.01 Develop marketing strategies to guide marketing tactics. (MP:001)
What is the Marketing Mix?
The marketing mix is a______of the four elements of marketing (product, price, place and promotion).
Product
-Product – The ______, ______or ______a business will offer its customers.
-Product – The starting point of the marketing mix. Marketers conduct ______and use their creativity to figure out what customers need and how they will meet those needs. Questions to be asked/considered include:
- Should we offer one product or more?
- Is the product a good, service or idea?
- Does the product have special features?
- Does the product have multiple ______?
- What resources are necessary to research and develop the product?
- What level of quality should be produced or provided?
- Which ______should be used?
- How should the product be packaged?
- How might the product affect the firms ______?
- How might customers view this product in relation to others?
- Should we offer a warranty, maintenance contract or other ______services?
Place
-Place – Getting a product in the right ______at the right ______, creating convenience for the customer.
-Place – This can make or break the buying experience. Marketers must ensure product is placed in the right location and available in the right amount. Marketers must consider the following:
- Which firms to buy the product from?
- When to ______the product?
- How much of the product to order?
- Where to make the product available?
- How to process customers orders?
- Which ______to involve in the process?
- How to answer customer questions?
- How to coordinate all the steps involved?
Promotion
-Promotion – The various types of ______marketers use to inform, persuade, or remind customers about their products. This includes: ______, personal ______, publicity, and public ______.
-Promotion – Letting customers know a product’s value and its benefits. Marketers must consider the following factors:
- Which ______to send?
- Which media to use?
- When should the message be delivered?
- How often should the message be delivered?
- How should ______efforts be coordinated?
- How should results be evaluated?
Price
-Price – The amount of money a firm in exchange for its products.
-Price – Marketers must find a good balance between customer and AND between company cost and profit. To achieve this balance, marketers identify their pricing objectives which may include one or more of the following:
- Getting the product into more customers’ ______(ex. lowering prices).
- Helping customers view their firm as distinct from competitors (ex. offer payment plan)
- Bringing in the amount of ______they need or want (pricing the product high enough to cover expenses)
- Raising the products value in the customer’s eyes (asking a higher price – as customers relate price to quality)
- Matching the product’s value with what customers expect to receive (high quality matches high price )
What is a marketer’s destination? Explain the relationship of goals, strategies and tactics.
-Goals – ______you plan to fulfill.
-Strategies – Plan of action for ______your goals and objectives.
-Tactics – ______used to carry out strategies.
-A goal is a destination. To get to the destination, one must identify the route to get there (strategy). Once a strategy is identified, one needs to identify the small steps needed to make it happen.
Why are marketing strategies important?
-They show how ______will be reached.
-There may be more than one ______to achieve desired goals.
-Marketers must consider the following when choosing a strategy:
- How the marketing concept applies to their situation?
- When they want to reach their goal?
- Which resources are on hand?
What are factors that may cause a marketing strategy to change?
-Hearing about a new product with better ______
-Figuring out that the ______is slightly high for customers
-Seeing the firm’s ad in the back of the newspaper instead of intended section
-Learning of new government ______that impact the business
-Watching the ______improve or worsen
Why are strategies important in the marketing mix?
-Marketers combine marketing elements differently to produce strategies appropriate for reaching assorted marketing goals.
-The marketing mix differs among companies – to meet their designated .
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