Ch5- Developing the right Marketing Mix and Plan Flashcards
Marketing Mix- 4p’s
- Price
- Promotion
- Place
- Product
What is a product?
A product is something that exists in nature or is made by human industry, usually to be sold.
What is Service?
This is intangible- work, skills, or expertise provided in exchange for a fee
In order to protect a logo you should
Trademark it
How to Build a brand
- Create a logo and trademark it
- Develop a good reputation
- Create a brand personality
- Communicate your brand personality to 5.
your target market.
Pricing Strategies
Value Penetration Competitive Price Slimming Cost Plus (Cost plus % of the cost) Mark-up Penetration Price Skimming- high price for short period to gain profit quickly
Things to consider when choosing a location
- Expense
- Terrain/infrastructure- roads
- Accessible resources
- Proximity to competitors
- Proximity to Customers/ Convenience
Promotion
Using advertising + publicity to get your market message to your customers
u
ue selling Proposition
Represents what you are selling, and what makes it different, whether it be by price, quality etc.
What is done in Promotional Planning?
- Determining a promotional budget
- – Percentage of Sales method
- – Competitive Spending
- – Excess Funds (If excess funds remain that will be used for promotion)
- – Objective and Task
Advantage of Advertising
Builds brand image
Provides info
Persuades
Reinforcing the purchasing decision
Types of Advertising
- Institutional
2. Product Advertising
The Fifth “P”
Philanthropy
- — Gains goodwill
- —Cause-Related Marketing
- — You can be a mentor to start ups
Developing a Marketing Plan
- Market Analysis: Comprehensive statement of strategic and tactical components of the promotional efforts.