Complete Part B of the Strategic Marketing Plan.

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What is marketing?

Marketing is a process through which an organization engages the target market to build strong relationships and, in return, get sales.

It involves the promotion and selling of products or services and will involve much research and then advertising.

The marketing department in the company implements this.

Several strategies can be applied: social media marketing, email marketing, conversational marketing, TV advertising, and direct selling.

(Blythe & Martin, 2019)

What are common misconceptions of marketing?

Marketing misconceptions are wrong thoughts that people have about how to approach marketing. The following are some examples:

1. Small businesses do not need marketing-this misconception leads many small businesses to fail.

2. The marketing plan only involves advertising-this is not true because marketing plans do not only use the traditional advertising strategies today.

3. A business does not need to market to existing customers-this is a severe misconception because keeping customers involves keeping them engaged or through.

Having marketing misconceptions costs the business because it fails to fully take advantage of marketing strategies that can help to bring in more customers and keep the loyalty of the existing customers.

An example will be a scenario where the business fails to advertise because it feels that it has enough customers.

(Pride & Ferrell, 2021)

What role do value and exchange play in marketing?

Value is the difference between what the customer perceives to be the product's benefit and the product's cost compared with other products. It plays a critical role in determining the worth of the product being provided in the market.

Exchange is what happens when people trade products or services. The role of the exchange is to provide utility which means that the product the company is selling should be less in value than the benefits.

Value and exchange result in profit for the business.

Value and exchange provide a means for a company to determine the best marketing strategies and set the correct prices. The goal is to ensure that the company can gain profits throughout the whole process.

(Wood, 2016)

What is the marketing mix? [Hint: 4Ps]

The marketing mix can be considered the tactics that any business uses to promote its product(s) or service(s) in the market.

It is centered around the 4P's: price, place and promotion of the product or service. These 4P's interact significantly with each other and, they are usually limited in different ways by both internal and external issues.

The marketing mix is necessary to help companies identify what the customers want, how the product or service they are producing meets that need, how it is perceived in the market, and the competitive advantage compared to competitors.

The marketing mix is a marketing tool that determines the specific aspects that will have to be considered in promoting a product and the brand's growth.

It is, therefore, a critical part of decision-making and strategizing in the marketing department.

(Blythe & Martin, 2019)

What are two trends impacting the future of marketing, and how might they impact your organization?

1. Social media marketing-this trend has quickly become an essential part of the marketing discipline, and it continues to grow stronger into the future. More people are using social channels and social media platforms today, and therefore, marketing has to focus on that.

2. Mobile devices- these devices, including smartphones, tablets, and different kinds of wearable gadgets, are revolutionizing how companies are marketing. They are providing a way for companies to create personalized relationships with their customers.

An application of social media marketing strategies will allow the organization to grow by reaching out to more customers. Focusing on social media channels is a critical strategy.

At the same time, marketing messages should focus on personalized relationships with the target customers by using advertisements that fit on mobile devices. One of the main principles is transparency because it will dictate the relationship that customers have with the brand.

(Pride & Ferrell, 2021)

Identify four activities in the Marketing Communications mix

1. Advertising-it involves informing customers about products or services. For example, through TV.

2. Sales and promotion-these include incentives to persuade customers to try out products or services. Examples include giving discounts and paybacks.

3. Personal selling-this is a direct approach where the salesperson explains a product or service to a specific customer or group of customers. It can be done through email or face-to-face.

4. Public relations-this impacts the way that customers speak about the brand. It is an essential influence on perception.

The use of specific advertising strategies that apply to the company products is necessary.

The sales and promotion strategies should involve giving valid rebates and discounts. The use of promotional products also helps to create loyalty.

The company can apply personal selling by hiring different salespeople and focusing on email marketing.

Social media channels can help to improve the public perception that customers have about the company.

(Blythe & Martin, 2019)

What is a value proposition?

This refers to the value that the business promises to give the customers if they purchase the product or service.

When properly applied, value proposition helps to increase the understanding that engagement of the customer. The customer can see what the business is going to give them.

(Wood, 2016)

What role should ethics play in defining your value proposition?

In creating the value proposition, ethics ensures that a company correctly evaluates the value that its product or service will give the customer. Ethics dictate that the value proposition has to be honest and transparent.

Being honest and transparent in creating the value proposition means that the customer will build trust because they can get what the company promises them.

This understanding is critical in determining if the customer will purchase the product or service or not.

(Blythe & Martin, 2019)

What is the value chain?

The value chain takes a product from the development of the idea/concept to the distribution.

It involves multiple stages, including research and development, production and eventually, sales.

Every stage from the procuring of materials to marketing adds value to the product and eventually determines the pricing.

Understanding the value chain ensures production efficiency to provide the highest level of value from the product at the lowest possible cost.

This will involve determining which marketing strategy can provide the highest value at the lowest marketing expense.

(Pride & Ferrell, 2021)

What is marketing planning?

This is a process of determining which advertising and marketing strategies the company will use to sell the product or service.

It is a systematic process for developing the goals, strategies and tactics for the implementation of the marketing methods.

In practice, the marketing plan will involve looking at the product, determining which marketing strategy the company will use, and coordinating all the activities to achieve the marketing objectives.

(Wood, 2016)

What are the elements of a marketing plan?

There are several critical elements of the marketing plan.

1. Market research-it involves identifying the buying habits of the consumers, the size of the market, the growth or decline and even the trends.

2. The target market-it involves defining who the target customers are.

3. Positioning- involves creating the correct perception of the product. Developing compelling marketing messages that communicate the correct perception is necessary.

4. Competitive analysis-this provides an understanding of who the competitors are and how different the products they offer are.

5. Market strategy-this involves the identification of which strategies will be used. Examples include social media and direct mail.

6. Budget-it involves defining how much the business is willing to spend on marketing.

7. Metrics-it involves measuring the performance of the implemented marketing methods.

A practical implementation of the marketing plan will make sure that the sales pipeline will always be full.

This means that the company will continuously be able to sell its products to customers.

It will also increase the market share.

The marketing department in the organization is responsible for creating an effective marketing plan.

(Wood, 2016)