Marketing Write-Up

INTRO…

Strategic Decision Making …the 4p’s & your Marketing Environment

• Marketing Managers receive or develop goals/objectives for their Marketing Organization.
• Next, once Marketing Managers “have” approved goals/objectives …they need to strategically know what to do with these goals/objectives in order to accomplish them.
• Internal/External research methods …SECONDARY and PRIMARY research methods …strategic frameworks …help Marketing Managers understand what’s happening with their businesses, consumers, target markets, economy, and industries
• This analysis disciplines them to “pour” what they’ve learned into their 4P’s to create a comprehensive STRATEGIC plan …to help them achieve goals/objectives
• Marketing Environment…Internal and External forces that affect your business. Not as detailed as Porter’s 5-Forces, but detailed nonetheless.

2 concepts

• 4P’s …Product, Price, Place, Promotions
• Marketing Environment …6 Elements

Marketing Policies & Strategies

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The 4p’s

Marketing Policies & Strategies

Product:

• Features/Benefits
• Features tend to be tangible …Flavor, High Quality, etc
• Benefits tend to be emotional …Happiness, Satisfaction, Confidence, Validation, Security, Belongingness, Connectedness

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Marketing Policies & Strategies

Price:

• Level of Price: Low/medium/high?

• Quality of Product: Good/Better/Best?
• Does level of Price and quality of Product match?

Place:

• Where sold?

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The 4p’s

Marketing Policies & Strategies

Promotions:

• Awareness, Interest, Trial, Action
• Advertising
• Manufacturer to Consumer
• Coca Cola uses …TV, Print, Radio, Outdoors, Internet, Social Media, etc.
• Promotions
• Retailer to Consumer
• Retailers name always in promotion
• CVS Circular …BOGO, 20% of Crest Toothpaste

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Marketing Environment

Do any of the following influence consumption of your company’s products?

• Demographic:
• Income
• Age
• Gender
• Culture
• Geographic
• Family Structure
• Lifestyle
• Population

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Marketing Environment

Do any of the following influence consumption of your company’s products?

Cultural:

• Families
• Community
• Parents, schools, religion, businesses, government
• Peers

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Marketing Environment

Do any of the following influence consumption of your company’s products?

Economic:

• Economy
• Other factors that affect consumer purchasing power and spending patterns…tastes, trends, opinions, lifestyles

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Marketing Environment

Do any of the following influence consumption of your company’s products?

Natural:

• Natural resources …
• Oil
• Water
• Trees
• Natural Gas

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Political Environment

Do any of the following influence consumption of your company’s products?

Political:

• Laws
• Regulations
• Pressure Groups

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Marketing Environment

Do any of the following influence consumption of your company’s products?

Technological:

• Maturing technologies
• New technologies.
• That could create or inhibit consumption habits.

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Question #1

Marketing Policies & Strategies

Slides 3-6…

• You work in Senior Management for Your Brand/Co. Use slides 3-6 to …
• Choose a Product from your Brand/Co. Then…
• Note a Feature and Emotional Benefit of this Product Line.
• Do Price and Quality match?
• Note 3 examples of Place
• Example of how your Brand/Co Advertises
• Example of how your Brand/Co Promotes

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Slides 6-11…

• Please use these slides to complete -1 bullet point- from each of the 6 Elements of the Marketing Environment …for your Brand/Co.

Question #2

Marketing Policies & Strategies