Chapter 10: The Marketing Plan
What are things/ ways to change product?
-adding products -eliminating products that don't sell -private brands - style -design -quality -taste
Possible ways for marketing strategy
-location -lighting -rearrange layout -availability -electronic access -changing channels of distribution
Why do you continue your research after your business starts?
-receipts -accounting records -surveys though customers
indirect channel
moves the product from the producer to the consumer through an intermediary (wholesalers, retailers, distributors or agents)
direct channel
moves the product from the producer to the consumer with no one in between
Market Research
ongoing changes in business
intermediaries
people or businesses that move products between producers and final users, including wholesalers, retailers, distributors, and agents
private brand
products packaged with the retailer's name on them rather than the manufacturer's name
Retailers
sell to customers directly
Wholesalers
sell to retail
Distributors
sells to industrial market
marketing tactics
the action plan that consists of the activities that need to taken to carry out the marketing plan
package
the container or wrapper that holds a product
marketing mix
the five marketing strategies used to reach the target market: product, place, price, promotion, and people
brand
the name, symbol, or design used to identify a product
label
the part of the package used to present information about the product
channel of distribution
the path a product takes from producer or manufacturer to final user or consumer
diversification
the process of investing in products or businesses with which an existing business is not currently involved
marketing objectives
identifies what a business does with their marketing efforts
marketing plan
a plan used by a business to guide its marketing process to a desired conclusion based on information obtained through market research and target market decisions short term goals- a year or less long term goals- over 5 years
diversification
a strategy of increasing sales by investing and introducing new products into new markets
product mix
all of the products a company makes or sells
guarantee
an assurance of the quality of a product
Agents
arranges the deals
exclusive distribution
distribution that limits the number to only one within a given area
intensive distribution
distribution that sends products to all possible sales outlets
selective distribution
distribution that sends products to only a preferred group of retailers
product positioning
how consumers see a product in comparison to another product
