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