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Strategy and action decisions respond to the question "How do we get there?" It incorporates:
1. Product or Service
This includes a description of the product and may include more than the physical characteristics. It involves packaging, brand name, price, warranty, image, service, features, and style.
2. Customer Service • Meeting customer needs and creating loyalty involves a number of low-cost steps:
• In writing develop a statement of customer service principles. Train those employees who have direct contact with customers.
• Establish a process for evaluating customer service. • Reward employees who are most effective in providing quality customer service.
• Make regular contact with customers.
• Invest in quality telephone equipment.
• Meet customer expectations.
• Customer service is especially important for e-businesses.
3. Pricing. One of the difficult decisions is determining the appropriate price for the product. Factors such as costs, discounts, freight, and markups must be considered. Marketing research can help determine a reasonable price that consumers are willing to pay.
4.Distribution. This factor provides utility or makes the product convenient to purchase when it is needed. This variable must be consistent with other marketing mix variables. Type of channel, number of intermediaries and location of members should be described. Regardless of the type of business, it is usually necessary for the new venture to have a website. The internet will become an increasingly important medium for information and distribution. Direct mail or telemarketing may be considered. Direct mail marketing is one of the simplest and lowest in entry costs. But the direct-marketing or Internet strategies are not a guarantee for success. The entrepreneur should evaluate all possible options for distribution.
5.Promotion. The entrepreneur needs to inform customers as to the product's availability using advertising media such as print, radio, or television. Usually television is too expensive unless Cable Television is a viable option. Larger markets can be reached using direct mail, trade magazines, or newspapers. A website may also create awareness and promote the product and services of the venture. It is possible to make use of publicity as a means of introduction. It is important that the marketing strategy and action programs be specific and detailed enough to guide the entrepreneur through the first year.
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∙ 13y ago
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How is a marketing plan different from a business plan?
Marketing plan is a subsection of a business plan and it contains the strategy, research and any other information relevant to marketing. A business plan is a complete overview of a business that includes the mission, values, products/services, financials, marketing, action plan and any other measures that can help evaluating th success of the business as a whole.
what is a digital marketing?
Developing a truly effective digital marketing campaign involves much more than achieving arbitrary metrics and engagement stats. It requires strategy and creativity to turn business objectives into audience action that delivers real results.
What does a marketing plan look like?
A marketing plan is a detailed and well researched document which identifies marketing opportunities and develops a strategy to exploit them. It answers the questions… * What opportunities are out there? * Where are we now? * Where do we want to go? * How will we get there? * How will we know when we've arrived? A marketing plan can be compiled in many ways, but it's sensible to include the following headings: Research and planning Macro, micro and internal environmental audit Current business status Competitor analysis Marketing strategy and tactics Mission statement and objectives Strategy development Tactics Using the marketing mix Actions and controls Action plan Measurement and reporting
What is a marketing plan?
A marketing plan is a plan of action for a company to market it's service and products. A marketing plan will include a summary of objectives and goals, situational analysis, and other vital statistical information to make a case and display company weaknesses and strengths in a market.A marketing plan is a strategy that is developed by a business to help promote them, their product or their services.
What is the difference between sales and marketing?
In my opinion, marketing is the art of expanding business, the art of spreading goods and services, following a strategy and action plan based on an advertising base. Sales is following the direct sales operation between customers (consumers) and the merchant (seller) in the magazine, bazzar, or in a mall. Depending on how your organization uses the words, there may be no difference or a big difference. Where there is a big difference, sales is often thought of as tactics while marketing is strategy.
How is a marketing plan different from a business plan?
Marketing plan is a subsection of a business plan and it contains the strategy, research and any other information relevant to marketing. A business plan is a complete overview of a business that includes the mission, values, products/services, financials, marketing, action plan and any other measures that can help evaluating th success of the business as a whole.
What has the author Peter M Chisnall written?
Peter M. Chisnall has written: 'Small firms in action' -- subject(s): Case studies, New business enterprises, Small business, Entrepreneurship 'The contribution of marketing research to health and social welfare programmes' -- subject(s): Evaluation, Social service, Evaluation research (Social action programs), Medical care, Health surveys, Public health 'Strategic business marketing' -- subject(s): Marketing, Planning, Management, Industrial marketing 'Effective industrial marketing' -- subject(s): Industrial marketing
what is a digital marketing?
Developing a truly effective digital marketing campaign involves much more than achieving arbitrary metrics and engagement stats. It requires strategy and creativity to turn business objectives into audience action that delivers real results.
What is a digital marketing campaign?
Developing a truly effective digital marketing campaign involves much more than achieving arbitrary metrics and engagement stats. It requires strategy and creativity to turn business objectives into audience action that delivers real results.
What does a marketing plan look like?
A marketing plan is a detailed and well researched document which identifies marketing opportunities and develops a strategy to exploit them. It answers the questions… * What opportunities are out there? * Where are we now? * Where do we want to go? * How will we get there? * How will we know when we've arrived? A marketing plan can be compiled in many ways, but it's sensible to include the following headings: Research and planning Macro, micro and internal environmental audit Current business status Competitor analysis Marketing strategy and tactics Mission statement and objectives Strategy development Tactics Using the marketing mix Actions and controls Action plan Measurement and reporting
What is a marketing plan?
A marketing plan is a plan of action for a company to market it's service and products. A marketing plan will include a summary of objectives and goals, situational analysis, and other vital statistical information to make a case and display company weaknesses and strengths in a market.A marketing plan is a strategy that is developed by a business to help promote them, their product or their services.
Define the term marketing?
It is the process by which companies create values customers relationship in order to capture value from customer in return
What you the marketing mix and describe how each of the variables in the marketing mix can be used to develop the marketing strategy and action plan in the marketing plan?
Marketing mix refers to the 4 P's of marketing. These are product, price, place and promotion. Marketing strategy should implement the 4 p's in an effective manner. For instance if a fast food chain wants to open up in Asia, it needs to see the place and target price for the customers. Similarly is a sunscreen product is offered to places in the North pole, it will fail because there is no match with the marketing mix and the strategy.
What is the difference between sales and marketing?
In my opinion, marketing is the art of expanding business, the art of spreading goods and services, following a strategy and action plan based on an advertising base. Sales is following the direct sales operation between customers (consumers) and the merchant (seller) in the magazine, bazzar, or in a mall. Depending on how your organization uses the words, there may be no difference or a big difference. Where there is a big difference, sales is often thought of as tactics while marketing is strategy.
What is marketing insights?
Insight is usually the knowledge available or acquired for a particular market segment(s). This insight leads to strategy and action.
What are the different types of strategies?
Strategies basically refers to the elaborate and very systematic plan of action. A business strategy therefore refers to the long-term plan that is used to achieve a desired business goal. The three different types of strategies includes the focus strategy, differentiation strategy, and cost strategy.
What is conversion marketing in marketing?
Conversion marketing is a strategy that encourages the customer to take a specific action. For example: If a customer suddenly gives up on their shopping cart, the merchant of the company may offer them a specific deal or special offer to get the customer from browsing, to purchasing.
