Marketing Objectives / Elements of a Marketing Strategy
A marketing strategy- the way marketing activites are planned and coordinated to achieve an organization's goals. They need to carfully select a target market and develop a marketing mix for the target market. The main goal is meeting customer's needs.
Segments- components of a market in which people have one or more similar characteristics.
The most important factors used to segment a market are wants and needs, demographics, psychographics and lifestyle, buying behavior, and attitudes. The way consumers make their purchase decisions is know as their buying power.
A target market- a cleary identified segment of the market to which the company wants to appeal.
A target market must meet four criteria. They must have common needs and must respond to those needs as planned in marketing activities. People outside the target market must not find the marketing mix satisfying. Information is needed from the target market. A marketing mix must be developed from the buying behavior. From this the target market is finalized and a decision will be made.
Segments- components of a market in which people have one or more similar characteristics.
The most important factors used to segment a market are wants and needs, demographics, psychographics and lifestyle, buying behavior, and attitudes. The way consumers make their purchase decisions is know as their buying power.
A target market- a cleary identified segment of the market to which the company wants to appeal.
A target market must meet four criteria. They must have common needs and must respond to those needs as planned in marketing activities. People outside the target market must not find the marketing mix satisfying. Information is needed from the target market. A marketing mix must be developed from the buying behavior. From this the target market is finalized and a decision will be made.
Nature of An Advertising Plan and How to Choose an Advertising Mix
1. Set objectives- Objectives are set such as increasing sales or awareness and communicating an idea. Specifically marketers find the main advertising communication, target audience, and time frame.
2. Determine the budget- There are many ways to determine a budget: what you can afford, percentage of sales, and competitive matching. Objective and task is the best method because it bases the budget on objectives set to be achieved. A team determines goals for the effort, outlines the activities necessary, and then calculates the cost of completing the tasks to determine the budget.
3. Develop the creative strategy- The creative strategy is how a company positions its brand or product in advertising. To whom is the advertising targeted, ande what should the advertising communicate to that target market are answered. The strategic brief which is a short document that defines the target market and articulates the main message of the advertising. This guides the rest of the advertising process.
4. Select and schedule the media- What types of media, which vehicles, in what units, and at what time is answered. Cost brand, and corporate fitter decided at this step to go along with reach, frequency, and lead time. Reach is the total number of people who see an ad, and it is estimated on traffic for outdoor advertising, circulation for magazines, and pass-along rate for print media. The number of times a
member of the target audience is exposed to the advertising message is frequency. The amount of time required to place an ad is the lead time which varies per media type.
5. Develop the creative concept- The concept is drawn up and presented to a client once they are approved. In a presentation, acting out ideas for TV commercials, reading scripts, and rough versions of print ads are shown. Advertising is expensive so conducting research is necessary to find effectiveness. Techniques are used to test the ad. If the ad passes the tests it's often approved for production.
6. Produce the advertising- The production phase begins when the client is comfortable with the creative concepts. Print ads use
photographers while models are also used. A TV commercial involves the director, actors (up to 100), and select locations. This is time consming. After the film is made a team works with editors, sound engineers and special effect artists for music and sound effects. This process continues until client satisfaction. Last is for the client to send to ad out to their media of choice such as a magazine. Then the ad runs.
7. Evaluate the plan's effectiveness- The effectiveness is decided with quantitative or qualitative research. Quantitative research involves collecting data that can be classified into meaningful numerical values. Qualitative research is research where it interperets the why and how of people's opinions.
2. Determine the budget- There are many ways to determine a budget: what you can afford, percentage of sales, and competitive matching. Objective and task is the best method because it bases the budget on objectives set to be achieved. A team determines goals for the effort, outlines the activities necessary, and then calculates the cost of completing the tasks to determine the budget.
3. Develop the creative strategy- The creative strategy is how a company positions its brand or product in advertising. To whom is the advertising targeted, ande what should the advertising communicate to that target market are answered. The strategic brief which is a short document that defines the target market and articulates the main message of the advertising. This guides the rest of the advertising process.
4. Select and schedule the media- What types of media, which vehicles, in what units, and at what time is answered. Cost brand, and corporate fitter decided at this step to go along with reach, frequency, and lead time. Reach is the total number of people who see an ad, and it is estimated on traffic for outdoor advertising, circulation for magazines, and pass-along rate for print media. The number of times a
member of the target audience is exposed to the advertising message is frequency. The amount of time required to place an ad is the lead time which varies per media type.
5. Develop the creative concept- The concept is drawn up and presented to a client once they are approved. In a presentation, acting out ideas for TV commercials, reading scripts, and rough versions of print ads are shown. Advertising is expensive so conducting research is necessary to find effectiveness. Techniques are used to test the ad. If the ad passes the tests it's often approved for production.
6. Produce the advertising- The production phase begins when the client is comfortable with the creative concepts. Print ads use
photographers while models are also used. A TV commercial involves the director, actors (up to 100), and select locations. This is time consming. After the film is made a team works with editors, sound engineers and special effect artists for music and sound effects. This process continues until client satisfaction. Last is for the client to send to ad out to their media of choice such as a magazine. Then the ad runs.
7. Evaluate the plan's effectiveness- The effectiveness is decided with quantitative or qualitative research. Quantitative research involves collecting data that can be classified into meaningful numerical values. Qualitative research is research where it interperets the why and how of people's opinions.
Nature of a Promotional Plan and How to Coordinate Activities in the Promotional Mix
The promotional plan is the blueprint for how the elements work together.
1) Research and Analyze the Market: Marketers
analyze the market using new or old information. Then, from there, they decide
what the strengths and weaknesses of their product is.
2) Select the Target Market: Based on the previous reaserch, the marketers will
determine who the target market will be, how to motivate them to purchase the
product, and what the key characteristics are of the target market.
3) Identify Promotional Objectives: This is where the marketer
determins the objectives. They should be realistic and measurable.
4) Set the Promotional Budget: This is where the marketer determines what the cost will
be to accomplish the objectives. Sometimes it is based on what funds are
available to the company.
5) Develop the Promotional Mix: After all of this,
the marketer determines the appropriate mix for advertising, public relations,
personal selling, and sales promotion.
6) Implement the
Promotional Plan: All of the things are then put into play at this point, and
decisions and schedules are determined as well.
7) Evaluate the
Results: This is where the marketers evaulate their plan during and after the
promotions using their objectives. They can then make improvements and changes.
1) Research and Analyze the Market: Marketers
analyze the market using new or old information. Then, from there, they decide
what the strengths and weaknesses of their product is.
2) Select the Target Market: Based on the previous reaserch, the marketers will
determine who the target market will be, how to motivate them to purchase the
product, and what the key characteristics are of the target market.
3) Identify Promotional Objectives: This is where the marketer
determins the objectives. They should be realistic and measurable.
4) Set the Promotional Budget: This is where the marketer determines what the cost will
be to accomplish the objectives. Sometimes it is based on what funds are
available to the company.
5) Develop the Promotional Mix: After all of this,
the marketer determines the appropriate mix for advertising, public relations,
personal selling, and sales promotion.
6) Implement the
Promotional Plan: All of the things are then put into play at this point, and
decisions and schedules are determined as well.
7) Evaluate the
Results: This is where the marketers evaulate their plan during and after the
promotions using their objectives. They can then make improvements and changes.
Nature of a Marketing Plan and How to Coordinate to Meet Marketing Objectives
A Marketing Plan is a clear written description of he marketing strategies of a business and the way the business will operate to accomplish each strategy. This has to coordinate with the objectives to be able to meet them within a certain time period. If the plan does not match the objectives and times, the objectives won't be met
Various Career Roles Within the Field of Marketing
In a Marketing Job, the completion of marketing activities is the most improtant or only job responsibility. Usually in marketing, poeple have jobs that involve a lot of research adn product planning, advertising and selling, distibution of prodcuts from manufacturers to consumers, customr service, assistance with financing and credit procedures, and many other parts. A JOB is any full time or part time work in a specific position of employment. A CAREER is a chosen area of work made up of a progression of jobs that provides personal and professional satisfaction. Within the broad career of marketing, there are many jobs, and almost any oppurtunity to choose what job within marketing would best fit your interest.
Cereal Box Project
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