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
3
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?
5
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
6
Marketing Environment
Do any of the following influence consumption of your company’s products?
•Demographic:
• Income
• Age
• Gender
• Culture
• Geographic
• Family Structure
• Lifestyle
• Population
7
Marketing Environment
Do any of the following influence consumption of your company’s products?
Cultural:
•Families
•Community
•Parents, schools, religion, businesses, government
•Peers
8
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
9
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:Political:
•LawsLaws
•RegulationsRegulations
•Pressure Groups 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…
1. 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