Step 5: Use Marketing Tools
looking at product - price - place - promotion
We now turn to the tools that will be used to execute your marketing strategy — the 4-Ps of marketing: product - price - place - promotion.
These are the working components of your marketing strategy.
First download and print this section of the Market Planning Model as a guide. |
 |
Page Topics:
market execution tools
Product Development / Maintenance
Your marketing strategy may have you developing or expanding your product lines. Some ideas for product development:
- new-to-world product development / services
- new product or service lines
- additions to existing product or service lines
- improvement in / revisions to existing product lines or services
- repositioning
- cost reduction
| Review marketing model: | |
 |
Section Qq |
market execution tools
Setting Your Pricing Strategy
Pricing strategies are influenced by four distinguishing factors:
- costs
- customer perceived value
- economics
- competition
| Review marketing model: | |
|
Section Rr |
market execution tools
Building Your Distribution Outlets
Distribution channels are becoming an important play in many marketing strategies. With the advent of the Internet and online auction houses, businesses are expanding operations that reach around the world.
- Did you know that our Executive Director is a strong e-business marketing consultant? If you need an e-business review, drop him a line at info@cfone.com. You will be surprised how e-business can open new markets and reduce operation expenses.
| Review marketing model: | |
|
Section Ss |
analyze market position
Promoting Your Product
Increasing your advertising dollars will increase your sales. The challenge is selecting the right promotion that will maximize sales and target the right segmentation.
There are four components of your promotional plan:
- Advertising: TV, radio, direct mail, internet, etc.
- Promotional Activities: coupons, samples, etc.
- Public Relations
- Personal Selling
| Review marketing model: | |
|
Section Tt |
market execution tools
Any Successful Marketing Strategy Requires Quality Service Management
The determinants of service quality include:
- reliability
- responsiveness
- competence
- access
- communication
- courtesy
- credibility
- security
- understanding / knowing the customer
- tangibles.
| Review marketing model: | |
|
Section Uu |
empty column
Helpful Tools
Some helpful forms business owners:
 |
|