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

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market execution tools

Setting Your Pricing Strategy

Pricing strategies are influenced by four distinguishing factors:

  1. costs
  2. customer perceived value
  3. economics
  4. competition
Review marketing model:
Section Rr

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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 You will be surprised how e-business can open new markets and reduce operation expenses.
Review marketing model:
Section Ss

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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:

  1. Advertising: TV, radio, direct mail, internet, etc.
  2. Promotional Activities: coupons, samples, etc.
  3. Public Relations
  4. Personal Selling
Review marketing model:
Section Tt

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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

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Helpful Tools

Some helpful forms business owners:

exit planning module
selling your business summary sheet
valuation calculators