By Charles W. Lamb; Joseph F. Hair, Jr; Carl McDaniel; Harish Kapoor; Richard Appleby; Janice Shearer
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Once the marketing plan is written, it serves as a reference point for the success of future activities. Finally, the marketing plan allows the marketing manager to enter the marketplace with an awareness of possibilities and problems. USED WITH PERMISSION FROM CHAPMAN’S ICE CREAM LTD. Marketing Plan Elements Chapman’s has adapted to a changing, health-conscious market by introducing Yogurt Plus, which is a source of active probiotic cultures and prebiotic fibre, and is low in fat. 34 objectives in the future.
A part of the place “P” is physical distribution, which involves all the business activities concerned with storing and transporting raw materials or finished products. The goal is to ensure products arrive in usable condition at designated places when needed. Place strategies are covered in Chapters 12 and 13. Promotion Strategies Elements of the promotional mix include advertising, direct marketing, public relations, sales promotion, personal selling, and online marketing. Promotion’s role in the marketing mix is to bring about mutually satisfying exchanges with target markets by informing, educating, persuading, and reminding consumers of the benefits of an organization or a product.
These integrated marketing communications activities are described in Chapters 14, 15, 16, and 17. Technology-driven aspects of promotional marketing are covered in Chapter 4. Pricing Strategies Price is what a buyer must give up to obtain a product. It is often the most flexible of the four marketing mix elements because it is the quickest element to change. Marketers can raise or lower prices more frequently and easily than they can change other marketing mix variables. Price is an important competitive weapon and is very important to the organization because price multiplied by the number of units sold equals total revenue for the firm.