Step 5: Planning Tools for Market Execution

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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:

1. Product
2. Price
3. Place (or distribution)
4. Promotion
   
   a 5th P will been added to the mix:
   
   
5. Pamper — meaning quality service

These are the working components of your marketing strategy.

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Market Planning Model: market planning

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

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Setting Your Pricing Strategy

Pricing strategies are influenced by four distinguishing factors:

1. costs
2. customer perceived value
3. economics
4. competition

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 kdavis@novarsgroup.com. You will be surprised how e-business can open new markets and reduce operation expenses.

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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: television, radio, direct mail, internet, etc.
2. Promotional Activities: coupons, samples, etc.
3. Public Relations
4. Personal Selling

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Service Quality

Any successful marketing strategy requires quality management. The determinants of service quality include:

• reliability
• responsiveness
• competence
• access
• communication
• courtesy
• credibility
• security
• understanding / knowing the customer
• tangibles.

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