Key components involved in a marketing strategy are referred to as the marketing mix.
Sometimes you hear these components referred to as the four P’s of marketing which include:
Many factors influence your choices for designing this mix such as legal considerations, technology, social or cultural factors, political influences, economic and competitive factors and of course, the customer.
In this section, you will develop your product or service concept, and your strategies for pricing, distribution and promotion.
Marketing objectives help you focus on the results you expect to achieve through your marketing efforts.
Your product or service, promotion, pricing and distribution strategies must be keyed to achieving one or more marketing objectives.
Table 1 outlines some typical marketing objectives.
Table 1: Examples of Marketing Objectives
|Sales||Achieve $9000 in sales from customers located within walking distance from my store within the next six months.|
|Market Penetration||By the end of the current year, complete the mailing of 6000 brochures describing my business to potential consumers who have not shopped in my store.|
|Market Share||Increase my share of market over local competition by 5 percent during the next year.|
|Growth||Increase sales during the second 6 months of operation by 10 percent over the preceding six months.|
|Diversification||Add three new products appealing to professional women within nine months after opening my shop.|
|Profit||Achieve after-tax profit by the end of the first year of operation that exceeds my present take-home salary by a least 5 percent.|
Click on Worksheet 4.1 to define your Marketing Objectives.