NovarsGroup Business Brokers

----- quick market expansion summary -----

step 5: tools for marketing execution

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

These are the working components of your marketing strategy.

First download and print this section of the Market Planning Model as a guide. Market Planning Model: planning 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:

  Qq

 

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:

   Rr

 

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.
  
  

  Review Marketing Model:

  Ss

 

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:

   Tt

 

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.
  
  

  Review Marketing Model:

  Uu