30 Marketing Dynamics Copyright Goodheart-Willcox Co., Inc. the business. These strategies outline the who, o what, t where, and e how of the marketing process. They include w establishing marketing goals, identifying the target market, and defining components of the marketing mix. The product positioning can then be defined. Marketing Goals Marketing goals are simple and clear statements s of the results to be accomplished through marketing efforts. These goals can be specific, such as a target end-of-year sales figure or a percentage increase in number of customers. They can also be stated in broader terms, as in achieving a high level of customer satisfaction. Marketing goals should be realistic, measurable, and should support the business goals. The marketing goals provide big-picture direction for the efforts of the marketing team. They should clearly state the intended results of the marketing strate- gies and provide direction for the marketing team. Target Market The information gained from research on the target market is recorded in this section of the marketing plan. One of the most important decisions a marketer makes is correctly choosing the best target market. Selecting the wrong target market means the business loses an opportunity for success in a different one. Many businesses select more than one target market. However, each one selected must meet the four characteristics of a target market. If these characteristics are not met, the business will prob- ably not meet its sales goals. Marketing Mix In Chapter 1, you learned about the four Ps that make up the marketing mix: product, price, place, and promotion. Decisions about the marketing mix are the basis of a marketing plan. Those decisions provide the important framework for choosing specific marketing strategies and tactics to implement the plan. Product Strategies Product strategies are the decisions made about s which products a business should sell. Product strategies can include decisions on quantities, sizes, packaging, warranties, brand names, image, and design. In an established company, these deci- sions may already be in place. Price Strategies Price strategies are the business decisions s about pricing and how prices are set to make a profit. The marketing plan covers price points, percentage of annual sales, and expected profit by product. Evaluating how prices compare to the competition is also part of developing a price strategy. Pricing policies affect company image. Place Strategies Place strategies are the decisions about how and s where products are produced, acquired, shipped, and sold to customers. The sales team is a good source of information to help make some of the place decisions because they are in direct contact with the customers. Place strategies involve not only a phys- ical location, but how goods or services are distrib- uted. Is the product offered online, internationally, locally, or through other stores? Promotion Strategies Promotion strategies are decisions about s which selling, advertising, sales promotions, and public relations activities to use in the promo- tional mix. The promotional mix is a combination x of the elements used in a promotional campaign. A promotional mix can include any or all of the promotional elements shown in Figure 2-6. Promotion decisions also include who will handle specific promotions and public relations efforts. Large companies may have a communica- tions team that works with the marketing team to help create the advertising and sales pieces. However, in many companies, the marketing manager may be responsible for all promotion strategies. For both current and new products, it is important to describe the benefits as they relate to how the product will make life better for the customer. dean bertoncelj/Shutterstock.com Product strategies are the decisions made about which products a business should sell. How does the target market affect product strategies?