Chapter 2 Marketing Plan 31 Copyright Goodheart-Willcox Co., Inc. Product Positioning Product positioning is the process used to g influence the customer’s perception of a brand or product in relation to the competition. Marketers use the components of the marketing mix— product, price, place, and promotion—to uniquely identify what the company offers in terms of goods and services. The goal is to position the product as better than the competition in some specific way. For example, Geico Insurance positions itself as, “More than just car insurance.” This positioning statement informs the consumer that the product, insurance, is available to protect other assets in addition to automobiles. It implies that the offering is different or better than the competition. LO LO 2.2-4 Action Plan Section The action plan is a list of the marketing tactics with details about how to execute each tactic. Marketing tactics are the specific activities implemented to carry out the marketing strategies. Every marketing strategy will have a set of tactics designed to accomplish it. As an example, for the strategy price products at or below the competition, tactics might include the following. • Monitor online competition prices every Monday. • Monitor sales, advertising, and coupons in the local weekend papers. • Meet with the vice president every Tuesday to review competitive pricing information. • Reset prices as needed. A strong marketing plan includes an action plan to ensure the marketing efforts remain on track and funds are spent wisely. Three components of an action plan include a timeline, budget, and metrics. Timeline The timeline lists when each activity starts, where it happens or runs, end date, and the person responsible. A timeline keeps the marketing team on track and moves the plan forward. A spread- sheet can be beneficial when creating a timeline. Budget A budget is a financial plan for a fixed period of t time that reflects anticipated revenue and shows how it will be allocated in the operation of the business. Green Marketing Defined increasingly environmentally conscious. Green marketing is producing and promoting ro products ro using i meth- ods and practices that emphasize ph environmental conservation. Going green integrates a variety of activities that t are friendly to the earth and n the environment. Businesses can n use green marketing g strategies in all aspects of the marketing mix. Green marketing in- cludes d creating products ct that are ecofriendly and distributing them using environmentally conscious meth- ods. d For example, companies pa often find n unique u ways to use recycled paper, plastic, metal, and glass in the manufacturing uf of their products and choose o shipping methods that have a reduced or neutral carbon foot- print. Many a customers c place priority on being e loyal to t businesses that are environmentally friendly.n Green Marketing Goodheart-Willcox Publisher Figure 2-6 The pieces of the promotional mix fit together to form a promotional campaign. Promotional Mix public relations advertising sales promotion personal selling