Module in Principles of Marketing (Grade 12) - Philippine Christian University - PDF

Philippine Christian University Sampaloc 1, Dasmariñas City, Cavite SENIOR HIGH SCHOOL S.Y. 2024-2025 MODULE IN PRINCIPLES OF MARKETIN...

Philippine Christian University Sampaloc 1, Dasmariñas City, Cavite SENIOR HIGH SCHOOL S.Y. 2024-2025 MODULE IN PRINCIPLES OF MARKETING (GRADE 12) QUARTER 2 – WEEK 1 (SEPTEMBER 30-OCTOBER 4, 2024) LESSON 8: DEVELOPING THE MARKETING MIX: PRODUCT Overview The marketing mix is a set of elements that companies or businesses consider to successfully create and sell their products. These elements are also collectively referred to as the 4Ps of marketing: product, price, place and promotion. A product is an offer by a firm that satisfies the needs of a particular set of customers. The price indicates the amount at which the firm is selling its product. Place refers to the manner through which the form makes its products available to its customers. Lastly, promotion refers to the strategies that companies use to inform their customers about the product and persuade them to purchase it. All these elements must be combined in a comprehensive and integrated marketing plan. Through this marketing plan, a firm informs its customers about its products, encourages them to try these, and secures their loyalty. Product is a key element in the overall market offering. Marketing-mix planning begins with formulating an offering that brings value to customers. This offering becomes the basis upon which the company builds profitable relationships with customers. Course Learning Outcomes First Quarter: By the end of the quarter, the student will be able to apply marketing concepts and techniques by interpreting and solving marketing problems. Second Quarter: By the end of the quarter, students will be able to develop marketing programs by writing a marketing plan. Objectives At the end of this lesson, YOU ARE expected to: 1. define a product and differentiates the product, services, and experiences 2. analyze the three levels of products and stages of the product life cycle; 3. appreciate the importance of various product strategies; and 4. develop new product portfolio for specific company. Essential Question “What is a product as part of the marketing mix(4Ps)? And how does it contribute to customer value?” Disclaimer: This module is adapted and modified from the source materials listed in the references list. This is an exclusive property of Philippine Christian University-Dasmariñas SHS and is provided only to enrolled students for their academic use. This module is provided for free by the school through softcopy and/or printed media. Reproduction of this module without official permission is prohibited. 1  Test Yourself 4Ps and 4Es The 4Ps of the marketing mix were introduced by E. Jerome McCarthy in 1960. The 4Ps refer to product, price, placement, and promotion. For decades, the 4Ps served as a tool for marketers to determine how to develop and sell their products effectively. However, with the advent of globalization and the Digital Age, the effectiveness of the 4Ps is being questioned. Studies have also shown that, to a large extent, there is a need to improve the 4Ps to fit the changing needs of the global audience. In 2009, Brian Fetherstonhaugh of Ogilvy and Mather, a well-known marketing agency, introduced the 4Es as a way of updating the 4Ps. The 4Es refer to experience, everyplace, exchange and evangelism. Product to Experience. Before, marketers used to be highly concerned solely with a product's unique features and benefits for customers. However, this approach may not guarantee a customer's loyalty to a brand. Instead, it is much more effective to also pay attention to the overall experience or the "customer journey’’. The customer journey starts from the time that a product is discovered and extends to the time that the customer purchases the product. Marketers should be aware of the external influences that drive customers to buy a product and the consumption experience of customers. This will help marketers find out how customers will be enticed to make another purchase in the future. Place to Everyplace. Before, products used to be placed strategically in locations where they can be easily found. Distribution channels are also chosen carefully in order for the products to reach customers at the soonest time possible. This approach may still be useful today. However, a modern consumer is most likely always on the go; hence, he or she may have less time to look for distribution outlets to purchase products. This can also mean that a customer may have less time to actually examine a product's features before buying it. Thus, it is now also important to think of interactive and convenient alternatives to engage customers. Products need to be made available anytime and anywhere at the customers' convenience. Furthermore, marketers can also utilize other outlets to communicate with customers about their products and brands. These Outlets can include websites and mobile applications. Price to Exchange. Traditionally, marketers used to solely consider the price of their products when selling them. Marketers used to focus on keeping the prices of products so low so some customers are enticed to buy them. To do this, they would bargain with suppliers to purchase raw materials at a lower price, thus making the final selling cost also lower. Based on the 4Es, marketers should not only focus on the price of the products but also consider the overall value that the product can provide customers. Customers must be guaranteed that a sufficient amount of effort, detail, and quality comes with purchasing the product. Promotion to Evangelism. Product promotion should highlight certain features or benefits that one can gain from using it. This may still be considered important in marketing a product. However, it may be just as essential to extend the promotion of a product to evangelism. This means that marketers can associate their products with a mission or an ideal, such as fostering relationships or practicing determination in one's life. Practicing evangelism in marketing can provide inspiration to the customers in one way or another, and further entice customers to purchase a certain product. Discussion Questions 1. What are the differences between the 4Ps and the 4Es? ____________________________________________________________________________________ ____________________________________________________________________________________ ____________________________________________________________________________________ 2. In your opinion, are the 4Ps still applicable at present? Explain your answer. Disclaimer: This module is adapted and modified from the source materials listed in the references list. This is an exclusive property of Philippine Christian University-Dasmariñas SHS and is provided only to enrolled students for their academic use. This module is provided for free by the school through softcopy and/or printed media. Reproduction of this module without official permission is prohibited. 2  ____________________________________________________________________________________ ____________________________________________________________________________________ ____________________________________________________________________________________ Study these terms Product- anything that can be offered in the market that might satisfy need or want and is received in exchange for money Goods- a pure tangible product Service- intangible offerings that companies provide for their customers. Intangible- not tangible Heterogeneous- consisting of dissimilar or diverse constituents Inseparable- incapable of being separated or disjoined Perishable- liable to spoil or decay Discount- reduction made from a regular or list price Consumer-one that utilizes economic goods Industrial- used in or developed for use in industry. Diversification- the act or process of diversifying something or of becoming diversified: an increase in the variety or diversity of something Lesson Proper DEVELOPING MARKETING MIX: PRODUCT PRODUCT DEFINED A product is anything in the form of good, service, or idea consisting of a bundle of tangible and intangible attributes that can be affordable to a market that might satisfy a want or need and is received in exchange for money or something else of value. Components of product: 1. Core product- this is the end benefit for the buyer. The core product is the buyer really buying. 2. Formal product- this is the actual physical or perceived characteristics of the product including its level of quality, special features, styling, branding, and packaging. 3. Augmented product- These are the support items that complete the total offering such as after- sales service, warranty, delivery, and installation. Disclaimer: This module is adapted and modified from the source materials listed in the references list. This is an exclusive property of Philippine Christian University-Dasmariñas SHS and is provided only to enrolled students for their academic use. This module is provided for free by the school through softcopy and/or printed media. Reproduction of this module without official permission is prohibited. 3  Core product Formal Product Augmented Product Classification of Product A. Consumer product- refers to a wide array of manufactured goods that are purchased primarily for personal, family, and/or household purposes. Consumer Product categories 1. Convenience product-These are products that to a very large market segment. They are generally consumed on routine with little thought and purchased frequently. 2. Shopping products-These are products consumers purchase and consume less frequently compared to convenience products. Consumers are more willing to spend more time locating these products since they are comparatively more expensive than convenience products and because these may have additional psychological benefits for the purchaser such as raising their perceived status level within a social group. Disclaimer: This module is adapted and modified from the source materials listed in the references list. This is an exclusive property of Philippine Christian University-Dasmariñas SHS and is provided only to enrolled students for their academic use. This module is provided for free by the school through softcopy and/or printed media. Reproduction of this module without official permission is prohibited. 4  3. Specialty products-These are products that are likely to carry a high price tag relative to convenience and shopping products. 4. Unsought products- these are products whose purchase is unplanned by the consumer but takes place because of the marketer’s actions. B. Industrial products- are goods that are sold to other businesses and used to produce other goods. Industrial Product Categories 1. Raw Materials- these are products obtained through mining, harvesting, fishing, and other trades, that are key ingredients in the production of higher-order products. 2. Processed Materials- These are products created through the processing of basic raw materials. 3.Equipment- These are products used to help with the production or operations activities. Disclaimer: This module is adapted and modified from the source materials listed in the references list. This is an exclusive property of Philippine Christian University-Dasmariñas SHS and is provided only to enrolled students for their academic use. This module is provided for free by the school through softcopy and/or printed media. Reproduction of this module without official permission is prohibited. 5  4. Basic Components- These are products used with more advanced components. These are often built with raw materials or processed materials. 5. Advanced Components- These are products that apply basic components to produce products that offer an important function required within a larger product. 6. Product Component- These are products used in the assembly of final products through these could also function as stand-alone products. 7. MRO (Maintenance, Repair, and Operating) - These are products used to assist with the operation of the organization but are not directly used in producing goods and services. Differentiate: Goods, Services, and Experiences A company’s market offering often includes both tangible goods and services. The market offer may consist of pure tangible goods with no services accompanying the product. Goods have the following attributes: 1. Physical objects for which a demand exists 2. Their physical attributes are preserved over time 3. Ownership rights can be established 4. They exist independently of their owner 5. They are exchangeable 6. Unit ownership rights can be exchanged between institutions 7. They can be traded on markets Disclaimer: This module is adapted and modified from the source materials listed in the references list. This is an exclusive property of Philippine Christian University-Dasmariñas SHS and is provided only to enrolled students for their academic use. This module is provided for free by the school through softcopy and/or printed media. Reproduction of this module without official permission is prohibited. 6  8. They embody specialized knowledge in a way that is highly advantageous for promoting the division of labor On the other hand, a company may offer pure services for which the market offer consists primarily of service. Services may have the following features: 1. Intangible- Intangible things are not physical objects and only exist in connection to other things. 2. Heterogeneous – refers to the multifaceted different experience that may be had from a single type of service is considered as a factor to distinguish goods from services. 3. Inseparable- Services may be said to be inextricably linked with customers in terms of production and consumption and so it is said that service is inseparable. 4. Perishable- Services are not stock of fixed assets and it is not possible to store services in inventories. Today, as products and services become more commoditized, many companies are moving to a new level in creating value for customers. To make a distinction of their offers, beyond just making products and delivering services, they are creating and managing customer experiences with their brands or company. Experience has constantly been an essential part of marketing for some companies. Experiences come about whenever a company intentionally uses services as the stage and goods as props to engage an individual. Tangible goods and intangible services are brought as one to create a memorable experience for customers at a point in time. PRODUCT LIFE CYCLE As consumers, people purchase millions of products every year. Just like humans, these products have a life cycle. Older, long-established products eventually become less popular, while in contrast, the demand for new, more modern goods usually increases quite rapidly after they are launched. 1. Introduction Stage- this stage of the cycle could be the priciest for a company launching a new product. The size of the market for the product is small, which means sales are low, although they will be increasing. 2. Growth Stage- The growth stage is normally characterized by strong growth in sales and profit. 3. Maturity Stage- During the maturity stage, the product is established and the aim for the manufacturer is now to keep the market share they have built up. 4. Decline Stage- Eventually, the market for a product will start to get smaller. As that life cycle nears an end, the company must decide what to do. Decisions could be to retire the product altogether or extend the life cycle of the product through a number of strategies. Among these strategies are: Disclaimer: This module is adapted and modified from the source materials listed in the references list. This is an exclusive property of Philippine Christian University-Dasmariñas SHS and is provided only to enrolled students for their academic use. This module is provided for free by the school through softcopy and/or printed media. Reproduction of this module without official permission is prohibited. 7  1. Re-packing- provides a way for the company to give a mature image, particularly if the product’s earlier image has limited its target audience. 2. Discounting- Designing a new pricing strategy does not have to be a short-term alternative for mature products. In some cases, re-pricing the product by discounting it can reach out to a target market that has normally seen the product as being just out of reach. 3. Rebranding- Rebranding a mature product can be a somewhat extreme approach to extending its life cycle, but it can also be a valuable method. Re-branding results in changing not only the packaging. The name and total appearance of the product could be changed also. 4. Expanding Abroad- In some cases, product life can only go so far in one place. Expanding the product in a foreign country to reach out to a totally unserved market can make the product life cycle longer on a different level. THE PRODUCT MIX Is also known as product assortment, refers to the total number of product lines that a company offers to its customers. Product line- is a number of products grouped together based on similar characteristics. 1. Product Mix width- is the number of product lines in the product mix. 2. Product line length- show the number of different products in a product line 3. Product line depth- shows how many subgroups the product line contains. 4. Product consistency- pertains to how closely related product lines are to one another in terms of use, production, and distribution. Product Mix Decision- refers to the decisions about adding a new or getting rid of any existing product from the product mix, adding a new product line, lengthening an existing line, or bringing fresh variants of a brand to enlarge the business and to boost the profitability. 1. Product Line decision- Marketing managers must settle on the best length of the product line by adding fresh items or dropping existing items from the line. 2. Product Line Stretching Decision- Takes place when a business adds a fresh product to the product line and the latest product types are higher or lower quality than present products in the product line. Downward stretching- means adding low-end items to the product line. This means the new product types are cheaper or of lower quality. Upward stretching- means adding high-end items to the product line. This means the new product types are more closely or of higher quality. Two-way stretching- means stretching the line in both directions if an organization is in the middle range of the market. 3. Line Filling Decision- It means adding more items within the present range of the product line. Disclaimer: This module is adapted and modified from the source materials listed in the references list. This is an exclusive property of Philippine Christian University-Dasmariñas SHS and is provided only to enrolled students for their academic use. This module is provided for free by the school through softcopy and/or printed media. Reproduction of this module without official permission is prohibited. 8  PRODUCT STRATEGIES Product strategy- is often called the roadmap of a product and outlines the end-to-end vision of the product and what the product will become. The type of product strategies are as follows: 1. Product Positioning- this strategy is placing a brand in that part of the market where it will have an approving acceptance compared to competing brands. 2. Product Elimination- This strategy cuts in the composition of a company’s product portfolio by pruning the number of products within a line or by totally divesting a division or business. 3. Product Repositioning- This strategy means reviewing the current position of the product and its marketing mix and seeking a new position for it that seems more appropriate. 4. New Product- this strategy is a set of operations that introduces: a. Within the business, a product new to its earlier line of products b. On the market, a product that provides a new kind of satisfaction New product could be in the form of the following alternatives: a. Product improvement/modification b. Product imitation c. Product innovation Disclaimer: This module is adapted and modified from the source materials listed in the references list. This is an exclusive property of Philippine Christian University-Dasmariñas SHS and is provided only to enrolled students for their academic use. This module is provided for free by the school through softcopy and/or printed media. Reproduction of this module without official permission is prohibited. 9  5. Product Overlap- This strategy is about competing against one’s own brand through the introduction of competing products, use of private labels, and selling to original equipment manufacturers. 6. Diversification- This strategy is developing unfamiliar products and markets through: a. Concentric diversification- Here product/s introduced are related to existing ones in terms of marketing or technology. b. Horizontal diversification- Here new product/s are unrelated to existing ones but are sold to the same customers. c. Conglomerate diversification- Here product/s are entirely new 7. Product Scope-It is determined by taking into account the overall mission of the business unit. 8. Value Marketing- It concerns delivering on promises made for the product or service. Disclaimer: This module is adapted and modified from the source materials listed in the references list. This is an exclusive property of Philippine Christian University-Dasmariñas SHS and is provided only to enrolled students for their academic use. This module is provided for free by the school through softcopy and/or printed media. Reproduction of this module without official permission is prohibited. 10  9. Product Design- It deals with the degree of standardization of a product. Summary Marketing mix is a set of elements that companies or businesses consider to successfully create and sell their products. These elements are also collectively referred to as the 4Ps of marketing: product, price, place, and promotion A product is anything in the form of a good, service, or idea consisting of a bundle of tangible and intangible attributes that can be affordable to a market that might satisfy a want or need and is received in exchange for money or something else of value. Products could be consumer products or industrial products. The levels of the product are the following: core product, actual product, and augmented product. The product life cycle covers the time that a product is introduced, sold, and eventually removed from the market. The product life cycle is composed of four stages-introduction, growth, maturity, and decline. Product mix, also known as product assortment, refers to the total number of product lines that a company offers to its customers. A product line is several products grouped based on similar characteristics. Product strategy is often called the roadmap of a product and outlines the end-to-end vision of the product and what the product will become. Types of product strategies are the following: product positioning, product elimination, product repositioning, new product, product overlap, diversification, product scope, value marketing, and product design. Activity # 1 (Written Work 1) Name: _______________________________________ Strand and Section: ________________ Date/Week No._______________________________ Score: ________/20________________ Multiple Choice. Choose the best answer and write the letter in the space provided. ______________1. Why does a company need to know what stage of the product life cycle its products are in? a) To prevent imitators from entering the market b) To find new uses for the product c) To predict the length of the life cycle d) To adapt its marketing strategies ______________2. Which of the following is a reason that a business would make changes to its products? a) To keep up with changing consumer preferences b) To spread risk over a wider area c) To predict the success of the changed product d) To make room for other products Disclaimer: This module is adapted and modified from the source materials listed in the references list. This is an exclusive property of Philippine Christian University-Dasmariñas SHS and is provided only to enrolled students for their academic use. This module is provided for free by the school through softcopy and/or printed media. Reproduction of this module without official permission is prohibited. 11  ______________3. A company advertises that its products are durable, lightweight, and come in a variety of colors. What strategy is the company using to position its product? a) Price and quality b) Features and benefits c) Unique characteristics d) Relationship to other products ______________4. Company BTS sells condensed soups and promotes them by saying, "Great taste, great price." Company BTS is positioning its product according to what strategy? a) Relationship to other products b) Features and benefits c) Unique characteristic d) Price and quality ______________5. Bighit company that makes ink pens claims no other pen on the market uses a type of ink that changes color when exposed to light. The company is positioning its product according to what strategy? a) Price and quality b) features and benefits c) unique characteristics d) relation to other products in the line ______________6. Why do companies use brands for their products? a) To differentiate their products b) To charge higher prices c) To encourage materialism d) To demonstrate creativity ______________7. Brand or trade names are used primarily to identify a a) market b) standard c) product d) trend ______________8. How do companies make brand promises to their customers? a) They provide customers with a sworn statement. b) They meet or exceed customer expectations on a consistent basis c) Salespeople verbally make brand promises to each customer d) They fulfill special requests for customers. ______________9. What is the first stage of the product life cycle? a) Introduction b) Research and Development c) Peak d) Decline ______________10. Brand ______________ is when you know a brand and are familiar with it, and the chances are slim that you will forget. But this has nothing to do with whether people choose the brand over a different brand. a) insistence b) recognition c) preference d) loyalty Disclaimer: This module is adapted and modified from the source materials listed in the references list. This is an exclusive property of Philippine Christian University-Dasmariñas SHS and is provided only to enrolled students for their academic use. This module is provided for free by the school through softcopy and/or printed media. Reproduction of this module without official permission is prohibited. 12  Activity # 2 (Performance Task 1) Name: _______________________________________ Strand and Section: ________________ Date/Week No._______________________________ Score: ________/100_______________ Creating the product portfolio. A product portfolio is the collection of all the products or services offered by a company. Create a new product portfolio for a specific company (local or international). Rubric Needs Criteria Excellent Good Fair Improvement Exhibits a Exhibits a good Exhibits a basic Exhibits limited thorough and understanding understanding of the understanding of Knowledge/Content of accurate subject matter the subject matter (30 points) the subject understanding of with several with significant matter with the subject matter minor errors errors errors (24-30) (16-23) (8-15) (1-7) Applies learning Applies learning Struggles to Skills/Application Applies learning concepts skillfully concepts well but learning apply concepts in a basic (30 points) and effectively in may have concepts manner, with several various contexts occasional errors correctly errors (8-15) (24-30) (16-23) (1-7) Presents Presents information Presents information Presents in a somewhat clear information Presentation clearly, information clearly, manner but with unclearly, with (20 points) coherently, and with minor issues in noticeable issues in significant issues in engagingly, using coherence coherence, coherence, effective , engagement and engagement and engagement and communication communication communication communication techniques (11-15) (6-10 ) (1-5 ) (16-20) Demonstrates a Demonstrates high degree of some originality of Demonstrates Lacks originality, originality of work work and shows Creativity limited originality, with a standard and and shows some with a conventional uses unoriginal (20 points) innovative innovative thinking approach and approach and thinking in terms in terms of solution solution of approach and approach and (6-10 ) (1-5 ) solution solution (16-20 ) (11-15 ) Disclaimer: This module is adapted and modified from the source materials listed in the references list. This is an exclusive property of Philippine Christian University-Dasmariñas SHS and is provided only to enrolled students for their academic use. This module is provided for free by the school through softcopy and/or printed media. Reproduction of this module without official permission is prohibited. 13  Learning Resources: Serrano, Angelita C.O. (2016).Principles of Marketing. Unlimited Books Library Services and Publishing Inc. Te et al., (2018). Principles of Marketing for Senior High School. C & E Publishing, Inc. Zarate, Cynthia A. (2017) Principles of Marketing for Senior High School. C & E Publishing, Inc. Supplemental Readings and Materials: We will go over marketing plans in the latter weeks of the second quarter. But let us take a quick look at the marketing plan to get ready for your final output of this course. Marketing Plan is a written document that describes your advertising and marketing efforts for the coming year; it includes a statement of the marketing situation, a discussion of target markets and company positioning, and a description of the marketing mix you intend to use to reach your marketing goals MARKETING PLAN OUTLINE I. Executive Summary. One page summary of the plan containing the following to be written last after areas are covered. 1. Industry Definition- tell something about the industry where the company/brand/product belongs. 2. Market Size 3. Competitive Market Shares- a table showing the sales of all brands in the product category and their respective market shares. 4. Marketing Objectives a. Sales in units and Peso b. Gross Profit c. Market share 5. Target Market 6. Positioning 7. Strategies 8. Program and Program Objectives II. External Analysis 1. Industry Definition- tell something about the industry in narrative format 2. Industry Segmentation- define how the industry is segmented 3. Industry size and growth- sales in units or pesos of the industry; percentage of growth per year of the industry. 4. Seasonality- describe when the sales are at their peak and the lay months as well. 5. Stage in the Product Life Cycle a. Introduction, growth, maturity, and decline. b. Describe the characteristics of the particular stage where the industry belongs and they relate to the industry being described for justification. Disclaimer: This module is adapted and modified from the source materials listed in the references list. This is an exclusive property of Philippine Christian University-Dasmariñas SHS and is provided only to enrolled students for their academic use. This module is provided for free by the school through softcopy and/or printed media. Reproduction of this module without official permission is prohibited. 14  6. Environmental Scan a. Political Legal, economic, socio-cultural, technological b. Research for issues, concerns, problems, threats, or opportunities under each category. c. Determine the impact of each issue, concern, problem, threat, or opportunities to the industry as well as to the brand, company, or product line under study. 7. Consumer/Customer Analysis along the following lines: a. Profile of Consumer/Customer- describe the customer/s based on the variables of segmentation. b. Segmentation of Consumer/Customer- describe how the target market was segmented or describe the segmentation used. (If possible, use all bases and be sure the UAI contains these) 8. Industry trends- current happenings/events/issues/problems/concerns in the industry that might have either negative or positive impacts. III. Key Success Factors- enumerate factors that led or contributed to the success of the company, brand, or product line IV. Internal Analysis 1. Company Background- comprehensive research about the company a. History b. Mission/Vision c. Product/Services Offerings d. Selling Prices and Packed sizes e. Distribution Network f. Highlights of Historical Performances 2. Review of Current Marketing Efforts a. Current Target Market- review the group of people which the company/brand/product line serves with mutually satisfying exchanges b. Positioning Statement- review of the current and potential customers’ overall perception of the brand, product, product line, or organization in general. c. Current Sales Performance including Sales Mix and Sales Distribution. d. Current Marketing Strategies and Activities- describe the present marketing strategies used and corresponding activities. e. Current Marketing Problems and Concerns V. Competitive Analysis 1. Industry Participants a. Players in the industry the company understudy b. Include both direct and indirect competitors 2. Comparative Brand Performance- that may include Market shares, Awareness Levels, Trial Levels, User Ship levels, attribute Perception Ratings, and other relevant measures. 3. Comparative Analysis of each competitors’ strategies and characteristics along the following lines: (Be sure to make further research to really make a good analysis) Disclaimer: This module is adapted and modified from the source materials listed in the references list. This is an exclusive property of Philippine Christian University-Dasmariñas SHS and is provided only to enrolled students for their academic use. This module is provided for free by the school through softcopy and/or printed media. Reproduction of this module without official permission is prohibited. 15  a. Target Market b. Positioning c. Product d. Packaging and Labeling e. Merchandising f. Price g. Distribution Network h. Promotion VI. SWOT Analysis- analyze in terms of strengths, weaknesses, opportunities, and threats/ to make good analysis VII. Marketing Objectives 1. Marketing and Financial Objectives 2. Must use the SMART (specific, measurable, attainable, realistic, and time-bound) 3. In terms of market share, sales, profit, growth, reputation VIII. Marketing Strategies- how the brand/product line/company plans to meet its objectives 1. Core Strategies a. Target Market- undifferentiated, differentiated, concentrated, or niche b. Positioning Statement- target customer group and need; competitive framework; benefit; reason/s for the claim or benefit; brand character or personality; suggested slogan 2. Other Strategies- market penetration; market development; line extensions; niche or focus; position defense; encirclement; intensive distribution; by-pass, etc. A TOWS Matrix should be represented to ensure that all objectives, weaknesses, threats, and opportunities are addressed and strengths are reinforcing in the plan. IX. Marketing Program/Schedule/ Action Plan 1. Detailed action plan as to how the strategy will be implemented (sales plan, retail plan, integrated marketing communication plan) 2. Should be consistent with the strategy 3. Determine specific short-term actions to be taken, internally and externally by whom and when. X. Marketing Budget 1. Companies typically establish their marketing budget at a conventional percentage of the sales goal 2. The company should analyze the marketing work required to attain a given sales volume or market share and then cost out this work, the result is the required marketing budget 3. Company should decide how to divide the total marketing budget among the various tools in the marketing mix XI. Activity GANNT Chart- shown are the specific activities and corresponding timeframe. Disclaimer: This module is adapted and modified from the source materials listed in the references list. This is an exclusive property of Philippine Christian University-Dasmariñas SHS and is provided only to enrolled students for their academic use. This module is provided for free by the school through softcopy and/or printed media. Reproduction of this module without official permission is prohibited. 16  XII. Monitoring and Control 1. Annual Plan Control- making sure that the company is achieving its targeted sales, profits 2. Profitability control- the task of measuring actual profitability of the products, customer groups, trade channels, and order sizes 3. Strategic Control- evaluating whether the company’s marketing strategy is still appropriate to the marketing conditions XIII. Financial Projections (up to the product contribution to profit only)- always have a forecast basis XIV. Appendices/Exhibits (Includes relevant documents that were used in the plan) 1. Survey Questionnaire/ Interview Questionnaire 2. Income Statements of the company (three years back)- the basis for forecasting the future income 3. Other necessary for defending the marketing paper Prepared by: Checked by: Approved by: Quennie S. Arcullo Darrel Jake T. Austria Quennie S. Arcullo Maria Beatriz B. Sico, MM Subject Teacher/s Subject Lead Teacher-Management 12 Principal Disclaimer: This module is adapted and modified from the source materials listed in the references list. This is an exclusive property of Philippine Christian University-Dasmariñas SHS and is provided only to enrolled students for their academic use. This module is provided for free by the school through softcopy and/or printed media. Reproduction of this module without official permission is prohibited. 17