4.2 - Market planning Flashcards

1
Q

demographic and psychographic characteristics of consumers in diff markets (age, gender, occupation)

A

consumer profiles

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2
Q

art of distinguishing a business or its products from rivals in the industry. tries to create the perception that the product is unique

A

differentiation

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3
Q

process of categorizing customers into distinct groups with similar characteristics

A

market segmentation

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4
Q

review of current position of an organization’s marketing mix, in terms of SWOT

A

marketing audit

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5
Q

targets that the marketing department wishes to achieve (sales growth, increased market share)

A

marketing objectives

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6
Q

document outlining an organization’s marketing objectives & marketing strategies used to achieve the objectives

A

marketing plan

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7
Q

systematic process of devising marketing objectives and appropriate marketing strategies to achieve the goals

A

marketing planning

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8
Q

distinct group of customers with similar characteristics with similar wants and needs

A

market segment

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9
Q

various long term actions taken by a business to achieve its marketing goals

A

marketing strategies

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10
Q

undifferentiated marketing, ignoring targeting individual market segments

A

mass marketing

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11
Q

targets a specific and well-defined market segment (like high-end speciality goods)

A

niche marketing

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12
Q

visual tool that reveals customer perceptions of product/brand in relation to others

A

product position map/perception map

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13
Q

marketing strategy that involves changing market perception of a firm’s product/brand

A

repositioning

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14
Q

process of categorising customers into distinct groups of people with similar characteristics

A

segmentation

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15
Q

clearly identifiable group of customers that marketers choose to focus their efforts on

A

target market

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16
Q

distinctive market segment having its own specific marketing mix (depends on niche or mass market)

A

targeting

17
Q

refers to any aspect of a good/service that makes it stand out

A

unique selling point/unique selling proposition