4.2 Marketing Planning Flashcards
What are marketing ethics?
Marketing ethics refers to the moral aspects of a firm’s marketing strategies.
Unethical marketing strategies exist when businesses use immoral or unacceptable tactics and this will often cause offence to consumers.
What is a “marketing audit”?
“A systematic review of the marketing strategies adopted by a business”
(A useful tool for a marketing audit is the SWOT analysis)
What are the 4 ways of “market segmentation”
- Demographics
- Psychographics
- Behavioural
- Geographic
What do “demographics” refer to? (market segmentation)
- Age/Gender
- Race
- Location
- Employment Status
What do “psychographics” refer to? (market segmentation)
- Personality
- Values
- Attitudes
- Interests
What does “behavioral” refer to? (market segmentation)
- Usage rate
- Brand loyalty
- Holidays
What does “geographic” refer to? (market segmentation)
- region
- size of area
- population density
- climate
What are some benefits of market segmentation?
- Better understanding of customers and therefore increased chance of meeting their needs
- Increased sales
- Growth through the new identification of new opportunities
- Supports effective differentiation of products
What are consumer profiles?
Consumer profiles are the characteristics of consumers in different markets.
Why are consumer profiles beneficial to a business?
Knowledge of consumer profiles will help the business identify the needs and wants of its customers and identify any segments that might be overlooked
What are USPs?
[ Unique selling points ]
USPs are the special characteristics that a product possesses that it’s competing products do not.
Why are USPs important to a business?
USPs are important in protecting a niche once a business had identified it. If a product does not have something special or different about it customers may be easily tempted away by rival products.
What is the “market positioning” tool?
Market positioning is an analytical tool that ranks different products, services or firms in relation to to others in the market according to the views of the general public
