4.2 Marketing planning

Question 1

4 elements of a marketing plan?

Answer 1

1. Objectives (SMART: Specific, Measurable, Achievable, Relevant or Realistic, and Time-specific);
2. Strategies (strategic plans how to achieve aims/objectives)
3. Activities (possibly in Gantt chart, such as surveys, price promotions etc)
4. Budget

Question 2

Limitation of marketing planning?

Answer 2

Strategies and activities may become outdated as external environment changes rapidly;

Failure to set good priorities;

May be costly (time-consuming)

Question 3

Definition of marketing plan?

Answer 3

An essential document with the main purpose to develop marketing strategies in order to achieve marketing objectives/aims.
A good marketing plan will also include planned activities and budgets.

Question 4

The purpose of 4Ps marketing mix?

Answer 4

Product - Producing right product;
Price - Charged right price;
Place - Available at right place;
Promotion - Communicated through right channels.

Question 5

Marketing mix?

Answer 5

Set of marketing tools that the firm uses to pursue its marketing objectives in the target market. Historically this concept is linked to 4P’s, although it should be understood as a broader concept.

Question 6

Market segment vs target market?

Answer 6

Market segment is a sub-group of consumers with shared/similar characteristics in a given market;

Target market is a group of consumers with similar needs/wants, that were selected from the different market segments by the company in order to sell them their products.

Question 7

Mass market?

Answer 7

=Undifferentiated marketing- Ignores existence of market segments and tries to sell without differentiation.

Question 8

Niche market

Answer 8

Focuses on a narrow market segment

Question 9

Positioning/perception map?

Answer 9

Tries to analyse how the company wishes its product to be positioned among competitor products and/or how consumers perceive their positioning. It is useful to see the gaps between thees two perspectives.

Question 10

Demographic segments?

Answer 10

Differentiated by:
Age;
Religion;
Family characteristics;
Ethnic grouping.

Question 11

Geographic segments?

Answer 11

Differentiated by:
Countries;
Regions;
Climatic conditions

Question 12

Psychographic segmentation?

Answer 12

Differentiated by:
Social status;
Economic status;
Values.

Question 13

Benefits and limitations of market segmentation?

Answer 13

The big picture, gaps and opportunities may become visible
Generation of ideas;
Designing products tailored to specific segment;

Question 14

3 Types of target marketing or targeting?

Answer 14

1. Undifferentiated of mass marketing
2. Differentiated os segmented marketing
3. Niche marketing

Question 15

Consumer profile

Answer 15

Characteristics of consumers of a particular in different markets or market segments.
In order to understand their customers and make profiling easy, marketers often design resumes/CVs of imaginary or real consumers indicating the age, occupation, gender etc.

Question 16

Unique selling point (USP)?

Answer 16

A feature that differentiates the product or the company form competing products. The purpose is to create the sense of uniqueness, quality and attract loyal customers.