4.2 Marketing Planning

Question 1

Marketing Plan

Answer 1

A document outlining the firm’s marketing objectives, and the marketing strategies to achieve the objectives.

Question 2

Marketing plan extra

Answer 2

Also common to include SWOT and STEEPLE in a marketing plan to help access internal and external factors affecting the business and it’s marketing objectives.

SMART (specific, measurable, achievable, realistic and time bound)

Question 3

Marketing Mix

Answer 3

4P’s - Price, Product, Place, Promotion

Question 4

Markets that could be segmented

Answer 4

Demographic: Age, Gender, Religion, Family characteristics, Ethnic grouping
Geographic: Regions in a country, Climatic conditions
Psychographic: Social and economic status, Values

Question 5

Niche Marketing

Answer 5

Targets a specific and well-defined market segment

Question 6

Segmented Marketing

Answer 6

Targets several groups each with their own marketing mix

Question 7

Mass Marketing

Answer 7

Targets a large number of different market segments in order to maximise sales

Question 8

Perception maps

Answer 8

High quality, price, low quality, price

Question 9

Perception map purpose

Answer 9

Identify gaps in product portfolio and market
They can be used for targeting strategies
Establishes close competitors and threats
They can inform businesses of a need to reposition their products
A simple way of presenting sophisticated research data
Helps target specific segments