4.2 - Marketing planning

Question 1

Consumer profiles

Answer 1

Are the demographic and psychographic characteristics of consumers in different markets, such as their age, gender, occupation or income level

Question 2

Differentiation

Answer 2

Is the art of distinguishing a business or its products from rivals in the industry. It tries to create the perception among customers that the organisation’s product is different compared to substitute products in the market.

Question 3

Market segmentation

Answer 3

Is the process of categorising customers into distinct groups with similar characteristics (such as age or gender) and similar wants and needs

Question 4

A marketing audit

Answer 4

is a review of the current position of an organisation’s marketing mix, in terms of its strengths and weaknesses and consideration of opportunities and threats

Question 5

Marketing objectives

Answer 5

are the targets that the marketing department wishes to achieve, such as sales growth or increased market share

Question 6

A marketing plan

Answer 6

is a document outlining an organisation’s marketing objectives and the marketing strategies to be used to achieve these objectives

Question 7

Marketing planning

Answer 7

is a systematic process of devising marketing objectives and appropriate marketing strategies to achieve these goals

Question 8

Market segment

Answer 8

refers to a distinct group of customers with similar characteristics (such as age or gender) and similar wants or needs

Question 9

Marketing strategies

Answer 9

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

Question 10

Mass marketing

Answer 10

Refers to undifferentiated marketing. This marketing strategy ignores targeting individual market segments

Question 11

Niche marketing

Answer 11

targets a specific and well-defined market segment, such as high-end speciality goods

Question 12

A product position map (or perception map)

Answer 12

is a visual tool that reveals customer perceptions of a product or brand in relation to others in the market, often by comparing perceptions about price and quality

Question 13

Repositioning

Answer 13

is a marketing strategy that involves changing the market’s perception of a firm’s product or brand in comparison to rival businesses

Question 14

Segmentation

Answer 14

Is the process of categorising customers into distinct groups of people with similar characteristics and buying habits for market research and targeting purposes. Segmentation can be done by using demographic, geographic and psychographic factors

Question 15

A target market

Answer 15

refers to a clearly identifiable group of customers that marketers choose to focus their efforts on, such as children, adults, men or women for a particular product

Question 16

Targeting

Answer 16

refers to each distinctive market segment having its own specific marketing mix, depending on whether the business operates in niche or mass markets

Question 17

Unique selling point or unique selling proposition (USP)

Answer 17

Refers to any aspect of a good or service that makes it stand out (in a positive way) from those offered by competitors.