4.2 Marketing planning

Question 1

Market Plan

Answer 1

document outlining an organisation marketing objectives and marketing strategies to be used to achieve them. happens after a marketing audit that examines the business’ marketing mix

Question 2

marketing planning process

Answer 2

1. marketing audit
2. marketing objectives
3. marketing strategies
4. monitoring and review
5. evaluation

Question 3

pros and cons of market planning

Answer 3

pros
- improves chances of success
- helps managers identify and deal with anticipated problems.

cons
- takes up time and resources and expertise
-

Question 4

Segmentation, targeting and positionin

Answer 4

a marketing model commonly used

Question 5

market segment

Answer 5

refers to a distinct group of customers with similar characteristics and similar wants and needs.

Question 6

targeting

Answer 6

refers to each specific market segment having their own marketing mix

Question 7

consumer profiles

Answer 7

demographic and psychographic characteristics of consumers in different markets
-age,gender, occupation, income level, religion, marital status,

pros
- help business to identify the needs and wants of its customers and to identify any segments that might be overlooked

Question 8

pros to market segmentation

Answer 8

-better understanding of customers
-higher sales revenue due to being able to cater for a wider range of population
- growth opportunities by identifying opportunities in markets.
- support for product differentiation strategies. can differentiate their products and spred risks by devising more appropriate marketing plans and mixes.

Question 9

Segmentation by demographics

Answer 9

Demography is study of characteristics of human population within a certain area.
- Age
-Gender
-race and ethnicity
-marital status
-Religion
-languages
-income and socio-economic class

Question 10

segmentation by geographic factors

Answer 10

demographic factors can be influenced by geographic factors i.e race, language, and religion
- location - culture and social attitudes
-climate- typical weather

Question 11

Product position map

Answer 11

premium products (High price/Quality)
-mercedes, cartier watches

Economy products (low price/quality)
-grocery goods

Bargain products
- goods and services of high quality but with low prices. (used short term to boost sales)

Cowboy products
- are of poor quality yet highly priced. deceive cutomers.

pros
-help identify gaps in the product portfolio

Question 12

Niche marketing

Answer 12

targets a specific and well defined market segment

pros
- better focus as a specific market segment is targeted. By contrast, mass marketing has no real focus and markets products to all customers
-businesses can charge higher prices for their unique and exclusive products
- businesses become highly specialised in meeting the needs and wants of their niche target market. can help deliver first rate loyalty

Cons
-small markets
-have few opportunities to exploit economies of scale
-

Question 13

Mass marketing

Answer 13

undifferentiated market segmentation
pros
-can gain from economies of scale
-no need to modify marketing strategies
-can establish a large customer base

cons
-not suitable for all businesses due to higher barriers to entry required for mass production
-competition can become feirce
-lack of focus, mass marketing can become wasteful

Question 14

Unique Selling Point