4.2 Marketing Planning

Question 1

A03’s

Answer 1

How Organizations can differentiate themselves and their products from Competitors

BM Tool #9 Ansoff Matrix

Question 2

Marketing Plan

Answer 2

sets out the marketing objectives, strategies, and budget for a marketing plan and any specific marketing activities designed to achieve these plans

Question 3

what do you need for a market planning

Answer 3

1. objectives
2. marketing mix
3. resources (budgets)
4. research

Question 4

what is a product position map

Answer 4

visual representation of the customers’ perception of a product, relative to its competitors, e.g. its price and quality.

Question 5

what is a market segment

Answer 5

a distinct group of customers with similar characteristics and similar needs or wants,
segmentation is the process of identifying these segments

Question 6

Geographic Segmentation

Answer 6

where is the customer from? what is that climate like? Urban or Rural? Seasonal patterns?

Question 7

Demographic Segmentation

Answer 7

Age, Gender, Ethnicity, Marital Status, Family Size, Religion, and Language.

Question 8

Socio-Economic Segmentation

Answer 8

Level of Income? Profession? Level of Education?

Question 9

Psychographic Segmentation:

Answer 9

Personality, lifestyle, values, social class, and general attitude.

Question 10

a target market (step 2)

Answer 10

a particular market segment that a business aims to focus its marketing effort on. Targeting is the process of selecting which market segment a business will focus on.

Question 11

Market Segment (step 1)

Answer 11

Measurable: can the market size be identified so that earnings can be accurately estimated
Accessible: does the business have the resources required to target a market and get its products/services there
Profitable: can customer and business needs be met at the same time

Question 12

Position Map/perception

Answer 12

premimum product, cowboy product, bargain product, economy brand

Question 13

premium product

Answer 13

perceived by customers as one that offers high quality at a high price

Question 14

Cowboy product

Answer 14

offers low quality but at a high price, this strategy maximize sales in the short term but is unsustainable

Question 15

bargain product

Answer 15

high quality but at a low price, can help boost sales and gain brand awareness

Question 16

economy brand

Answer 16

offers low quality but at a low price, supermarket own-branded products

Question 17

niche marketing

Answer 17

corporate strategy based on indentifying and serving a relative small market segment.

Question 18

mass marketing

Answer 18

marketing strategy aimed at all consumers in a market without trying to differentiate them into separates market segments

Question 19

unique selling point (USP)

Answer 19

any aspect of a business, brand or product that makes it distinctive from those offered by their competitors

Question 20

examples of a USP

Answer 20

only firm in local area that supply certain good or service
first business to provide a certain product
reputation for being best in the market
reputation for being lowest cost provider
having a highly popular business slogan

Question 21

Differentiation (AO3)

Answer 21

is the act of making a business or its products distinct from its rivals in the industry.
Firms try to differentiate their products by altering some or all aspects of the marketing mix

Question 22

4 types of differentiation for businesses

Answer 22

• product – adding new features, changing the color, or introducing different sizes
• price – differentiated pricing for different market segments
• place – using e-commerce for the convenience of customers, having a location with lots of foot traffic
• promotion – using logos, slogans, endorsements and branding.