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Unit 4: Marketing > 4.2 Marketing planning > Flashcards

4.2 Marketing planning Flashcards

1
Q

Marketing planning

A

process of formulating marketing objectives and devising appropiate marketing strategies to meet those objectives

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2
Q

Marketing objectives

A

Objectives that follow the SMART criteria (specific, measurable, achievable, relevant and time specific)
example: increasing sales by 6% next year

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3
Q

Key strategic plans

A

steps that provide an overview of how the marketing objectives will be achieved
example: plans on how to sell new products in existing markets

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4
Q

Detailed marketing actions

A

providing information on the specific marketing activities that are to be carried out
example: which pricing strategies will be used

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5
Q

Marketing budget

A

including the finance required to fund the overall marketins trategy

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6
Q

Benefits of marketing planning

A
  1. helps identify potential problems and seek solutions to them
  2. improves chance of success for a firms marketing strategy
  3. sharing the marketing strategy with oteher departments improves coordination and provides the whole organization with a clearer picture or sense of where it is heading
  4. devising a budget ensures that resources are not wasted on unprofitable activities
  5. can improve employee’s motivation and inspire confidence about the future
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7
Q

Limitations of marketing planning

A
  1. may become outdated if organizations are not quick to consier market changes
  2. the process may consume considerable resources in terms of time, expertise and money
  3. failure to prioritize marketing objectives may make it difficult for firms to tell whether they are meeting them
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8
Q

Market segmentation

A

process of dividing the market into distinct groups of consumers so as to meet their desired needs and wants

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9
Q

Market segment

A

A sub group of consumers with similar characteristics in a given market

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10
Q

Demographic segmentation

A
  1. age
  2. gender
  3. religion
  4. family characteristics
  5. ethnic grouping
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11
Q

Geographic segmentation

A
  1. regions in a country where consumers reside
  2. climatic conditions
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12
Q

Psychographic segmentation

A
  1. social and economic status
  2. morals and values
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13
Q

Advantages of segmentation

A
  1. helps identify existing gaps and new opportunities in domestic and international makets
  2. increases sales and profitability
  3. minimizes waste of resources by identifying the right consumers for their products
  4. diversify and sprad their risks in the marketk, increasing market share
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14
Q

Targeting

A

process of marketing to a specific market segment

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15
Q

Target market

A

group of customers with common needs and wants that a business decides to sell to

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16
Q

Targeting strategies

A
  1. mass market
  2. segmented market
  3. niche market
  4. consumer profile
17
Q

Consumer profile

A

characteristics of consumers of a particular product in different markets based on their gender, age and income levels

18
Q

Segmented market

A

targeting several market segments developing appropiate marketing mixes for each

19
Q

Positioning

A

analysing how consumers define or perceive a product compared to other products in the market

20
Q

Positioning map

A

Visual representation of how consumers perceive a product in relation to other competing products

21
Q

Importance of a position map

A
  1. helps establish close competitors and threats
  2. helps identify important gaps or opportunities in the market
  3. simple and quick way to present researched data
  4. helps target specific segments to best satisfy consumer needs and wants
22
Q

Nicke market

A

focuses on small group of people or consummers who have interests that align with the product or service, specialize the offerings to the specific small segment

23
Q

Mass market

A

aimed at a large or borad market segment, involve capturing the largest possible audience

24
Q

Unique selling point

A

a products feature that differentiates it from other competing products in the market

25
Q

Importance of an unique selling point

A
  1. competitive avantage
  2. attracts more customers
  3. customer loyalty
  4. improved revenue
  5. easy to sell
26
Q

How can an organization differentiate itself

A
  1. product differentition
  2. service differentiation
  3. price differentiation
  4. distribution differentiation
  5. relationship differentiation
  6. image/reputation differentiation
27
Q

Porter’s generic strategies

A
  1. cost leadership
  2. differentiation
  3. focus (niche market)
    – a. cost focus
    – b. differentiation focus

Unit 4: Marketing (6 decks)

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