Business 4.2 - Market planning Flashcards
demographic and psychographic characteristics of consumers in diff markets (age, gender, occupation)
consumer profiles
art of distinguishing a business or its products from rivals in the industry. tries to create the perception that the product is unique
differentiation
process of categorizing customers into distinct groups with similar characteristics
market segmentation
review of current position of an organization’s marketing mix, in terms of SWOT
marketing audit
targets that the marketing department wishes to achieve (sales growth, increased market share)
marketing objectives
document outlining an organization’s marketing objectives & marketing strategies used to achieve the objectives
marketing plan
systematic process of devising marketing objectives and appropriate marketing strategies to achieve the goals
marketing planning
distinct group of customers with similar characteristics with similar wants and needs
market segment
various long term actions taken by a business to achieve its marketing goals
marketing strategies
undifferentiated marketing, ignoring targeting individual market segments
mass marketing
targets a specific and well-defined market segment (like high-end speciality goods)
niche marketing
visual tool that reveals customer perceptions of product/brand in relation to others
product position map/perception map
marketing strategy that involves changing market perception of a firm’s product/brand
repositioning
process of categorising customers into distinct groups of people with similar characteristics
segmentation
clearly identifiable group of customers that marketers choose to focus their efforts on
target market
