Chapter 3

Question 1

group of companies that are related based on their primary business activities.

Answer 1

industry

Question 2

allows you to assess the overall industry that you’ve chosen for your business.

Answer 2

Industry analysis

Question 3

can be given in volume of product sold or value of products.

Answer 3

Market size

Question 4

is the proportion (usually percent) of the total market held by one particular company.

Answer 4

Market share

Question 5

is an analysis of past and current market behavior and dominant patterns of the market and consumers.

Answer 5

market trend analysis

Question 6

subset of the PESTEL Analysis

Answer 6

Trend analysis

Question 7

section is one of the most important parts of a marketing plan. It outlines your company goals, strengths and weaknesses; describes your target customers; identifies your important partners and distributors; and provides an analysis of the competitive environment.

Answer 7

situational analysis

Question 8

is identifying target market segments that are predisposed to preferring your products over those of your competitors.

Answer 8

customer analysis

Question 9

is a sub-set of a market made up of people or organizations with one or more characteristics that cause them to demand similar product and/or services based on qualities of those products such as price or function.

Answer 9

market segment

Question 10

is a process companies use to break up their potential
customers into different groups or segments.

Answer 10

Market Segmentation

Question 11

is one of the most common approaches, dividing target markets into
segments based on statistical characteristics of a population.

Answer 11

Demographic segmentation

Question 12

as the name implies, geographic segmentation organizes markets
into different groups of people based on geographic location

Answer 12

Geographic segmentation

Question 13

seeks to go deeper into qualitative attributes

Answer 13

Psychographic segmentation

Question 14

focuses on how different segments act

Answer 14

Behavioral segmentation

Question 15

is the B2B equivalent for organizations

Answer 15

Firmographic segmentation

Question 16

is a strategic approach to mapping out audiences based on their specific phase in the customer lifecycle,

Answer 16

Journey stage segmentation

Question 17

sometimes referred to as “interaction segmentation”, this lens zooms in on the specific types of interactions, transactions, and micro-behaviors a consumer has with a brand across their entire experienced journey.

Answer 17

Transactional segmentation

Question 18

refer to the functional needs, desires and
goals of a target audience. A company may identify an area of the market with unmet needs.

Answer 18

Market Needs being addressed

Question 19

They are habits and routines that consumers establish through the products and services they buy. Buying patterns are defined by the frequency, timing, quantity, etc. of said purchases.

Answer 19

Buying patterns

Question 20

are the behavior patterns consumers exhibit while interacting with a product.

Answer 20

Usage Habits

Question 21

(also known as company information or a company summary) is an essential part of a marketing plan. It’s an overview of the most important points about the product/company—your history, location, mission statement and legal structure

Answer 21

company overview

Question 22

is a written introduction to a company that highlights its mission, goals, and strengths, as well as its products or services. This essential document can be used for various purposes, such as attracting funding from potential investors, building a brand image, and recruiting talent.

Answer 22

Company Profile

Question 23

Evaluating your brand’s current position is a crucial step in any branding strategy. It helps you understand how your brand is perceived, how it compares to your competitors, and what opportunities and challenges you face.

Answer 23

Current Position of the Company/Brand in the Market

Question 24

is an audience-focused rather than product-focused approach to marketing communications, which helps deliver more relevant messages to commercially appealing audiences.

Answer 24

Segmentation, Targeting and Positioning

Question 25

is the process of dividing a company’s target market into groups of potential customers with similar needs and behaviours.

Answer 25

Segmentation

Question 26

also known as multisegment marketing, is a marketing strategy that involves identifying specific personas or markets for specific content.

Answer 26

Targeting

Question 27

is where your product or service fits into its market, what features make it unique and why it’s better than competitors’ offerings.

Answer 27

Positioning

Question 28

They are also known as a
marketing mix.

Answer 28

product, price, place, and promotion

Question 29

is a business’s plan for reaching prospective
consumers and turning them into customers of their products or services.

Answer 29

marketing strategy

Question 30

technique developed at Stanford in the 1970s, frequently used in strategic planning.

Answer 30

SWOT analysis

Question 31

is a process where the management team identifies the internal and external factors that will affect the company’s future performance.

Answer 31

SWOT analysis

Question 32

variant of the classic business tool.
first matches internal factors to external factors to help identify relevant strategic options that an organization could pursue.

Answer 32

TOWS Analysis

Question 33

SWOT Analysis created by

Answer 33

Heinz Weihrich

Question 34

are any third parties that work directly with your company to support or assist in the development or execution of a strategy

Answer 34

Collaborators

Question 35

are other businesses who can offer the same or similar goods and services to your customers

Answer 35

Competitors

Question 36

actively compete with you for the same customers, such as a similar business in your local area.

Answer 36

Direct competitors

Question 37

are those in the same category as you but sell different products or services and target a different market.

Answer 37

Indirect competitors

Question 38

The final part of the situation analysis of your marketing plan

is an important part of your marketing plan. It can provide key insights into growth opportunities for your company

Answer 38

Competitive Analysis