CHAPTER 4 MARKETING PLAN PART Flashcards
-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.
SITUATIONAL ANALYSIS
The major component in _____ _____ is identifying target market segments that are predisposed to preferring your products over those of your competitors.
CUSTOMER ANALYSIS
- 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.
MARKET SEGMENT
- is a process companies use to break up their potential
customers into different groups or segments. This allows a company to allocate the
appropriate resources to each individual segment, resulting in more accurate targeting
across a variety of marketing campaigns.
MARKETING SEGMENTATION
- is a process companies use to break up their potential
customers into different groups or segments. This allows a company to allocate the
appropriate resources to each individual segment, resulting in more accurate targeting
across a variety of marketing campaigns.
MARKETING SEGMENTATION
TYPES OF MARKET SEGMENTATION
DEMOGRAPHICS SEGMENTATION
GEOGRAPHIC SEGMENTATION
PSYCHOGRAPHIC SEGMENTATION
BEHAVIORAL SEGMENTATION
FIRMOGRAPHIC SEGMENTATION
JOURNEY STAGE SEGMENTATION
TRANSACTIONAL SEGMENTATION
- is one of the most common approaches, dividing target markets into
segments based on statistical characteristics of a population. Key demographic variables include:
• Age
• Gender
• Income
• Education level
• Employment status
• Marital status
• Family status
DEMOGRAPHICS SEGMENTATION
- as the name implies, geographic segmentation organizes markets
into different groups of people based on geographic location like:
• Countries
• States
• Regions
• Cities
• Rural areas
• Neighborhoods
GEOGRAPHIC SEGMENTATION
- while demographic traits provide the straightforward facts about
a consumer, psychographic segmentation seeks to go deeper into qualitative attributes like:
• Personal values and attitudes
• Interests and hobbies
• Opinions and political ideologies
• Personality types and lifestyles
PSYCHOGRAPHIC SEGMENTATION
- rather than looking at who consumers are, ________ _________
focuses on how different segments act. This groups customers based on things like:
• Observed actions
• Usage patterns
• Spending habits
• Brand loyalty
BEHAVIORAL SEGMENTATION
- while demographics and psychographics apply to individual
consumers, firmographic segmentation is the B2B equivalent for organizations. It looks at attributes about
companies like:
• Industry/verticals
• Company size/employee count
• Annual revenue/sales
• Growth rate and future projections
• Technology stack and software used
FIRMOGRAPHIC SEGMENTATION
- while behavioral data reveals where prospective buyers currently are
in their purchasing journey, journey stage segmentation is a strategic approach to mapping out audiences
based on their specific phase in the customer lifecycle, such as:
• Awareness/education stage
• Consideration/evaluation stage
• Purchase/decision stage
• Onboarding/adoption stage
• Retention stage
JOURNEY STAGE SEGMENTATION
- 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. Segments are defined by tangible actions and transaction events like:
• Shopping/purchase behaviors (cart abandons, repeat purchases, etc.)
• Website/app activity trails (content consumption, feature usage, etc.)
• Communication and support interactions
TRANSACTIONAL SEGMENTATION
- refer to the functional needs, desires and
goals of a target audience. A company may identify an area of the market with
unmet needs.
MARKET NEEDS BIENG ADDRESSED
- 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.
BUYING PATTERNS
- are the behavior patterns consumers exhibit while interacting
with a product.
USAGE HABIT
A company overview (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
COMPANY BACKGROUND
- is a written introduction to a company that highlights its mission, goals, and strengths, as well as its products or services.
COMPANY PROFILE
Current Position of the Company/Brand in the Market - 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.
CURRENT POSITION OF THE COMPANY/ BRAND IN THE MARKET
- is an audience-focused rather than product-focused approach to marketing communications, which helps deliver more relevant messages to commercially appealing audiences.
SEGMENTATION, TARGETING AND POSITIONING
- is the process of dividing a company’s target market into groups of potential customers with similar needs and behaviours.
SEGMENTATION
____________ also known as ________________, is a marketing strategy that involves identifying specific personas or markets for specific conten
TARGETING
MULTI SEGMENT MARKETING
is where your product or service fits into its market, what features make it unique and why it’s better than competitors’ offerings. It takes into account your target market’s needs and wants, and aims to fulfil them.
POSITIONING
• The 4 Ps are the key factors in marketing a product or service to consumers:
product, price, place, and promotion.
MARKETING MIX
L- is a business’s plan for reaching prospective consumers and turning them into customers of their products or services.
MARKETING STRATEGY
- analysis is a technique developed at Stanford in the 1970s, frequently used in strategic planning. SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats and is a structured planning method that evaluates those four elements of an organization, project or business venture.
SWOT
Who’s develop SWOT analysis
STANFORD 1970’s
- Analysis is a variant of the classic business tool, SWOT Analysis
created by________
TOWS
Heinz Weihrich
- first matches internal factors to external factors to help identify relevant strategic options that an organization could pursue.
TOWS ANALYSIS
This section includes the following:
1.Analysis of Opportunities and Threats
2.Key Success Factors
- are any third parties that work directly with your company to support or assist in the development or execution of a strategy.
COLLABORATOR
- are other businesses who can offer the same or similar goods and
services to your customers.
COMPETITORS
There are two main types of competitors:
DIRECT COMPETITORS
INDIRECT COMPETITORS
- actively compete with you for the same customers, such as a similar business in your local area.
DIRECT COMPETITORS
- are those in the same category as you but sell different products or services and target a different market.
INDIRECT COMPETITORS
is an important part of your marketing plan. It can provide key insights into growth opportunities for your company.
This section includes the following:
1. Industry Concept of Competition
2. Strengths / Competitive advantage
COMPETITIVE ANALYSIS
