Chapter 4.2 - Marketing planning

Question 1

Consumer profiles

Answer 1

The demographic and psychographic characteristics of consumers in different markets.
(Age, gender, occupation, income level)

Question 2

Differentiation

Answer 2

The art of distinguishing a business or its products from rivals in the industry.
Creates a perception among customers that the organization’s product is unique compared to substitute products in the market.

Question 3

Market segmentation

Answer 3

The process of categorizing customers into distinct groups with similar characteristics and similar wants and needs

Question 4

Marketing audit

Answer 4

A review of the current position of an organization’s marketing mix, in terms of its strengths and weaknesses and consideration of opportunities and threats

Question 5

Marketing objectives

Answer 5

Targets that the marketing department wishes to achieve
(sales growth, increased market share)

Question 6

Marketing plan

Answer 6

A document outlining an organization’s marketing objectives and the marketing strategies to be used to achieve these objectives

Question 7

Marketing planning

Answer 7

A systematic process of devising marketing objectives and appropriate marketing strategies to achieve these goals

Question 8

Market segment

Answer 8

Refers to a distinct group of customers with similar characteristics and similar wants or needs

Question 9

Marketing strategies

Answer 9

The various long-term actions taken by a business to achieve its marketing goals

Question 10

Repositioning

Answer 10

A marketing strategy that involves changing the market’s perception of a firm’s product or brand in comparison to rival businesses

Question 11

Segmentation

Answer 11

The process of catgorizing customers into distinct groups of people with similar characteristics and buying habits for market research and targeting purposes.
Can be done by using demographic, geographic, and psychographic factors

Question 12

Target market

Answer 12

Refers to a clearly identifiable group of customers that marketers choose to focus their efforts on
(children, adults, men, women)

Question 13

Targeting

Answer 13

Refers to each distinctive market segment having its own specific marketing mix, depending on whether the business operates in niche or mass markets

Question 14

Unique selling point

Answer 14

Refers to any aspect of a good or service that makes it stand out (in a positive way) from those offered by competitors