Chapter 4.2 - Marketing Planning

Question 1

Marketing Objectives

Answer 1

Are the targets that the marketing department wishes to achieve, e.g. sales growth or increased market share. Marketing objectives should derive from the organization’s overall objectives

Question 2

Marketing Plan

Answer 2

refers to the document outlining a firm’s marketing objectives and strategies for a specified time period

Question 3

Marketing Planning

Answer 3

Is the systematic process of devising marketing objectives and appropriate marketing strategies to achieve these goals. It requires the collection and analysis of information about a particular market, e.g. Market research data on exiting and potential customers

Question 4

Mass Marketing

Answer 4

Refers to undifferentiated marketing. This is a strategy that ignores targeting individual market segments

Question 5

Niche marketing

Answer 5

Targets a specific and well-defined market segment, e.g. Some businesses provide hig-end specialty goods (such as Louis Vuitton handbags, Bugatti cars and Carter watches) in niche markets

Question 6

Packaging

Answer 6

Is a form of non-price competition that focuses on the ways in which a product is presented to the consumer. Psychologists argue that people’s moods are affected by aspects of packaging such as colour and texture

Question 7

Physics evidence

Answer 7

Refers to the image portrayed by a business (or perceived by customers) regarding its observable and tangible features, e.g. The cleanliness and physics attributes of an organization

Question 8

Place

Answer 8

Describes the methods of distributing products to customers, e.g. Coca-Cola distributes its drinks to customers via wholesalers, retailers and vending machines

Question 9

Position map (or perception map)

Answer 9

Is a visual aid that shows customer perceptions of a product or brand in relation to others in the market, often by comparing perceptions about price and quality

Question 10

Price

Answer 10

Refers to the amount that customers pay for a particular good or service

Question 11

Process

Answer 11

Is part of the extended marketing mix which refers to the methods and procedures used to give clients the best possible experience

Question 12

Product

Answer 12

A physics good or intangible service, such as a computer or a haircut, respectively. Businesses sell products to fulfil the needs and wants (desires) of their customers

Question 13

Promotion

Answer 13

Refers to the strategies used to attract customers to buy a firm’s products. Branding, for example, helps to differentiate a product from its competitors

Question 14

Repositioning

Answer 14

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

Question 15

Segmentation

Answer 15

Is the process of categorizing customers into distinct groups of people with similar characteristics (such as age or gender) and similar buying habits for market research and targeting purposes

Question 16

Targeting

Answer 16

Refers to each distinctive market segment having its own specific marketing mix. Different markets can be targeted, depending on whether firm’s operate in niche or mass markets

Question 17

Unique Selling Point (or Unique Selling Proposition)

Answer 17

Refers to any aspect of a product that makes it stand out (in a positive way) from those offered by rival businesses