class 3

Question 1

what is the marketing plan

Answer 1

A very useful tool applied all the time by real companies
Helps make sure decisions are in line with your company’s values, mission and objectives
The marketing plan specifies a course of action that affects every part of a company (finance, IS, accounting, HR)
A road-map for how you will market an offering

1. objectives
2. SWOT
3. STP
4. four ps
5. evaluate

Question 2

what are core values?

Answer 2

why does our company exist? What are we trying to achieve? What business are we in?
Often expressed in a public facing mission statement

Question 3

what are organizational objectives

Answer 3

what are we trying to do, long-term?

Question 4

what are marketing objectives

Answer 4

what are we trying to do now / near future?

Question 5

what are the overall market conditions

Answer 5

Situation analysis - tools for setting strategic direction
SWOT analysis
market/product growth strategies

Question 6

what is the swot analysis

Answer 6

Strengths: internal capabilities that may help an organiΩation succeed
Weaknesses: internal limitations that interfere with an organizations ability to succeed
Opportunities: external factors that the organization may be able to exploit to its advantage
Threats: current and emerging factors that may challenge the organization’s performance

Question 7

what is marketing penetration

Answer 7

Selling more of what you are already selling
Ex: instead of buying 6 coke cans at a time, you want consumers to buy 12 at a time

requires greater marketing efforts, easiest to implement

Question 8

what is market development

Answer 8

Selling an exisitibg product to a new market
Ex: starting in one country but you want to sell to a new country

Question 9

what is product development

Answer 9

Existing customers but you are adding new products to your product line
Ex: adding cherry cokes to the regular coke line

Question 10

what is diversification

Answer 10

New customers and develop a new product

Question 11

what is enviromtnal scanning

Answer 11

Scanning the market environment

Question 12

what is CD step
looking at macro environment

Answer 12

Culture
Demographics
Social
Technological
Economic
Political

Firms also monitor the macroenvriomnet to determine how factors influence consumers and how to respond

Question 13

what is the micro environment

Answer 13

Your consumers, your company (use swot), your corporate partners, your competition (analyze them)

Question 14

what is the macro environment

Answer 14

Whats happening in the broader world in terms of culture, technology…

Question 15

what are demographic factors

Answer 15

more diverse population in canada due to immigration, aging population (families are getting smaller). Demographics indicate the characteristics of human populations and segments, especially those used to identify consumer
markets
like gender income race
provide an easily understood snaoshot of what the typical consumer is like In the specific target market

FACTORS THAR RELATE TO THE POPULATION

Question 16

what are social/ cultural factors

Answer 16

Anything related to culture and society
How people understand and relate to one another and the world
Ex: health-consciousness, environment, equity, diversity, inclusion
Ex: Mcdonalds serving salad, people now care more about eating healthy so they started serving salad however this was a failure
the shared meanings, beliefs, morals, values and customs of a group of people
passed down from generation to generation
influence what we buy
theres the country culture and the region within a country
Social and natural trends shape consumer values around the world → includes a greater emphasis on sustainability, climate change action, health & wellness, diversity, gender equality, etc. Marketers have to identify emerging trend to understant whethter they present an opportunity or pose a threat

FACTORS THAT AFFECT A PERSONS BELIEFS

Question 17

what are economic factors

Answer 17

The economy in general: growth, recession
Individual customers: income (gross, disposable)
marketers monitor the general economic situation both abroad and in home country to determine if consumers are willing to spend money
certain factors affect the state of An economy like inflation, interest rates, m recessions

FACTORS THAT AFFECT CONSUMER SPENDING

Question 18

what are technological factors

Answer 18

New developments in tech
Ex: AI, machine learning, text → video, platform economy, financial tech

Question 19

what are political factors

Answer 19

Legal protection of consumers and competitors
Industry associations
Consumers right groups
comprises political parties, government organizations, and legislation and laws that promote or inhibit trade and marketingThe government has created legislation regarding fair competition by prohibiting the formation of monopolies or alliances, and also by promoting free trade agreements with foreign suppliers

Question 20

geographic segmantion

Answer 20

Organizes customers into groups on the basis of where they live
A market could be grouped by country, by areas within a region or by climate and topography.
Good marketers will make adjustments to meet the needs of smaller geographic groups

Question 21

demographic segemnatiob

Answer 21

Groups consumers according to who they are using easily measured, objective characuerstics such as age, gender, income, education, race, occupation, religion, matrial status, family size, family life cycle and home ownership
Easy to identify
Gender is very important
easy to gather

Question 22

psychographic segmentation

Answer 22

Delves into how consumers actually describe themselves or how they live
Psychographics studies how people self select based on characiersics that help them choose how they occupy theur time and what underlying psycholohucal reasons determine those choices
looks at self values, self concept an lifestyles

Question 23

behavioural segmentation

Answer 23

Groups consumers on the basis of why they buy, how often and how they plan to use the products or services