class 3 Flashcards

1
Q

what is the marketing plan

A

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
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2
Q

what are core values?

A

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

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3
Q

what are organizational objectives

A

what are we trying to do, long-term?

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4
Q

what are marketing objectives

A

what are we trying to do now / near future?

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5
Q

what are the overall market conditions

A

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

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6
Q

what is the swot analysis

A

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

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7
Q

what is marketing penetration

A

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

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8
Q

what is market development

A

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

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9
Q

what is product development

A

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

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10
Q

what is diversification

A

New customers and develop a new product

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11
Q

what is enviromtnal scanning

A

Scanning the market environment

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12
Q

what is CD step
looking at macro environment

A

Culture
Demographics
Social
Technological
Economic
Political

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

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13
Q

what is the micro environment

A

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

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14
Q

what is the macro environment

A

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

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15
Q

what are demographic factors

A

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

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16
Q

what are social/ cultural factors

A

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

17
Q

what are economic factors

A

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

18
Q

what are technological factors

A

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

19
Q

what are political factors

A

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

20
Q

geographic segmantion

A

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

21
Q

demographic segemnatiob

A

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

22
Q

psychographic segmentation

A

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

23
Q

behavioural segmentation

A

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