class 3 Flashcards
what is the marketing plan
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
- objectives
- SWOT
- STP
- four ps
- evaluate
what are core values?
why does our company exist? What are we trying to achieve? What business are we in?
Often expressed in a public facing mission statement
what are organizational objectives
what are we trying to do, long-term?
what are marketing objectives
what are we trying to do now / near future?
what are the overall market conditions
Situation analysis - tools for setting strategic direction
SWOT analysis
market/product growth strategies
what is the swot analysis
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
what is marketing penetration
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
what is market development
Selling an exisitibg product to a new market
Ex: starting in one country but you want to sell to a new country
what is product development
Existing customers but you are adding new products to your product line
Ex: adding cherry cokes to the regular coke line
what is diversification
New customers and develop a new product
what is enviromtnal scanning
Scanning the market environment
what is CD step
looking at macro environment
Culture
Demographics
Social
Technological
Economic
Political
Firms also monitor the macroenvriomnet to determine how factors influence consumers and how to respond
what is the micro environment
Your consumers, your company (use swot), your corporate partners, your competition (analyze them)
what is the macro environment
Whats happening in the broader world in terms of culture, technology…
what are demographic factors
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
what are social/ cultural factors
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
what are economic factors
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
what are technological factors
New developments in tech
Ex: AI, machine learning, text → video, platform economy, financial tech
what are political factors
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
geographic segmantion
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
demographic segemnatiob
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
psychographic segmentation
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
behavioural segmentation
Groups consumers on the basis of why they buy, how often and how they plan to use the products or services
