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Question 1

What is marketing and planning?

Answer 1

Setting objectives and determining marketing strategies for their achievements.

Question 2

What is a marketing plan?

Answer 2

A document that records marketing objectives and strategies as well: marketing mix, market research methods, segmentation and targeting methods, positioning, budgeting, control tools, auditing etc

Question 3

What is marketing planning?

Answer 3

The systematic, cyclical and reflective process of setting marketing objectives and determining strategies for their achievement.

Question 4

What is marketing cycle?

Answer 4

A series of reflective actions that organisations go through to maintain the reflective nature of marketing.

Question 5

What are the advantages of marketing planning?

Answer 5

• Reduces risk
• Fosters Interdependance among the functional departments of the organisation
• Motivates

Question 6

What are the disadvantages of marketing planning?

Answer 6

• Doesnt guarantee success
• Time consuming and costly
• Beauracratises the organisation

Question 7

What is segmentation?

Answer 7

The process of dividing potential customers into groups with similar characteristics.

Question 8

What is a market segment?

Answer 8

A group of people that share similar characteristics.

Question 9

What are the types of market segments?

Answer 9

• Demographic: age, gender, ethnicity, marital status
• Geographic: continent, country region, province
• Psychographic: lifestyle, hobbies, wealth, “class”

Question 10

What is targeting?

Answer 10

The process of selecting the relevant market segment

Question 11

What is the target market?

Answer 11

Potential customers with similar characteristics.

Question 12

What are the types of targeting?

Answer 12

• Undifferentiated(for everyone)
• Differentiated(different approaches to marketing for different groups of customers)
• Concentrated(niche, a very specific group of customers)

Question 13

What is consumer profiling?

Answer 13

The process of outlining the description of the perfect customer by listing their key characteristics. Consumer profile - description of a potential customer

Question 14

What is positioning?

Answer 14

The process of presenting the brand/product in a specific way in order to create the desired customer perception

Question 15

What is PPM?

Answer 15

A visual tool that outlines customers’ perception on brands/products. It can be product positioning map or product perception map.

Question 16

What are classifications of brands in PPM?

Answer 16

• Premium products: High quality, high price
• Cowboy products: Low quality, high price
• Bargain products: High quality, low price
• Economy products: Low quality, low price

Question 17

Specificity of niche market?

Answer 17

Very specific and narrow defined group of potential customers

Question 18

Are niche markets targeted or untargeted?

Answer 18

Targeted

Question 19

How is the consumer profile of a niche market?

Answer 19

Very specific and “realistic”

Question 20

Specificity of mass market?

Answer 20

Unspecific and broadly defined group of customers

Question 21

Are mass markets targeted or untargeted?

Answer 21

Non-targeted, for everyone

Question 22

How is the consumer profile of a mass market?

Answer 22

Broad and unrealistic

Question 23

What is USP(unique selling point)?

Answer 23

Special feature of a product or organisation that helps it to stand out among competitors. Based on marketing mix.

Question 24

What are the advantages and disadvantages of USP?

Answer 24

Cost effective but it does not guarantee sales

Question 25

What is differentiation?

Answer 25

The process of using the USP in such a way that customers perceive the product or organisation as unique and different from those of competitors. Based on marketing mix.

Question 26

What are the advantages of disadvantages of differentiation?

Answer 26

Cost effective but does no guarantee sales.