key elements of a marketing plan Flashcards
marketing plan
document that sets and explain how a business will achieve its marketing goals
marketing plans have several parts. name the parts
market position
competitor analysis
target market analysis
marketing goals
marketing strategy
marketing mix
marketing position/positioning
refers to how a product is designed to be perceived by the target mix. it is where the business is placed in the market regarding specific attributes against its competitors
common examples of positioning include:
being a premium product, a value product or a budget product
examples of marketing position/positioning
Telstra is positioned as the ‘reliable’ communication network whereas Vodafone is the more affordable but less reliable
competitor analysis
involves a business systematically researching its major competitors to gain insight into their products, sales and marketing
competitors can be analysed in the marketing areas of: (provide example)
product - quality, branding, warranties, features
price - strategy, discounts, offers
place - facilities, ambience, online and offline stores, opening hours
people - staff, customer service
processes - refund policies, delivery service, ordering procedure
target market analysis
process that involves a business conducting systematic research on its customers to gain insights into their unique needs and preferences
target market can be describes using 3 segmentation variables. name them
demographics
geographical
psychographics
demographic includes:
age
gender
martial status
geographical includes
customer location
weather conditions
psychographic include:
customer attitudes
interest
lifestyle
marketing goals
specific objectives outlined in a marketing plan. they provide direction and enable measurement of marketing success
example of marketing goal
nandos marketing team may set the goal: increase sales by 20% by the 31st of Decemeber through the launch of online ordering app
marketing strategy
outlines how the business intends to achieve the goals set out in the marketing plan by applying the marketing mix
