Lecture 5 and 7

Question 1

Describe the marketing planning process.

Answer 1

Describe the market planning process

1. Situation analysis
   - Business plan
   - Examine company’s market (internal and external)
   - Positionning of the brand, competitors, key benefits/competitive advantages, target
2. Formulating business strategies
   - Objectives and Strategies
   - Priorities, performance indicators, key message, budget
3. Resource allocation
   - What efforts do we want to invest in (tb S3)
4. Marketing strategy (how should we get there)
5. Implementation of the 4 Ps
   - schedule, coordinating, define responsabilities
6. Control measures
   - contingency plan, scorecard, description of the means of control

Question 2

What are the different aspects of marketing strategy? (ex.: segmenting, etc.)

Answer 2

4.1 Segmenting: group into categories that are meaningful to consumption, ex.:
- buying behavior, needs and expectations, response to marketing
- geographic, socio-demographics, psychographic and lifestyle, behavioral and volume and profitability -> combination of variables

4.2 Targeting: which group would be more profitable for us
- Segment size, growth, accessibility, competition
- Mass (low prices)
- Segmented (concentrated: small # of segments, broad: large # of segments, or comprehensive: almost all segments)
- Niche (single marketing mix adapted to a single small segment (<10%)) and personalized

4.3 Positioning: you figure out what appeals to them and position in consequence (needs to be consistent with targeting)
- Define the position that the brand occupies or wishes to occupy both cognitively and emotionally (hearts and minds of consumers) and in relation to competing brands or businesses
- Pertains to the identity, personality, and image that the brand wishes to have
- Actual positioning vs desired positioning
- Repositioning is expensive and takes time
- Tangible value: being clear about the real-world benefits of the brand (ex.: technology)
- Symbolic value: making the brand seem like it fits with your identity or who you want to be (ex.: sophisticated)
- Consider what consumers think and feel about the brand, what the brand hopes to do in the future and where the competitors are positioned

4.4 Differentiation: differentiate from other brands with similar offerings
- How do you stand out from competitors?
- Based on attributes target customers care about
- Differentiate with one or more of the marketing mix variables: price, product, place, and promotion.
- If your product differs from competition, make sure to promote so the customers know it. If not, innovate on of the 4Ps to differentiate yourself.
- Can be symbolic (identity, prestige) or tangible (actual benefits)
- Points of parity with competitors so consumers can put you in the same category as your competitors and they understand what your product does but differentiate with some attributes (1 or 3, otherwise it would confuse consumers)