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MKT1001 Exam > Market Planning > Flashcards

Market Planning Flashcards

1
Q

What is Market Planning

A

a logical sequence of activities leading to the setting of marketing objectives and the formulation of plans for achieving them. McDonald 2004

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2
Q

Why Market Plan?

A

The need for sources to identify the source of their competitive advantage.
Avoids uncoordinated actions and lack of focus in strategies and tactics.
Identifies potential threats before they become actual threats and opportunities before they are missed.

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3
Q

Boiled Frog Syndrome

A

If you throw a frog into hot water, it will jump back out. However, if you put the frog in cold water and boil it, it will die. Handy 1994

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4
Q

Environmental Scanning Relevance

A

Aids in keeping organisations connected in the external environment, and key knowledge when making market planning decisions.

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5
Q

Types of Marketing Plans

A 
Strategic 
- 3-5 year period.
Tactical 
- For the year ahead.
Contingency
- an alternative if the original plan is false.
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6
Q

The Planning Stages

A 
Corporate objectives
marketing audit
SWOT analysis
marketing objectives
marketing strategies
marketing programmes
budgets
control and evaluation
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7
Q

1 - Corporate Objectives

A 
Mission Statements - 
What is the business?
who is the customer?
what is the value to the customer?
what will and should the business be?
Usually short and snappy.
Mainly - top level strategic direction.
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8
Q

2 - Marketing Audit

A

External
- a detailed examination of the markets, competition, business and economic environment in which the organisation operates.
Internal Audit
- an evaluation of the firms entire value chain

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9
Q

3 - SWOT Analysis

A 
A technique used to collect findings on the internal and external audits which outlines the critical factors.
Strengths
Weaknesses
Opportunities
Threats
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10
Q

4 - Marketing Objectives

A 
Used to...
- Build brand awareness
- Grow market share
- Reposition brand
Longer than a corporate objective, as they should also be SMART.
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11
Q

SMART Objectives

A 
Specific
Measurable 
Achievable
Realistic
Timed
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12
Q

5 - Marketing Strategies

A

Build brand awareness - sponsorship campaigns?
Grow market share - Increasing promotional spend?
Reposition brand - Developing new products in premium segments?

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13
Q

6 - Marketing Programmes/ Tactics

A 
The marketing mix
Price
Product
Place
Promotion
People
Physical evidence
Process
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14
Q

7 - Budgets

A

How much is the marketing going to cost?
How can I justify this to senior management?
How will I Evaluate my effectiveness of the spend?

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15
Q

8 - Control and Monitoring

A

Typical objectives monitored are…

  • Financial Targets e.g profit, sales
  • Market share
  • Price level achieved
  • Quality levels achieved
  • Customer satisfaction
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16
Q

How to Evaluate

A

What is things are off plan?
Objectives may have been missed.
Perhaps strategies are not effective?

17
Q

How to react to the outcome

A

Good marketers will respond and react during the process of the marketing plan, by using contingency plans to attempt to amend and control the outcome.

18
Q

Coveys 7 Habits

A 
1 - be proactive
2 - begin with the end in mind
3 - putting first things first
4 - think win-win
5 - seek first to understand
6 - synergise
7 - sharpen the saw
19
Q

Ansoff’s Matrix

A 
Market Penetration
- Existing market 
- Existing product
Product Development
- Existing market
- New products
Market Development 
- New market 
- Existing product
Diversification
- New Market
- New Product
20
Q

Disadvantages to the marketing mix

A

it focuses on what the marketers do to customers rather than what they do for them
it is externally directed, ignoring the internal market.
It is too structured, not exactly related - more transactional.
Simplistic view of a complex reality Booms et el, 1981

21
Q

Product - Specsavers

A

Hundreds of frames and designer brands to choose from

22
Q

Price

A

Low prices with no hidden cost

23
Q

Promotion

A

Two for One deals

24
Q

Place

A

Big Expansion, 600+ highstreet locations and online.

25
Q

Physical Evidence

A

Consistency between corporate look and personal experience in stores
do the staff appear professional?

26
Q

Processes

A

What is the customer flow in the store?

how does it flow behind the scenes?

27
Q

People

A

Customer service levels
Training
Motivation
Benchmarking

28
Q

How does the Mix Influence Buying Decisions?

A 
Great prices
Inspirational adverts
Convenient distribution channels
Superb customer service
Well designed products that meet the needs effectively.

MKT1001 Exam (10 decks)

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