Market Planning Roleplay Flashcards
Develop marketing plan.
Market analysis
Set Marketing Objectives:
Define clear and measurable marketing objectives aligned with overall business goals.
Identify target audience
Positioning and differentiation
Marketing strategies and tactics
Develop marketing strategies to achieve objectives, such as product/service development, pricing, distribution, and promotion.
Budget Allocation
Allocate budget resources effectively across different marketing activities based on their expected return on investment (ROI) and contribution to business objectives.
Set marketing goals and objectives.
Align with business objectives: Start by aligning marketing goals and objectives with broader business objectives and strategic priorities.
SMART: Ensure that marketing goals and objectives are specific, measurable, achievable, relevant, and time-bound (SMART criteria).
Consider Marketing Funnel: Break down marketing objectives across the customer journey or marketing funnel stages, including awareness, interest, consideration, conversion, and retention.
Consider target audiences
Explain the concept of marketing strategies.
Market Segmentation: Marketing strategies often begin with market segmentation, the process of dividing the market into distinct groups of customers with similar characteristics, needs, or behaviors.
Targeting: Once market segments are identified, businesses select target markets or segments to focus their marketing efforts on.
Positioning: Positioning refers to how businesses differentiate their products or services in the minds of target customers relative to competitors.
Marketing Mix (4Ps): Marketing strategies incorporate the marketing mix, also known as the 4Ps framework, which includes product, price, place, and promotion. The marketing mix outlines the strategic elements that businesses use to meet customer needs, achieve competitive advantage, and drive sales and profitability.
Marketing Channels and Distribution: Marketing strategies address how products or services will be distributed to target customers through various channels, such as direct sales, retail channels, e-commerce platforms, or distribution partners.
Identify communications channels used in sales promotion.
Sales promotion involves various communication channels to reach and engage target audiences and encourage them to make a purchase.
Advertising: Utilize traditional and digital advertising channels such as television, radio, print media, online display ads, and social media ads to promote sales, discounts, and special offers.
Digital Marketing: Utilize digital marketing channels such as email marketing, content marketing, search engine optimization (SEO), and social media marketing to promote sales promotions, discounts, and exclusive offers.
Personal Selling: Deploy sales representatives, agents, or sales teams to engage directly with customers, provide product information, demonstrate features, and offer personalized recommendations.
Public Relations (PR): Leverage PR tactics such as press releases, media interviews, product placements, and influencer partnerships to generate positive publicity, enhance brand visibility, and amplify promotional messages.
Coupons and Rebates: Distribute printed or digital coupons, discount codes, vouchers, or rebates to incentivize purchases and reward customer loyalty.
Explain the role of customer service in positioning/image.
First Point of Contact: Customer service often serves as the first point of contact between a company and its customers. The quality of interaction during this initial encounter can significantly impact the customer’s perception of the brand.
“First impression” of the company
Reflects brand values
Builds trust and loyalty
Retention rate
Word-of-mouth recommendations from satisfied customers
Differentiates from competitors
