Marketing Plan Flashcards
they must search for buyers, identify their needs, design good market offerings, set prices for them, promote, store and deliver them
sellers
they search for products, interact with companies, obtain information and make their purchases
buyers
refers to the process of dividing prospective buyers into groups that have common needs and will respond similarly to a marketing action; it is a process in marketing of grouping a market (customers) into smaller subgroups
market segmentation
a market can be grouped according to these variables
geographic, demographic, psychographic, behavioral
region of the world or country, size of country, climate
geographic
population - age, gender, sexual orientation, income, occupation, education, etc.
demographic
personality, lifestyle, values, attitudes
psychographic
product, benefit sought, rate of usage, brand royalty, readiness-to-buy stage, etc.
behavioral
it is to select from among the big group of possible buyers or users, a specific grouo or type of buyers to cater to
targetting
the discipline in marketing is to ____________________
target one segment at a time
knowing what your competitor’s marketing is includes
- the competitor’s products/service
- how much they cost
- how thry are distributed
- how they are made known to the target market
the best way to know your market is to
go out there and see the competition yourself
an educated guess
estimation (market estimation)
generally concerns the presence or absence of buyers for your product or users of your service and how much income you can expect to derive from it
market assessment
examines your capability to be in the particular business
technical assessment
this measurs your familiarity with the type of business or how well you know the ins and outs; also concerns your ability to put together all the resources you will use in the business
organizational assessment
this gives you an idea of how much it sill cost to start the business and keep it going at least ungil the revenues start coming in
financial assessment
it will allow you to know more about the demand for your product or service, and the people who will likely buy or use them, and how many they are, and whether these buyers will likely affect the location of your business
market research
marketing mix 7 Ps
product, packaging, place, positioning, price, promotion, people
the marketing mix 7 Ps were originally centered around __ Ps
4
foundation model for businesses; set of marketing tools that the firm uses to pursue its marketing objectives in the target market or the set of actions or tactics that a company uses to promote its brand or product in the market
marketing mix or the 7 Ps of marketing
invovle using the properties of the product to influence the target market into buying a product or using a service
product strategies
some of the properties of a product or service include:
brand, packaging, label, support, attributes
a name, term, sign, symbol, or a combination of these; aims fo identify the goods or services of one seller and ro differentiate them from the other sellers
brand
the collective term for services that add to the marketsbility of the actual product
product support
another product strategy is changing the ____________ of an actual product
attributes
3 attributes of a product that you can change or modify
quality, features, design
the _______ should convey what it is and what it does for the product
package
used to identify, grade, describe, and promote a product
label
are concerned with the ways of bringing one’s product or service to the largest market; one of the major decisions an entrepreneur must make is where to sell the product or offer the service
place strategies
avenues that allow for personal inteaction for the buyer and seller; having this kind of human interaction enhances buyer-seller relationship
traditional channels
examples of traditional channels
distributors, sari-sari stores, malls, shops, kiosks
avenues where the buyer and the seller communicate, interact, and do business without necessarily meeting in person
new distribution channels
popular examples of new distribution channels
television, telephone, internet
locate in a place that provides opportunities for you to interact and do business
positioning (designing places)
perception of worth
value
factors that affect price
- cost of the product
- competitors price
- supply and demand situation
- ability of target customers to pay
- image of your company
the collective term for all the tools or media that a business uses to communicate a message to the target market
promotions
tv, radio, newspapers, magazines, classifieds, yellow pages, billboards; for items bought repeatedly through self-service facilities
advertising
sampling coupons, refund offers, continuity programs, bonus packs, erc.; to encourage short term sales boosts by providing temporary price reductions or value incentives to spur demand
sales promotions
news stories and press releases, to inform, to build an image
public relations
sales force or distributors, used in cases when persuasion and immediate feedback are necessary
personal selling
direct mail, interactive tv, telemarketing, catalogs, postcards, inserts
direct marketing
business cards, brochures, banners, newsletters, posters, takeone boxes, circulars, gift certificates, order forms, stationery
minimedia
webpage, web ads, viral advertising, referrals, spamming, egroups, blog sites, chat, forums
internet company
represents the human element of the marketing strategy; includes the individuals involved in various aspects of the business, including both employees and customers
people
people includes
employees, culture, management, customer service
