marketing planning

Question 1

define marketing plan

Answer 1

physical doc of marketing plan

Question 2

def segmentation

Answer 2

larger grp of ppl u wanna target
splitting a pop into groups w same specific traits
geographic
demographic
psychographic

Question 3

def targeting

Answer 3

smaller pop from a segment - more specific

Question 4

def positioning

Answer 4

how customers see u based/relative to ur competitors - use a product positioning map (quality and price)

Question 5

def niche market

Answer 5

small unique market
small segment of a population.
specialized

Question 6

def mass market

Answer 6

selling undifferentiated products to a big segment of a pop

Question 7

+/- of niche markets

Answer 7

+:
low comp = large profit margins
good for small bus
-:
high price to produce one unit
small reach
little growth potential - Ansoff matrix - hard to diversify

Question 8

+/- of mass markets

Answer 8

+:
large market = high revs
lower cost to produce one unit
marketing costs r low
high reach
-:
high cost to reach larger base tho
high comp

Question 9

advantages of segmentation

Answer 9

economy good/understand
can see gaps and opportunities to provide needs/wants
low waste of resources
can diversify easily and spread risks among a many grps of ppl.

Question 10

? role of marketing planning?

Answer 10

1. marketing objective
2. budget
3. segmentation and targeting
4. strategies.
5. research
6. control tools - qual and quant

Question 11

def USP

Answer 11

• feature of a product or brand itself that differentiates it from its customers
  best usps add value to the customer and are hard to copy .

Question 12

how can u diff and get a USP

Answer 12

M MIX
- product
(first mover adv + attribute ownership)
- price (Strats)
- Promotion (based on tp - ATL, BTL, TTL, etc and deals/offers)
- physical evidence - vibe and location
- place - convenient and easy for consumers - many dist channels.
- people - customer service
- processes - how fast u can get from shop to consumer, speed of service, customer service, adds to repuation.

Question 13

explain porters generic Strats:

Answer 13

Porter’s generic strategies describe how a company pursues competitive advantage across its chosen market scope.
comp adv vs comp scope
1 - cost leadership (mass) - standardied - price and typa product r only diff opps.
2- differentiation (mass) - make g/s good = differentiation opp - quality focus.
3- cost focus (niche) - becomes a low cost producer in niche market - sells at low cost.
4- diff focus (niche) - looks at diff by product itself in niche market - specialized g/s.