marketing planning

Question 1

marketing plan

Answer 1

composed to devise marketing strategies to meet mqrketing objectives, plan of actions which employs the marketing mix

-identifying customer needs

-coming uo with strategies to satisfy those

Question 2

advantages of marketing planning ig

Answer 2

• gives marketibg managers and marketers a better sense of purpose and direction
• helps identify potential problems and plan accufrate solutions for rhose
• help improve financial decision making (marketing budgets can be set appropriately to ensure a cost efficient way of using resources)

Question 3

disadvantages of marketing plannig

Answer 3

• opportunity cost; the money and resources could have been spent on other areas of the business
• unrealistic for small companies, limited budgets (expensive)

-even the best and most thought out plan can only be used as a guide in business decision making MARKETING PLANS QUICKLY BECOME OUTDATED and so they cannot be folloed too rigidly, the organisation will need to adjust its strategies as unpredicted threats and opportunities arise

Question 4

maketing segments

Answer 4

individual subgroups of a large market, consisting of customers who share common simmilar characteristics

Question 5

market segmentation

Answer 5

dividing the market of a product, into smaller distinct grous of chracters, who share similar characteristic abd meeting their customer needs

Question 6

DEMOGRAPHIC SEGMENTATION

Answer 6

splitting customers according to statistical characteristics of a population

AGE
GENDER
FAMILY SIZE
RELIGION
ETHNICITY

Question 7

PSYCHOGRAPHIC SEGMENTATION

Answer 7

life choices & personal beliefs (interests and hobbies & moral beliefs and values)

Question 8

GEOGRAPHIC SEGMENTATION

Answer 8

according to phydical geographic location

Question 9

SOCIOECONOMIC SEGMENTATION

Answer 9

according to consumer // household income level linked to professions and level of education

businesses devise focused marketing mixes targated at various target segments based on income level social status znizki studenckie

Question 10

target market

Answer 10

clearly identifies group of consumers tha an organisation focuses ts marketing on

consumers in a certain target. market have certain unique tastes and preferances

Question 11

targeting

Answer 11

systematic process of marketing towards a certain target segment

Question 12

mass markets

Answer 12

supplying products to cater for a broad range of taget markets (water, cereal, smartphones) for the general public

doesnt split customers into separate market segments

Question 13

niche markets

Answer 13

supply highly specialised products to cater for a small and specific target market (ib calc, thematic magazines, merch)

Question 14

product position map
perception map

Answer 14

graphic illustration of customer perception of a business, its productts or brands as compared to other firms in the industry based on 2 predetermined criteria
(price and quality np)

Question 15

strengths of product position map

Answer 15

• helps identfy potential gaps in the market
• knowinh how the business is pereived by customers

Question 16

weaknesses of product perception map

Answer 16

• only shows the perception of customers surveyed at one point in time which makes it not representative
• bias

Question 17

premium products

Answer 17

high quality
high price

Question 18

cowboy products

Answer 18

low quality
high price
(unsastainable)

Question 19

bargain products

Answer 19

high quality
low price

unsustainable

Question 20

economy brands

Answer 20

low quality
low price

Question 21

niche markets strengths ans weaknesses.

Answer 21

• BTL promotional strategies
• limited direct competition
• high customer loyalty (related to lack of competition)
• due to lack of substiyutes the business can charge premium prices
• no economies of scale

Question 22

mass markets

Answer 22

• expensive ATL promotional strategies to brod audiences
• opportunities for economies of scale
• low profit margin of each unit of production
• incredibly high sale quanitities
• intense cometiton
• businesses MUST establish brand loyalty and USP

Question 23

USP unique selling point

Answer 23

exclusive features and aspects of a business that differentiates it from others in the same industry

Question 24

product differentiation

Answer 24

the process of attempting to makr goods and services stand out against the other firms in the market in orde to increase sales revenue

Question 25

interrelated basic components of USP

Answer 25

Benefits - what attracts customers to the organization, its products, or its brands

Emotive - what attracts people to the organization, its products, or its brands on an emotional level

Key selling point(s) - what makes the organization, its products, or its brands better than others

Key difference(s) from competitors - what makes the products or brand stand out from the competition

Competitive advantage - what makes the organization attractive to customers, such as its reputation or area of expertise in a particular market.

Question 26

advantages of product differentiation

Answer 26

enables businesses to charge higher prices due to the distinctive features or aspects of the products they are selling adds value to a good or service, creating better value for money from the perspective of customers.

creates brand awareness and can help to create customer loyalty.

creates competitive advantages for a business, such as market leadership and dominance. Hence, successful differentiation can give the firm strategic advantages.

Question 27

differentiation disadvantages

Answer 27

Differentiation, especially the ability to create a unique selling point, can be highly expensive. Furthermore, differentiation strategies are often easily copied by rivals businesses (see task below).

Differentiation can create unnecessary or wasteful competition, such as excessive packaging and marketing clutter (such as spam advertising).

As differentiation can prevent new entrants from succeeding in the market, it can be anti-competitive. This limits the choice and price competition for customers in the market.