Marketing Planning Flashcards
Consumer profiles
They are the demographic and psychographic characteristics of customers in different markets.
Differentiation
It is the act of distinguishing a business or its products from rivals in the industry. It tries to create the perception among customers that the firm’s product is different (unique or special) compared with substitute products from rivals.
Ethical marketing
It refers to the moral aspects of an organization’s marketing strategies. It can be encouraged by the use of moral codes of practice.
Market segmentation
It is the process of categorizing customers into distinct groups with similar characteristics and wants or needs.
Marketing mix
It is the combination of various elements needed to successfully market a product. It is used to review and develop marketing strategies and is at the heart of marketing planning. Traditionally, it consists of the 4P’s.
Marketing objectives
They are the targets that the marketing department wishes to achieve. Marketing objectives should derive from the organization’s overall objectives.
Niche marketing
It targets a specific and well-defined market segment.
Marketing plan
It refers to the document outlining a firm’s marketing objectives and strategies for a specified time period.
Marketing planning
It is the systematic process of devising marketing objectives and appropriate marketing strategies to achieve these goals. It requires the collection and analysis of information about a particular market, e.g. market research data on existing and potential customers.
Mass marketing
It refers to undifferentiated marketing. This is a strategy that ignores targeting individuals market segments.
Repositioning
It is a marketing strategy that involves changing the market’s perception of the firm’s product or brand in comparison to rival firms.
Segmentation
It is the process of categorizing customers into distinct groups of people with similar characteristics and similar buying habits for market research and targeting purposes.
Targeting
It refers to each distinctive market segment having its own specific marketing mix. Different markets can be targeted, depending on whether firms operate in niche or mass market.
Place
It describes the methods of distributing products to customer.
Position map
It is a visual aid that shows customer perceptions of a product or brand in relation to others in the market, often by comparing perceptions about price and quality.
