Marketing Planning + Research Flashcards
Marketing Planning
the process of formulating marketing objectives and devising appropriate marketing strategies to meet those objectives.
Market Plan
a detailed document about the marketing strategies that are developed in order to achieve an organization’s marketing objectives.
Market segment
a sub-group of consumers with similar characteristics in a given market.
Target market =
a group of consumers with common needs or wants that a business decides to serve or sell to
Mass market
a large or broad market that ignores specific market segments.
Niche market
= a narrow, smaller, or more specific market segment that a particular product is aimed at.
Consumer profile
the classification of the characteristics of consumers of a particular product in different markets based on their gender, age, and income levels, among other characteristics.
Product positioning
analyzing how consumers define or perceive a product compared to other products in the market.
Product position map or perception map
a visual representation of how consumers perceive a product in relation to other competing products.
Unique Selling Proposition (USP)
= a product’s feature that differentiates it from other competing products in the market.
Differentiation
the act of making a business or its products distinct from its rivals in the industry.
Marketresearch
processofcollecting,recordingand analyzing data about customers, competitors and the market.
Secondary research
the collection of data from second-hand sources
Advantages of a secondary Reseacrh
- Easy to access info
- Low to no cost
- quick access
- compare and contrast info
- helps set stage for primary research
