Unit4 - Topic 4.2 Marketing Planning

Question 1

define Marketing planning

Answer 1

Marketing planning is the process of formulating appropriate strategies and preparing marketing activities to meet marketing objectives. The result of marketing planning is a marketing plan.

Question 2

defiine marketing plan

Answer 2

A marketing plan is a document that defines a marketing strategy for a company in order to reach their targeted audience and to track their marketing strategies over a period of time.

Question 3

what is a marketing audit

Answer 3

a review of the current position of an organization’s marketing mix, in terms of its strengths and weaknesses and consideration of opportunities and threats facing the organization. The audit might address questions and issues such as the intensity of competition in the market, the firm’s product portfolio and an assessment of the effectiveness of its marketing.

Question 4

what is included in a marketing plan

Answer 4

smart marketing objectives, An assessment of the strengths and weaknesses of competitors in the market. [STEEPLE], Methods of market research,An outline of the marketing mix including the product design, channels of distribution to be used, anticipated price(s) and pricing methods, and the promotional strategies to be used, marketing budget, An outline of the anticipated difficulties and the strategies to deal with these foreseeable problems. [SWOT. STEEPLE]

Question 5

Why is marketing planning important?

Answer 5

Reduce risks, fosters interdependence(if u have a plan you are well coordinated with other parts of business), motivates, knows customers, resource allocation

Question 6

define segmentation

Answer 6

is the process of categorizing people into groups based on their age, social position, psychological qualities, and other factors.

Question 7

define targeting

Answer 7

refers to selling items to certain groups (segments) discovered through segmentation.

Question 8

define positioning.

Answer 8

is the process of choosing and implementing the marketing mix that is most suited to the target client group

Question 9

define market segments

Answer 9

a group of customers with similar characteristics.

Question 10

define target market

Answer 10

A target market is a group of people that have been identified as the most likely potential customers for a product because of their shared characteristics, such as age, income, and lifestyle.

Question 11

Explain the three commonly used bases for segmentation.

Answer 11

1. Geographical differences.
   Continent, country, region, province, climate zone
2. Demographic differences.
   Age, gender, ethnicity, marital status
3. Psychographic differences
   Lifestyle, hobbies, wealth, class, collar

Question 12

define three stages of positioning.

Answer 12

• Identifying the competitive advantage of the product in question.
• Deciding on which aspects of these strengths should be marketed.
• Implementing the desired positioning by using an appropriate marketing mix.

Question 13

define A product position map or perception map

Answer 13

a graph that analyses consumer perceptions of each group of competing products in respect to two product characteristics.

Question 14

explain perception mad on consumer perceptions based on price and quality

Answer 14

HQ AND HP - premium products
HQ AND LP- bargain products
LQ AND HP - cowboy products
LQ AND LP - economy products

Question 15

explain the usefulness of positioning maps to an organisation

Answer 15

Used for targeting strategies, appropriate marketing mix can be applied, inform business of a need for repositioning their products, identify any gaps in its product portfolio

Question 16

Porter’s three generic (or basic) competitive strategies for businesses to achieve market positioning success

Answer 16

Cost leadership - This strategy involves the business aiming to excel as low-cost suppliers of particular products. Can you find examples of cost leadership?
Walmart.
* Differentiation - is strategy involves producing distinct
Differentiation - This strategy involves producing distinct products to distinguish them from those supplied by competitors. Having a distinctive or unique selling point can give the organization a competitive advantage. Can you find some examples?
Apple, Tesla.
* Focus - is approach involves a business paying close
Focus- This approach involves a business paying attention to a particular market segment, such as high-end premium products or specific niche markets. Examples?
Rolex.

Question 17

define niche market

Answer 17

A niche market is a small segment of a larger market that can be defined by its own unique needs, preferences, or identity that makes it different from the market at large.

Question 18

define niche marketing

Answer 18

Niche marketing refers to the practice of targeting a specific, specialized segment of the market with customized products or services to meet the unique needs and preferences of that particular group of customers.

Question 19

Advantages and disadvantages of niche marketing.

Answer 19

adv:
Less competition - monopoly
More loyal customers
Low marketing costs
Becoming an expert
disadv:
Limited customer base
Increased competition
Shifts in market affect you more

Question 20

define mass market

Answer 20

Very unspecific and broadly define group of potential customers

Question 21

define mass marketing

Answer 21

Mass marketing refers to a marketing strategy that aims to reach a wide and diverse audience with a standardized message and approach.

Question 22

Advantages and disadvantages of mass marketing

Answer 22

adv:
Wide reach
Cost-effectiveness
Brand promotion
disadv:
Difficulty in meeting diverse needs
Difficulty in meeting diverse needs
Difficulty in meeting diverse needs

Question 23

define USP

Answer 23

USP stands for Unique Selling Proposition, which refers to the distinctive and compelling aspect of a product or service that sets it apart from competitors

Question 24

USP adv and disadv

Answer 24

adv:
Competitive advantage
Customer attraction and retention
Increased sales and revenue
disadv:
Imminent imitation by competitors
Limited target market appeal
Need for consistent delivery of the USP to maintain its effectiveness

Question 25

define differentiation and name some strategies

Answer 25

Refers to the strategic process of distinguishing a product, service, or company from its competitors by highlighting unique features, attributes, or value propositions that fulfill customer needs and preferences.

1. By price.
2. Relationships
3. People- quality of customer service
4. Product
5. Packaging.
6. Distribution.
7. Promotion.
8. Process.
9. Physical environment.
10. Image or reputation.