Week 3: The Planning Process Flashcards
IMC planning may be described as:
A structured process that links the key organisational direction and function business areas to IMC decisions and tactics.
What is the marketing plan?
- Situational analysis
- Marketing objectives
- Marketing strategy and program
- Implementation program
- Performance evaluation
What are the internal factors of the IMC situational analysis?
- Assess organisation and capabilities
- Review programs and results
- Assess brand image and implications
- Strengths and weaknesses of product/service
- Packaging and labelling
What are the external factors of the IMC situational analysis?
- Customer analysis
- Competitive analysis
- Environmental analysis
What is an IMC audit?
An in-depth research method that evaluates and monitors key IMC processes to see whether they are being effectively managed.
It determines any gap between what managers say is being done and what is actually being managed.
Differences between perception and actual performance could have huge financial consequences for the organisation.
What is the strategic integration tool?
The key construct that separates IMC from marketing comms, is often assumed and rarely measured.
A weighted evaluation tool has been designed to measure strategic integration and explores a number of key areas including:
- strategic alignment
- customer focus
- organisational structure and culture and communication
- IMC capabilities.
What are the four steps of target marketing?
- identify markets with unfulfilled needs
- segmenting the market
- targeting specific segments
- positioning one’s product or service through marketing strategies
What does it mean to identify markets?
To isolate consumers with similar lifestyles, needs and values, and increase our knowledge of their specific requirements.
The more marketers can establish common ground with consumers, the more effective they will be in: (relates to identifying markets - target marketing process)
- addressing these requirements in their communication programs
- informing or persuading potential consumers that the product/service offering will meet their needs
What is market segmentation?
Dividing up a market into distinct groups that have common needs and will respond similarly to a marketing action.
What are the four customer characteristics? (Market segmentation)
- psychographic
- demographic
- sociaeconomic
- geographic
What are the five buying situation elements? (Market segmentation)
- behaviour
- outlets
- benefits
- awareness
- usage
When selecting a target market, what are the two key questions that need to be asked?
- which segments offer greatest potential?
* how many segments to ever? (coverage strategy)
What are the three types of market coverage strategy?
- Undifferentiated marketing - single product or service offered to the whole market; no segmentation
- Differentiated marketing - develop different products for different segments; segmentation, no targeting
- Concentrated marketing - focus on single market or a few markets; segmentation and targeting
What is positioning?
The art and science of fitting the product or service to one or more segments of the broad market in such a way as to set it meaningfully apart from competition?
