4.2 Marketing planning Flashcards
Marketing plan
A document that outlines a firm’s marketing objectives and strategy for a stated period of time.
4 Ps
Product
Price
Promotion
Place
Market segment
A distinct group of customers with similar characteristics and similar needs or wants
Target market
A particular market segment that a business aims to focus its marketing effort on.
Niche marketing
Corporate strategy based on identifying and serving a relatively small market segment.
Mass marketing
Marketing strategy aimed at all consumers in a market without trying to differentiate them into separate market segments..
Market segmentation
The process of splitting a market into distinct consumer groups to better understand their needs.
Consumer profile
The demographic and phychographic characteristics of consumers in different markets.
Targeting
The practice of devising an appropriate marketing mix and marketing strategies for different market segments.
Premium product
High quality, high price
Cowboy product
Low quality, high price
Bargain product
High quality, low price
Economy brand
Low quality, low price
Unique selling point (USP)
Any aspect of a business, brand or product that makes it distinctive from those offered by their competitors
Differentiation
The act of making a business or its products distinct from its rivals in the industry
