4.2 Flashcards
(28 cards)
What is a marketing plan?
A document that outlines the entire marketing process of a business
What is the marketing objectives?
sets the direction for the marketing function
What is segmentation and the target market?
process of breaking consumers into groups that have similar characteristics and needs
What is the market research?
gathering information about consumers’ needs, habits, and preferences to aid marketing decisions
What is the marketing budget?
amount of money allocated for the marketing tasks
What is the marketing strategies?
long term actions that aim to achieve the marketing objective
What are control tools?
tools that allow the manager to asses whether the marketing strategies and objectives were successful and have been met
What is segmentation?
splitting a population into groups of people with similar needs or characteristics
What is a target market?
The market segment at which the product is aimed at
What is geographic segmentation?
dividing potential customers based on geographic location
What is demographic segmentation?
dividing consumers to characteristics like age, gender, occupation
What is psychographic segmentation?
divides the population according to lifestyle and personal interests
What are advantages of segmentation?
identify gaps and opportunities
design suitable products for specific groups
reduce waste
What is targeting?
selecting the most appropriate segment for a marketing campaign
What is product positioning maps?
visual representations of how various competitors might attempt to position their brands in the eyes of the consumer
What are niche markets?
a small part of a larger market
What are mass markets?
market for goods that are produced in very large quantities
What are advantages and disadvantages of niche markets?
Advantages: less competition, suitable for small businesses
Disadvantages: diseconomies of scale, less reach, little growth potential
What are disadvantages and advantages of mass marketing?
Advantages: large market, economies of scale
Disadvantages: High cost, more competition
What is product differentiation?
the process of highlighting the differences between a product and its rivals
What is unique selling point?
the feature that marks a product out from its competition
Describe how companies differentiate by product USPs
First to create a product
patents
attribute ownership (reputation)
updating a product to appear relevant
addressing an unaddressed human need (social enterprises)
Describe how companies differentiate by price USPs
gaining economies of scale to lower prices
setting high price to signal high quality
Describe how companies differentiate by promotion USPs
promoting a product effectively = customer loyalty
positive brand image
