4.2 Flashcards
(24 cards)
What is a marketing plan?
Outlining the marketing objectives of an organization and framing marketing strategies to align with these objectives.
What is a market audit?
A check of the SWOT analysis of an organization’s marketing strategy, assessing product portfolio, competition intensity, and marketing strategy effectiveness.
What does a marketing plan typically include?
- Marketing objectives
- Marketing mix
- SWOT analysis
- STEEPLE analysis
- Marketing budget
- Market research
- Strategies for unforeseeable conditions
What are market objectives?
Goals and targets set for marketing efforts.
What is the purpose of monitoring and reviewing in marketing planning?
To continuously check the progress of the marketing strategies.
What is the evaluation process in marketing planning?
Aids in decision making and assesses whether the marketing mix succeeded or failed in achieving objectives.
List three advantages of market planning.
- Better preparedness for unforeseen conditions
- Clear objectives for the organization’s goals
- Enhanced decision-making capabilities
What is a disadvantage of market planning?
Not applicable in small industries and may take up significant time and resources in large firms.
What does STP stand for in marketing?
Segment, Target, Position.
What is a market segment?
Customers with similar characteristics grouped together based on needs and wants.
What is a customer profile?
Demographic and psychographic characteristics of customers, such as age and gender.
True or False: Market segmentation leads to market targeting.
True.
List the three types of market segmentation.
- Demographic
- Geographic
- Psychographic
What is a niche market?
A premium segment targeting high-end customers with differentiated products.
What is a mass market?
An undifferentiated market that ignores targeting specific segments.
What is a unique selling point (USP)?
A unique feature of a business product that differentiates it from rivals.
List the elements that can lead to product differentiation.
- Product
- Pricing
- Place
- Packaging
- Physical environment
- People
- Process
- Promotion
What are the advantages of product differentiation?
- Adds value to the product
- Increases brand recognition
- Promotes brand loyalty
What are the disadvantages of differentiation?
- Not enjoying economies of scale
- Time-consuming
- Expensive
- Excessive differentiation can drain resources
What is the purpose of a perception map?
A visual representation of customer perception of a product in relation to other products.
What are the three steps in repositioning?
- Identifying competitive advantage
- Deciding on the strength of the product
- Implementing the position in the marketing mix
What are Porter’s three basic strategies for repositioning?
- Cost leadership
- Differentiation
- Focus
Fill in the blank: A _______ market targets commercially valued groups of customers.
niche
Fill in the blank: A _______ market ignores targeting market segments.
mass
