4.2 Marketing planning Flashcards Preview

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Flashcards in 4.2 Marketing planning Deck (31)
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1
Q

What is a marketing plan?

A

A marketing plan refers to the document outlining a firm’s marketing objectives and strategies for a specified time period.

2
Q

What does the typical marketing planning process involve?

A
Marketing audit - examination fo the current climate
Marketing objectives 
Marketing strategies
Monitoring and review
Evaluation
3
Q

What are the benefits and limitations of marketing weaknesses, opportunities and threats planning?

A

Benefit: improves a firm’s chance of success.
Limitations:
Some firms do not have the time and resources or expertise to plan their marketing in a systematic way.
Can be outdated quickly

4
Q

What is the marketing mix?

A

The marketing mix is the combination of various elements needed to successfully market a product; it contains: product, price, promotion and place.

5
Q

What are the different elements of a marketing mix?

A

Product
Price
Place
Promotion

6
Q

Product

A

a physical good or an intangible service

7
Q

What are the two types of products?

A

Producer products are industrial products sold to other businesses to further the production process.
Consumer products are sold to the end user, i.e. private individuals.

8
Q

Price

A

the amount that customers pay for a particular

good or service.

9
Q

What are the factors that the pricing decision depend on?

A
DRASTIC
Demand
Rivalry
Aims
Supply
Time
Image
Costs of production
10
Q

Place

A

the methods of distributing products to customers

11
Q

Promotion

A

the strategies used to attract customers to buy a firms products.

12
Q

Distinguish between above the line and below the line promotion.

A

ATL promotion uses paid-for mass media, e.g. television, radio and newspapers. BTL promotion refers to all other promotion, e.g. packaging, sponsorship and viral marketing

13
Q

What are marketing objectives?

A

the targets that the marketing department wishes to achieve.

14
Q

Why is setting marketing objectives important?

A
  • Provide a sense of purpose, direction and motivation for the marketing department.
  • Allow progress to be monitored and success to be measured.
  • Help in the planning and development of an appropriate `marketing mix and marketing strategies.
15
Q

What are marketing strategies?

A

tactics/plans of action that are used to achieve the firm’s marketing objectives

16
Q

What are the factors that affect the effectiveness of any marketing strategy?

A
finance
costs of production
the size and status of the firm
social issues
time lags
actions and reactions of competitors
state of the economy
political and legal environment
17
Q

What is market segment?

A

a distinct group of customers with similar characteristics (such as age or gender) and similar wants or needs.

18
Q

What is targeting?

A

Targeting refers to each distinctive market segment having its own specific marketing mix.

19
Q

What are consumer profiles?

A

the demographic and psychographic characteristics of consumers in different markets, e.g. their age, gender, occupation, income level, religion, marital status and purchasing habits.

20
Q

Why do businesses segment their markets?

A

better understanding of customers
higher sales
growth opportunities
support for product differentiation

21
Q

What are the three types of business segmentation?

A
by demographics (age, gender, race and ethnicity etc.) 
by geographic factors (location, climate) 
psychographic factors (hobbies and interests, values, religions)
22
Q

Niche marketing

A

targets a specific and well-defined market segment.

23
Q

Mass marketing

A

refers to undifferentiated marketing, i.e. a strategy that ignores targeting individual market segments.

24
Q

Ads + disads of niche marketing

A

better marketing focus
less competition
highly specialised

limits the number of potential customers
few opportunities to exploit economies of scale
attract new entrants due to success

25
Q

Ads + disads of mass marketing

A

economies of scale
no need to modify marketing strategies
bigger customer base

high entry barriers for mass production
high competition
lack of focus - wasteful

26
Q

What is a product position map (perception map)?

A

a visual tool that reveals customer perceptions of a product or brand in relation to others in the market.

27
Q

Draw a perception map. (HINT: Quality vs. Price)

A

premium
bargain
cowboy
economy

28
Q

What is the purpose of position map? What are their ads + disads?

A

allow a business to identify any gaps in its product portfolio
+ simple
+ quick and easy to interpret
- unrealistic for a business to aim to be good at everything

29
Q

What is a unique selling point?

A

any aspect of a business, product or brand that makes it stand out from those offered by competitors

30
Q

What is ‘differentiation’?

A

the act of distinguishing a business or its products from rivals in the industry.

31
Q

What are the ads + disads of differentiation?

A
\+ price advantages
\+ brand recognition and loyalty 
\+ distribution advantages 
- expensive to differentiate 
- economies of scale
- excessive differentiation