4.2 marketing planning

Question 1

What is marketing planning

Answer 1

process of formulating marketing objectives and appropriate marketing strategies to achieve goals.
This goal considers elements of the marketing mix. For example goal –> increase market share.

Question 2

What is a Marketing objectives

Answer 2

Marketing objectives are goals that help to give marketing teams a sense of purpose and direction.

Question 3

What are marketing strategies

Answer 3

marketing strategies are the different long term actions used by an organisation to achieve its marketing goals.

Question 4

What are the advantages of marketing plans?

Answer 4

1. helps marketing managers to formulate more effective marketing strategies.
2. gives better sense of direction and purpose.
3. helps improve employee motivation and labour productivity.
4. helps identify potential porblems.

Question 5

What are the disadvantages of marketing plans

Answer 5

1. Time and money are used to
   –> opportunity cost
2. not realistic for smaller firms to use due to limited budgets.
3. marketing planning only used as a broad guide bc it can become outdated.

Question 6

What is a market?

Answer 6

Term for the buyers and sellers of a particular good or service.

Question 7

What is a market segment?

Answer 7

Market segments are the individual distinct subgroups of a large market.
Includes: Age, cultural background, lifestyle, income…
This includes demographic, geographic, psychographic, and socioeconomic segmentation.

Question 8

What is target market

Answer 8

identifiable group of customers that an organization focuses its marketing efforts on.
There are mass markets and niche markets.

Question 9

What does a product position map look like?

Answer 9

PPM is an illustration of customer perception of a business compared to other firms in the industry. The y axs represents Price, (high to low) and quality or performance.

It is divided into categories of premium products, cowboy products, bargain products, and economy brands.

Question 10

What is the importance of having a unique selling point.

Answer 10

USP is any exclusive feature or aspect of a business, and its a feature of a product or brand that makes it distinct from others in the same industry.

Strong USPs create brand loyalty, customer loyalty, attraction for retailers, improve market positioning, and help businesses assess the viability of new ventures.

Question 11

What is differentiation

Answer 11

is the process of distinguishing an organization’s products from those of other firms in the same industry. This includes marketing.mix –> product, price, promotion, place.

Question 12

What are the advantages of differentiation?

Answer 12

• allows businesses to charge higher prices
• creates brand awareness, and retailer attraction, customer loyalty.
• Helps hinder/prevent new entratns in the maket.
  -competitive advantage

Question 13

DIsadvantgaes of differentiation

Answer 13

• can be expensive
  -can easily be copied by rivals
  -cheaper to make mass-produced goods.
  -can create unnecessary compeition like packaging, and bad marketing.