4.2 Marketing planning

Question 1

Marketing planning

Answer 1

The process of formulating appropriate strategies and preparing marketing activities to meet marketing objectives.

Question 2

Ethical marketing

Answer 2

The moral aspects of a firm’s marketing strategies. It can be encouraged by the use of moral codes of practice.

Question 3

Marketing mix

Answer 3

The four main elements of marketing strategies: PRODUCT, PRICE, PROMOTION and PLACE. (The 4Ps)

Question 4

7 P’s of the marketing mix

Answer 4

PRODUCT, PRICE, PLACE, PEOPLE, PROMOTION, PROCESSES, PHYSICAL EVIDENCE

Question 5

Segmentation

Answer 5

The process of categorising customers into distinct groups of people with similar characteristics (such as age or gender), and similar wants or needs for research and targeting purposes.

Question 6

Unique Selling Point (USP)

Answer 6

Any aspect of a product that makes it stand out from those offered by rival businesses.

Question 7

Market segment

Answer 7

A sub-group of a whole market in which consumers have similar characteristics.

Question 8

Consumer profile

Answer 8

A quantified picture of consumers of a firm’s products, showing proportions of age groups, income levels, location, gender and social class.

Question 9

Target market

Answer 9

The market segment that a particular product is aimed at.

Question 10

Market segmentation by demographics (examples):

Answer 10

Age
Gender
Race
Location
Employment status

Question 11

Market segmentation by psychographics (examples):

Answer 11

Personality
Values
Attitudes
Interests
Lifestyles

Question 12

Mass marketing

Answer 12

Mass marketing is an attempt to appeal to an entire market with one basic marketing strategy using mass distribution and mass media.