4.2 Marketing planning

Marketing Planning

The process of formulating marketing objectives and devising appropriate marketing strategies to meet those objectives.

Marketing Mix

A combination of marketing elements typically categorized into 4Ps (Product, Price, Place, Promotion) and, in some contexts, 7Ps (adding People, Physical Environment, Process).

Market Segmentation

The process of dividing the market into smaller or distinct groups of consumers in an effort to meet their desired needs and wants.

Target Market

A particular market segment that a business focuses its marketing activities on.

Unique Selling Proposition (USP)

An aspect of a business or product perceived by customers as different from competitors.

Market Research

The activity of gathering information about consumers' needs and preferences.

SMART Objectives

Goals that are Specific, Measurable, Achievable, Relevant, and Time-bound.

Niche Market

A small segment of the market focusing on a specific consumer group with particular needs.

Differentiated Marketing

A marketing strategy that targets several market segments and develops appropriate marketing mixes for each one.

Positioning

Describing how a product is perceived relative to its competitors.