Market planning

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Market planning

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4.2 Oxford textbook

15 Terms

1

Market planning

Market planning is the process of formulating marketing objectives and devising appropriate marketing strategies to meet those objectives.

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2

What does a marketing plan consist of?

  • Marketing objectives that are SMART

  • Key strategic plans 

  • Detailed marketing actions. 

  • Marketing budget. 

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3

Market segment

A market segment refers to a sub group of consumers with similar characteristics in a given market.

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4

Market segmentation

Market segmentation is the process of dividing the market into smaller groups of consumers in order to meet their desired needs and wants.

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5

What are the three types of market segmentation?

Demographic segmentation

Geographic segmentation

Psychographic segmentation

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6

Target market

A target market is a group of consumers with common needs or wants that a business sells to.

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7

Targeting

Targeting is the process of marketing to a specific market segment. For it to be effective, it is important that they know who their consumers are.

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8

Marketing strategies include

  • Mass marketing (undifferentiated marketing) 

    • A business ignores the differences in the specific market and targets the entire market. 

    • Aim to sell their products to many customers to maximise their sales. 

  • Segmented marketing (differentiated marketing)

    • Targets several market segments and develops appropriate marketing mixes for each of these segments. 

    • Can gain a stronger position in each of their segments which increases sales and market share. 

  • Niche marketing (Concentrated marketing)

    • Appeals to smaller and more specific market segments

    • Good for small firms with limited resources. 

    • Few competitors and take advantage of opportunities overlooked by larger firms

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9

Consumer profile

The characteristics of consumers of a particular product in different markets based on their gender, age, and income levels, etc.

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10

Product positioning

Product positioning involves analysing how consumers define or perceive a product compared to other products in the market.

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11

Product position map/ perception map

A product position map/perception map is a visual representation of how consumers perceive a product in relation to other competing products.

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12

Niche market

A niche market focuses on a small group of people or consumers that have interests that align with the product or service of a specific organisation.

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13

Mass market

A mass market is aimed at a large or broad market segment. Involves communicating to the largest possible audience. 

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14

USP

A unique selling point/proposition is a product’s feature that differentiates it from other competing products in the market.

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15

Different types of differentiation

  • Product differentiation

    • Physical or perceived difference in a product

    • Durability, performance, reliability, etc. 

    • Consumers spend time looking for this. 

  • Service differentiation 

    • Customer service, delivery, supporting business elements such as installation and training. 

  • Price differentiation 

    • Recognises that every customer is willing to pay a different price for a product. 

  • Distribution differentiation

    • Path which a good or service passes until it reaches the end consumer. 

  • Relationship differentiation

    • Organisation’s personnel, including employees or team members with customer links. 

    • Important link between product and consumer, without it the business would be broken. 

    • Builds trust. 

  • Image/reputation differentiation 

    • Built from other types of differentiation but mostly how the business interacts with its customers. 

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