BM 4.2.1-2 - Market Planning & STP

define a market plan

Doc outlining the organization’s main objectives + the marketing strategies that will be used to achieve these objectives

What is a market audit?

a review of the current position of the organization’s marketing in terms of SWOT → ensure alignment w/ biz + future performance

generally precedes market planning

define market planning

Systematic process of devising marketing objectives and appropriate marketing strategies to achieve these goals

the 5 steps of market planning

• Market audit

• Marketing objectives - set marketing goals and targets (ex. Increase market share, improve competitiveness)

• Marketing strategies - plan and use of the marketing mix

• Monitoring and review

• Evaluation

define a market segment

 a distinct group of customers with similar characteristics

define market segmentation

Process of splitting the market into distinct consumer groups to better meet their needs

define targeting in the context of STP

strategic process of focusing marketing efforts on a distinct segment by devising + implementing a unique marketing mix

2 benefits of market segmentation

• tailor to wants and needs of customers

• identify overlooked segments

list the 3 methods of segmentation

• demographics (measurable characteristics of population)

• geographic

• psychographic (subjective, psychological traits such as emotions and lifestyle)

examples of demographic segmentation factors

• Age

• Gender

• Language

• Religion

• Martial status

• Race and ethnicity

• Income and socio-economic class

examples of psychographic segmentation factors

• Values

• Religion

• Status

• Culture

• Hobbies and interests

what is a product position/ perception map?

A visual tool that reveals customer perceptions of a product or brand in relation to others in the market (price vs. quality)

define repositioning

a marketing strategy that involves changing the market’s perception of a firm’s product or brand

define positioning in the context of STP

the strategic effort to create a unique, favorable image of a brand or product in the minds of target customers, by communicating its specific value and benefits