cm midterm reviewer

executive summary

 a marketing plan is a persuasive,

concise overview designed for decision-makers. As the name suggests, it provides a high-level snapshot of your full marketing plan.

Situational analysis

It is when marketers analyze the marketing situation or position of a company's plan for marketing to their audience.

strengths, weaknesses, opportunities, threats

swot analysis meaning

strengths

Internal advantages.

- What does your business do well?

- What makes your business unique?

Weaknesses

Internal limitations.

- What areas need improvement?

- What challenges exist inside the

business?

Opportunities

External factors that may help the business grow.

- What market trends can benefit your business?

- Are there unmet customer needs?

Threats

External factors that may negatively affect the business.

- Who are your competitors?

- What market risks exist?

political, economic, social, technological, environmental, legal

PESTEL MEANING

political

Government policies, taxes, permits, regulations.

Economic

Inflation, employment, consumer income, interest rates.

Social

Lifestyle, culture, population, consumer behavior.

Technological

Technology, digital

marketing, innovation.

Environmental

climate, sustainability, waste management.

Legal

Business laws, labor laws, consumer protection.

Target Audience

refers to the specific group of people a business intends to serve with its products or services.

— These are the customers who

are most likely to purchase the

product because it meets their needs, preferences, or interests.

Marketing Goals

Specific results that a

business aims to achieve

through its marketing activities 

Specific, Measurable, Achievable, Relevant, Time-Bound

SMART meaning

Marketing strategies

are

the planned approaches

and activities a business

will use to attract customers, promote its products or services,

and achieve its marketing goals.

Marketing mix

 also known as the 4Ps, consists of the controllable marketing elements that businesses use to satisfy customer needs and achieve their marketing objectives.

Product

The goods or services offered by the business to satisfy customer needs or wants.

Price

The amount customers pay for the product or service, including the pricing strategy used by the business.

Place

The locations or channels through which the product is distributed and made available to customers.

Promotion

The communication activities used to inform, persuade, and remind customers about the product or service through advertising, sales promotions, public relations, digital marketing, and personal selling.

People

This refers to the individuals who work your business, including yourself.

Process

The activities involved in delivering your products or services 

Physical Evidence

provides tangible cues of the quality of experience that a company is offering 

Product, Price, Place, Promotion, People, Process, Physical Evidence

7PS

Implementation plan

Step-by-step schedule that

explains how the marketing

strategies will be carried out. It identifies the activities, timelines, responsible individuals, required resources, and expected outcomes.

Budget

the

estimated amount of money

needed to implement the marketing plan. It outlines all

expected marketing-related expenses and helps ensure that

resources are allocated efficiently.

marketing segmentation

involves grouping various customers into segments that have common needs or will respond similarly to a marketing action. Each segment will respond to a different marketing mix strategy, with each offering alternate growth and profit opportunities.

geographic segmentation

Subdividing markets into segments based on location- the regions, provinces, cities, towns where people live and work

demographic segmentation

the most common approach to Market Segmentation.

Behavioral Segmentation

 involves consumers' behavior related to specific products.

Psychographic segmentation

divides buyers into different segments based on personality characteristics, motives, lifestyles, and geodemographics.

market targeting

involves breaking a market into segments and then concentrating marketing efforts on one or a few key segments. Marketers select target markets using four different strategies which are undifferentiated targeting, concentrated targeting,

multisegment targeting and customized marketing.

Marketing Positioning

developing a product and brand image in the minds of consumers.