4.2 Marketing planning

USP

Unique selling point /proposition (________): factor that differentiates a product from its competitors, such as the lowest cost, the highest quality or the first ever product of its kind; a(n) ________ could be thought of as "what you have that competitors dont.

mix

Marketing ________: key decisions that must be taken in the effective marketing of product.

position map

Product ________ or perception map: graph that analyses consumer perceptions of each of a group of competing products in respect of two product characteristics.

Consumer profile

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

Mass marketing

________: selling the same products to the whole market with no attempt to target groups within it.

Marketing planning

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

Marketing mix

key decisions that must be taken in the effective marketing of product

Coordinated marketing mix

key marketing decisions complement each other and work together to give customers a consistent message about the product

Market segment

sub group of a market made up of consumers with similar characteristics, tastes and preferences

Target market

market segment that a particular product is aimed at

Market segmentation

identifying different segments within a market and targeting different products or services to them

Consumer profile

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

Niche market

small and specific part a of a larger market

Niche marketing

identifying and exploiting a small segment of a larger market by developing products to suit it

Mass market

market for products that are often standardized and sold in large quantities

Mass marketing

selling the same products to the whole market with no attempt to target groups within it

Product position map or perception map

graph that analyses consumer perceptions of each of a group of competing products in respect of two product characteristics

Unique selling point/proposition (USP)

factor that differentiates a product from its competitors, such as the lowest cost, the highest quality or the first ever product of its kind; a USP could be thought of as "what you have that competitors dont"

Marketing planning

Process of formulating appropriate strategies and preparing marketing activities to meet marketing objectives

Marketing mix

Key decisions that must be taken in the effective marketing of product

Product, price, promotion and place

4Ps of the marketing mix

Coordinated marketing mix

Key marketing decisions complement each other and work together to give customers a consistent message about the product

Market segment

Sub-group of a market made up of consumers with similar characteristics, tastes and preferences

Target market

Market segment that a particular product is aimed at

Market segmentation

Identifying different segments within a market and targeting different products or services to them

Consumer profile

Quantified picture of consumers of a firm's products, showing proportions of age groups, income levels, location, gender and social class

Geographic differences, demographic differences and psychographic differences

3 ways which markets may be segmented in

Niche market

Small and specific part of a larger market

Niche marketing

Identifying and exploiting a small segment of a larger market by developing products to suit it

Mass market

Market for products that are often standardized and sold in large quantities

Mass marketing

Selling the same products to the whole market with no attempt to target groups within it

Product position map or perception map

Graph that analyses consumer perceptions of each of a group of competing products in respect of two product characteristics

Unique selling point/proposition (USP)

Factor that differentiates a product from its competitors, such as the lowest cost, the highest quality or the first ever product of its kind; a USP could be thought of as "what you have that competitors don't"

Marketing mix (product)

What you sell. It could be a physical good, services, consulting, etc.

Marketing mix (price)

How much do you charge and how does that impact how your customers view your brand?

Marketing mix (promotion)

Where do you promote your product/service? Where do your ideal customers go to find information about your industry?

Marketing mix (place)

How do your customers find out about you? What strategies do you use and are they effective?

Segmentation (geographic differences)

Strategy used to target products/services at people who live in or shop at, a particular location. It works on the principle that people in that location have similar needs, wants and cultural considerations

Segmentation (demographic differences)

Strategy used to target products/services at people based on their age, education and gender

Segmentation (psychographic differences)

Strategy used to target products/services at people based on their attitudes, interests, personality, values, opinions and lifestyle of your target market