IBDP Business Management 4.2 Marketing planning

Consumer profiles

They are consumer profiles are the demographic and psychographic characteristics of consumers in different markets, such as their age, gender, occupation or income level.

Differentiation

It is the art of distinguishing a business or its products from rivals in the industry. It tries to create the perception among customers that the organization's product is

different (unique or special) compared to substitute products in the market.

Market segmentation

It is the process of categorizing customers into distinct groups with similar characteristics (such as age or

gender) and similar wants or needs.

marketing audit

It is a review of the current position of an organization's marketing mix, in terms of its strengths and weaknesses and consideration of opportunities and threats.

Marketing objectives

They are the targets that the marketing department wishes to achieve, such as sales growth or increased market share.

marketing plan

It is a document outlining an organization's marketing objectives and the marketing strategies to be used to

achieve these objectives.

Marketing planning

It is a systematic process of devising marketing objectives and appropriate marketing strategies to achieve these goals.

market segment

It refers to a distinct group of customers with similar characteristics (such as age or gender) and similar wants

or needs.

Marketing strategies

They are the various long-term actions taken by a business to achieve its marketing goals.

Mass marketing

It refers to undifferentiated marketing. This marketing strategy ignores targeting individual market segments.

Niche marketing

It targets a specific and well-defined market segment, such as high-end speciality goods.

product position map (or perception map)

It is a visual tool that reveals customer perceptions of a product or brand in relation to others in the market, oſten by comparing perceptions about price and quality.

Repositioning

It is a marketing strategy that involves changing the market's perception of a firm's product or brand in

comparison to rival businesses.

Segmentation

It is the process of categorising customers into distinct groups of people with similar characteristics and buying habits for market research and targeting purposes.

Segmentation can be done by using demographic, geographic and psychographic factors.

target market

It refers to a clearly identifiable group of customers that marketers choose to focus their efforts on, such as children, adults, men or women for a particular product.

Targeting

It refers to each distinctive market segment having its own specific marketing mix, depending on whether the business operates in niche or mass markets.

Unique selling point (or unique selling proposition)

It refers to any aspect of a good or service that makes it stand out (in a positive way) from those offered by competitors.