4.2 Marketing Planning

Objectives & strategies to achieve objectives.

Elements:

·      Objectives

·      Key strategic plans

·      Detailed marketing actions (tactics)

·      The marketing budgets.

4Ps-product, price (if the consumers can pay), promotion, and places.

Marketing Mix

Ensures that consumers’ needs and wants are adequately met.

1.     Market Segmentation

Demographic

Age gender, religion

Geographic

Regions of a country, climatic conditions

Psychographics

Social, economic, and values (religious/social)

Behavioral

 2.     Targeting

Target market: a group of consumers with common needs and wants.

Three main types

• Undifferentiated marketing: consume ALL the consumers in the market (mass marketing)

• Differentiated marketing (segmented marketing) 🚗 🚕 🚙

• Concentrated marketing or niche marketing 🚀 🛰 💍

3.     Positioning

How do businesses differentiate themselves from their competitors, how do the customers perceive the brand image?

Tool: position or perception map. (competitors in the same quadrant)

Importance:

• Helps to identify the closest customers.

• Identify existing opportunities.

The unique selling points.

To establish a firm’s competitive advantages

Customer loyalty