What is marketing planning?
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What is marketing planning?
Marketing planning is the formulation of marketing strategies and tactics that will help a business achieve its marketing objectives.
True or False?
A marketing plan typically includes resources, research, and the marketing mix.
True.
A marketing plan typically includes resources, research, and the marketing mix.
What are the four key elements of a marketing plan?
The four key elements of a marketing plan are:
Marketing objectives
Resources
Market research
The marketing mix.
Define the term market positioning.
Market positioning involves deciding where to position a product in the market with regard to price, quality, branding, and customer perception.
What is a market map?
A market map is a two-dimensional diagram that shows the characteristics of a product in comparison to rivals' products.
True or False?
Market maps can only show one criterion at a time.
False.
Market maps can show two criteria at a time.
What is a saturated market?
A saturated market is one that has no opportunities to exploit a market niche as it is crowded with rivals.
What is market segmentation?
Market segmentation is the division of a single market into sub-markets or 'segments', each representing a slightly different set of consumer characteristics.
What is a target market?
A target market is one or more market segments at which a product or service is primarily aimed.
True or False?
Demographic segmentation includes factors like age and income.
True.
Demographic segmentation includes factors like age and income.
What is psychographic segmentation?
Psychographic segmentation is dividing the market based on consumer lifestyle, personality traits and values.
True or False?
Market segmentation is always less expensive than marketing to wide market segments.
False.
Market segmentation requires detailed market research, which can prove costly.
Define the term geographic segmentation.
Geographic segmentation is dividing the market based on location or region.
What is meant by the term unique selling point?
A unique selling point is a distinguishing characteristic of a product, service or brand that sets it apart from its competitors.
Define the term product differentiation.
Product differentiation occurs when a business distinguishes its products from those of rivals by creating functions or features that help it stand out.
True or False?
A strong USP can justify charging higher prices for products.
True.
A strong USP can justify charging higher prices for products.
State two reasons why businesses develop a unique selling point.
Reasons why businesses develop a USP include:
Develop a brand identity
Achieve a competitive advantage over rivals
Communication effectively with customers
Attract and retain customers
Achieve power over pricing
Encourage innovation
What is tangible product differentiation?
Tangible product differentiation is clearly visible differentiation in the functions or features of a product.
True or False?
Patents and copyrights are examples of unique selling points.
True.
Patents and copyrights are examples of unique selling points.
True or False?
Product customisation is a method of product differentiation.
True.
Product customisation is a method of product differentiation.
How does a strong USP contribute to innovation?
A strong USP encourages businesses to continuously improve their products, explore new ideas and adapt to changing customer needs and preferences.