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IBBusinessDPBusiness ManagementHLFlashcards4. Marketing4.2 Marketing Planning

4.2 Marketing Planning (DP IB Business Management)

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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.

Previous:4.1 Introduction to MarketingNext:4.3 Sales Forecasting

    1. Topic 1

      1.1 What is a Business?

    2. Topic 2

      1.2 Types of Business Entities

    3. Topic 3

      1.3 Business Objectives

    4. Topic 4

      1.4 Stakeholders

    5. Topic 5

      1.5 Growth & Evolution

    6. Topic 6

      1.6 Multinational Companies (MNCs)

    1. Topic 1

      2.1 Introduction to Human Resource Management

    2. Topic 2

      2.2 Organisational Structure

    3. Topic 3

      2.3 Leadership & Management

    4. Topic 4

      2.4 Motivation & Demotivation

    5. Topic 5

      2.5 Organisational (Corporate) Culture

    6. Topic 6

      2.6 Communication

    7. Topic 7

      2.7 Industrial Relations

    1. Topic 1

      3.1 Introduction to Finance

    2. Topic 2

      3.2 Sources of Finance

    3. Topic 3

      3.3 Costs & Revenues

    4. Topic 4

      3.4 Final Accounts

    5. Topic 5

      3.5 Profitability & Liquidity Ratio Analysis

    6. Topic 6

      3.6 Efficiency Ratio Analysis

    7. Topic 7

      3.7 Cash Flow

    8. Topic 8

      3.8 Investment Appraisal

    9. Topic 9

      3.9 Budgets

    1. Topic 1

      4.1 Introduction to Marketing

    2. Topic 2

      4.2 Marketing Planning

    3. Topic 3

      4.3 Sales Forecasting

    4. Topic 4

      4.4 Market Research

    5. Topic 5

      4.5 The Marketing Mix (7 P's)

    6. Topic 6

      4.6 International Marketing

    1. Topic 1

      5.1 Introduction to Operations Management

    2. Topic 2

      5.2 Operations Methods

    3. Topic 3

      5.3 Lean Production & Quality Management

    4. Topic 4

      5.4 Location

    5. Topic 5

      5.5 Break-Even Analysis

    6. Topic 6

      5.6 Production Planning

    7. Topic 7

      5.7 Crisis Management & Contingency Planning

    8. Topic 8

      5.8 Research & Development (R&D)

    9. Topic 9

      5.9 Management Information Systems

    1. Topic 1

      6.1 The Business Management Toolkit