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.