Section 2.1 Marketing Planning Chapter 2 the marketing plan Section 2.2 Market Segmentation.

Section 2.1Marketing Planning

Chapter 2

the marketing plan

Section 2.2Market Segmentation

CONNECT Suppose you had to market yourself as a student. What are your strengths?

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Marketing Planning

• Learn how to conduct a ________________analysis.

• List the ________key areas of an internal company analysis.

• Identify the factors in a _____________analysis.

• Explain the basic elements of a _______________ plan.

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Marketing Planning

A company looks at _____________and

the world around it to ___________a

marketing plan for reaching goals.

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Marketing Planning

• SWOT analysis

• PEST analysis

• marketing plan

• executive summary

• situation analysis

• marketing strategy

• sales forecasts

• performance standard

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Marketing Planning

Marketing Planning

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Marketing Planning

SWOT analysis

An ____________of a company’s strengths and _______________and the opportunities and threats that surround it; SWOT: strengths, weaknesses, opportunities, threats.

SWOT Analysis

prepares a company for ____________or a changing marketplace

provides _____________ and direction for future marketing strategies

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SWOT Analysis

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SWOT Analysis

Marketing Planning

The three C’s of internal analysis

C

CC

ompany

ustomers

ompetition

Strengths and weaknessesare __________factors that affect a business’s operation.

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Internal Strengths and Weaknesses

Marketing Planning

CompanyAnalysis

Company __________

Financial__________

ProductionCapabilities

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Marketing Planning


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.

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What do customer surveys andcustomer interviews reveal?

Who are the _____________?

How do groups of customers _________from one another?

What, when, where, and how much do they ______________?

How do customers rate the company on quality, service, and value?

Is your customer base increasing or decreasing? Why?

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Marketing Planning

Questions that help a company analyze its internal competitive position:

What is the company’s market ___________?

What advantages does the company have over its _________________?

What core __________________ does the company possess?

Are competitors taking business away? Why?

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Marketing Planning

Four Factors of a

PEST Analysis

_____________

Economic

Socio-Cultural

________________PEST analysis

___________of outside influences on an organization.

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PEST Analysis

Marketing Planning

PoliticalIssues

____________ affects business operations

EconomicIssues

Socio-Cultural Factors

Technology

• Recession• ______________• Currency Rates

• Import Pricing• Trade Restrictions

Changes in attitudes, lifestyles, and opinions provide opportunities and threats

Companies must embrace technology and innovate to stay __________________

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PEST Analysis

Marketing Planning

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PEST Analysis

Marketing Planning

Economic Factors

Marketers create a marketing plan to communicate aspects such as:

Analysis and Research

_____________________

Objectives

____________________

marketing Plan

A __________written document that directs a company’s _____________for a specific period of time.

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Writing a Marketing Plan

Marketing Planning

Elements of a

Marketing Plan

ExecutiveSummary

SituationAnalysis

Objectives

MarketingStrategies

______________

Evaluation and ___________

executive summary

A __________ overview of the entire marketing plan.

situation analysis

The study of the _________and __________factors that affect marketing strategies

marketing strategies

Strategy that ___________ target markets and sets marketing mix choices that focus on those markets

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Useful Objectives

Single-Minded ___________

___________ Time Framed

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Marketing Plan Objectives

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Marketing Planning

Key Point Differences

The quality ofthe product

A superiordistributionsystem

A morecompetitive pricingstructure

A more creativead campaign

Marketing Planning

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Implementation

Schedule of activities

_________assignments

Sales forecasts

___________________

Details of each ______________

Who is responsible for each activity

sales forecasts

The _____________of probable, future sales in units or dollars.

Marketing Planning

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performance standard

An ___________________for performance that reflects the plan’s objectives.

Performance standards help assess

Marketing _____________

Financial Objectives

Marketing Mix Strategies

Marketing Planning

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Marketing Planning

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Explain the four aspects of a SWOT analysis and tell how it fits into a marketing plan.

Section 2.1

1.

Four aspects of a SWOT analysis:

The results of a SWOT analysis are

Marketing Planning

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List the four areas that are investigated in PEST analysis and explain why the knowledge gained can be valuable to a company.

Section 2.1

2.

External threats and opportunities include

An accurate analysis of those factors helps a company

Marketing Planning

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Describe how the marketing mix relates to the implementation of a marketing plan.

Section 2.1

3.

The marketing process keeps going through three phases:

The marketing audit at the end of the process evaluates a company’s

Market Segmentation

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CONNECT Think of all the ways a marketer might describe you as a consumer. Begin with your age and gender, then get more specific about your shopping and requirements.

Market Segmentation

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• Explain the concept of market ___________________.

• Analyze a target ________________.

• Differentiate between mass marketing and market segmentation.

Market Segmentation

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The key to ________________is to know your

customer or target market. Market

segmentation helps identify the target market.

Market Segmentation

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• demographics

• disposable income

• discretionary income

• geographics

• psychographics

• mass marketing

Market Segmentation

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Market Segmentation

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Identifying and Analyzing Markets

Market Segmentation

_______ _______

DesiredFeatures

market segmentation

The process of __________________ people who form a given market into even smaller groups.

Market Segmentation

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Identifying and Analyzing Markets

Government________

Private_________

TradeAssociations

CompanyResearch

A company gathers data from multiple ________.

Market Segmentation

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Types of Segmentation

Demographic Geographic Psychographic Behavioral

Age

Gender

Income

Marital status

Ethnic background

Local

State

Regional

National

Global

Attitudes

Opinions

Interests

Activities

Personality

Values

Shopping Patterns

Decision-making process

demographic

Statistics that ___________a population in terms of personal characteristics such as age, gender, income, marital status, and ethnic background.

psychographic

Grouping _________with similar attitudes, interests, and opinions, as well as lifestyles and shared values.

Market Segmentation

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Labels Used to Segment by Generation

Baby Boom _____________ Generation ___ Generation ___

Market Segmentation

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Income

DisposableIncome

DiscretionaryIncome

disposable Income

Money _______after taking out taxes.

discretionary income

Money left after _______for basic living ________________such as food, shelter, and clothing.

Market Segmentation


Demographics Psychographics+ = ComprehensiveCustomer Profile

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+ Geographics

geographics

Segmentation of the ______________based on where people _______________.

Market Segmentation


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Market Segmentation


Changing __________

Personal_____________

+ = Attitudes andOpinions

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Market Segmentation


80 percent of a company’s ________...

are generated by 20 percent of its ____________customers

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Market Segmentation

Mass Marketing Vs. Segmentation

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Advantages Disadvantage

mass marketing

Using a __________marketing strategy to reach all customers.

• ____________of scale

• Simplified marketing plan

• Competitors can ________unmet needs and wantsand then steal customers

Market Segmentation

Mass Marketing Vs. Segmentation

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Advantages Disadvantage

• Extremely precise

• ____________chance forsuccess

• __________– Research

– Production

– Packaging

– Advertising

Market Segmentation

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Explain how much segmentation can help a company increase its market share.

Section 2.2

1.

Market segmentation allows a company to more accurately target

Market Segmentation

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Define the four factors that are used to describe a target market.

Section 2.2

2.

Four factors used to describe a target market are

Market Segmentation

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List the advantages and disadvantages of niche marketing.

Section 2.2

3.

An advantage of niche marketing is that it narrows and defines a ____________with extreme _____________, thereby increasing the chances of _______________. A disadvantage is that niche marketing is expensive. Because the market is relatively small, niche marketing does not result in the _____________of scale that can be obtained in mass marketing. Research is required to identify target markets and develop _____________marketing strategies.

Section 2.1 Marketing Planning Chapter 2 the marketing plan Section 2.2 Market Segmentation.

Documents

Transcript of Section 2.1 Marketing Planning Chapter 2 the marketing plan Section 2.2 Market Segmentation.