Section 2.1 Marketing Planning Chapter 2 the marketing plan Section 2.2 Market Segmentation.
-
Upload
verity-chambers -
Category
Documents
-
view
254 -
download
2
Transcript of 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?
Sec
tio
n 2
.1
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.
Sec
tio
n 2
.1
Marketing Planning
A company looks at _____________and
the world around it to ___________a
marketing plan for reaching goals.
Sec
tio
n 2
.1
Marketing Planning
• SWOT analysis
• PEST analysis
• marketing plan
• executive summary
• situation analysis
• marketing strategy
• sales forecasts
• performance standard
Sec
tio
n 2
.1
Marketing Planning
Marketing Planning
Sec
tio
n 2
.1Marketing Plan
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
Sec
tio
n 2
.1
SWOT Analysis
Sec
tio
n 2
.1
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.
Sec
tio
n 2
.1
Internal Strengths and Weaknesses
Marketing Planning
CompanyAnalysis
Company __________
Financial__________
ProductionCapabilities
Sec
tio
n 2
.1
Marketing Planning
Internal Strengths and Weaknesses
Sec
tio
n 2
.1
Marketing Planning
Internal Strengths and Weaknesses
Sec
tio
n 2
.1
Marketing Planning
Internal Strengths and Weaknesses
Sec
tio
n 2
.1
Marketing Planning
Internal Strengths and Weaknesses
.
Sec
tio
n 2
.1
Marketing Planning
Internal Strengths and Weaknesses
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?
Sec
tio
n 2
.1
Internal Strengths and Weaknesses
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?
Sec
tio
n 2
.1
Internal Strengths and Weaknesses
Marketing Planning
Sec
tio
n 2
.1
Internal Strengths and Weaknesses
Marketing Planning
Four Factors of a
PEST Analysis
_____________
Economic
Socio-Cultural
________________PEST analysis
___________of outside influences on an organization.
Sec
tio
n 2
.1
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 __________________
Sec
tio
n 2
.1
PEST Analysis
Marketing Planning
Sec
tio
n 2
.1
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.
Sec
tio
n 2
.1
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
Sec
tio
n 2
.1
Writing a Marketing Plan
Marketing Planning
Sec
tio
n 2
.1
Writing a Marketing Plan
Marketing Planning
Useful Objectives
Single-Minded ___________
___________ Time Framed
Sec
tio
n 2
.1
Writing a Marketing Plan
Marketing Planning
Marketing Plan Objectives
Sec
tio
n 2
.1
Writing a Marketing Plan
Marketing Planning
Key Point Differences
The quality ofthe product
A superiordistributionsystem
A morecompetitive pricingstructure
A more creativead campaign
Marketing Planning
Sec
tio
n 2
.1
Writing a Marketing Plan
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
Sec
tio
n 2
.1
Writing a Marketing Plan
performance standard
An ___________________for performance that reflects the plan’s objectives.
Performance standards help assess
Marketing _____________
Financial Objectives
Marketing Mix Strategies
Marketing Planning
Sec
tio
n 2
.1
Writing a Marketing Plan
Marketing Planning
Sec
tio
n 2
.1
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
Sec
tio
n 2
.1
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
Sec
tio
n 2
.1
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
Sec
tio
n 2
.2
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
Sec
tio
n 2
.2
• Explain the concept of market ___________________.
• Analyze a target ________________.
• Differentiate between mass marketing and market segmentation.
Market Segmentation
Sec
tio
n 2
.2
The key to ________________is to know your
customer or target market. Market
segmentation helps identify the target market.
Market Segmentation
Sec
tio
n 2
.2• market segmentation
• demographics
• disposable income
• discretionary income
• geographics
• psychographics
• mass marketing
Market Segmentation
Sec
tio
n 2
.2
Market Segmentation
Sec
tio
n 2
.2
Identifying and Analyzing Markets
Market Segmentation
_______ _______
DesiredFeatures
market segmentation
The process of __________________ people who form a given market into even smaller groups.
Market Segmentation
Sec
tio
n 2
.2
Identifying and Analyzing Markets
Government________
Private_________
TradeAssociations
CompanyResearch
A company gathers data from multiple ________.
Market Segmentation
Sec
tio
n 2
.2
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
Sec
tio
n 2
.2
Types of Segmentation
Labels Used to Segment by Generation
Baby Boom _____________ Generation ___ Generation ___
Market Segmentation
Sec
tio
n 2
.2
Types of Segmentation
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
Types of Segmentation
Demographics Psychographics+ = ComprehensiveCustomer Profile
Sec
tio
n 2
.2
+ Geographics
geographics
Segmentation of the ______________based on where people _______________.
Market Segmentation
Types of Segmentation
Sec
tio
n 2
.2
Market Segmentation
Types of Segmentation
Changing __________
Personal_____________
+ = Attitudes andOpinions
Sec
tio
n 2
.2
Market Segmentation
Types of Segmentation
80 percent of a company’s ________...
are generated by 20 percent of its ____________customers
Sec
tio
n 2
.2
Market Segmentation
Mass Marketing Vs. Segmentation
Sec
tio
n 2
.2Mass Marketing
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
Sec
tio
n 2
.2Niche Marketing
Advantages Disadvantage
• Extremely precise
• ____________chance forsuccess
• __________– Research
– Production
– Packaging
– Advertising
Market Segmentation
Sec
tio
n 2
.2
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
Sec
tio
n 2
.2
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
Sec
tio
n 2
.2
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.