The The Marketing Marketing PlanPlanChapter 2Chapter 2(Pages 26- 32, 37-(Pages 26- 32, 37-41)41)

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Geographics, Geographics, Demographics, Demographics, PsychographicsPsychographics

Name the three methods used to segment a market.

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What is our market share?What is our market share? What advantages do we What advantages do we

have?have? Are competitors taking our Are competitors taking our

business? business?

Name a question you might want to ask when evaluating your competitive positioning in a SWOT analysis

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Baby BoomersBaby Boomers

This generation currently controls the majority of the US wealth and is now approaching retirement age.

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Gender, Income, Marital Gender, Income, Marital Status, Ethnic Background, Status, Ethnic Background, Education, and OccupationEducation, and Occupation

Aside from age, name four types of general data that is collected when surveying a market’s demographics

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Disposable IncomeDisposable Income

All the money left after paying taxes

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CompetitorsCompetitors

Aside from the various Environmental Scans, what else should you evaluate as part of your external scan in a SWOT analysis

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New York and ChicagoNew York and Chicago

Name the two US cities that have the highest concentrations of African Americans

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DemographicsDemographics

______________ are statistics that describe a population in terms of personal characteristics

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Staff (Employee) Related Staff (Employee) Related QuestionsQuestions

Financial QuestionsFinancial Questions Production Capability Production Capability

QuestionsQuestions

Aside from questions about the marketing mix, name a type of question you might want to ask regarding your own company in a SWOT analysis.

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Generation XGeneration X

This generation has been bombarded with media from an early age and tends to very skeptical and savvy.

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PsychographicsPsychographics

This type of market segmentation involves the study of a market based on lifestyle, and the attitudes and values that shape it.

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California and FloridaCalifornia and Florida

Name the two US states that have the largest number of elderly people

JEOPARDYMillennialsMillennials

This generation grew up in a technology/computer age; can process information very quickly; and can at times become inattentive if something does not maintain their interest.

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Getting married olderGetting married older Divorcing moreDivorcing more Living longer (widowers)Living longer (widowers) Remarrying lessRemarrying less

Name 3 of the 4 reasons for the decline in the percent of married couples

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Discretionary IncomeDiscretionary Income

The money left after paying taxes, basic living necessities, such as food, shelter, and clothing.

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Generation XGeneration X

What term is used to describe people born between 1965 and 1974?

JEOPARDYCaucasiansCaucasians

What ethnic group makes up 71 percent of the U.S. population, but its percent of the population is projected to decline?

JEOPARDYDisposable IncomeDisposable Income

Would Farmlands Dairy (a producer of milk) be more focused on the disposable income or discretionary income of their target market?

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CompanyCompany CustomersCustomers Competitive positioningCompetitive positioning

What are the 3 C’s that comprise the internal scan of a SWOT analysis?

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Emphasis on health/exercise Emphasis on health/exercise Desire for more leisure timeDesire for more leisure time Desire to have more than the Desire to have more than the

prior generationprior generation

Name two of three lifestyle trends currently happening in the US.

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What ethnic group makes up 12 percent of the U.S. population, is not projected to increase its share of the US population, and spends about $400 billion annually?

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B. 50% (down from 80% B. 50% (down from 80% in the 1950’s)in the 1950’s)

Married couples account for about what percent of total households in the U.S. today?A. 30% C. 60%B. 50% D. 80%

JEOPARDYAsian AmericansAsian Americans

What ethnic group makes up 4 percent of the U.S. population and is projected to grow to 6 percent by 2025?

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Who is target market?Who is target market? What are buying habits?What are buying habits? How satisfied are our How satisfied are our

customers?customers?

Name a question you might want to ask regarding your customers in a SWOT analysis.

JEOPARDYHispanicsHispanics

What ethnic group makes up 12 percent of the U.S. population and is projected to grow to 18 percent by 2025?

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The Baby Boom The Baby Boom GenerationGeneration

What term is used to describe people born between 1946 and 1964?

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BET TV, Telemundo TV, BET TV, Telemundo TV, SinoVision Spanish radio SinoVision Spanish radio stations, Korean radio stations, stations, Korean radio stations, Black Enterprise Magazine, El Black Enterprise Magazine, El Dario newspaperDario newspaper

Name three media outlets that target specific ethnic groups?

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Internal looks at factors Internal looks at factors within the company, within the company, while external looks while external looks outside the companyoutside the company

When doing a SWOT, what is the difference between an internal and an external scan?

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Married couples with children account for about what percent of total households in the U.S. today?A. 15% C. 35%B. 25% D. 50%

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UpscalingUpscaling

That desire to have a better quality of life than the prior generation is known as:_____________

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GeographicsGeographics

This refers to the segmentation of a market based on where people live.

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Local, regional and Local, regional and nationalnational

Aside from global, name 3 other levels of geographic segmentation.

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Los Angeles, New York, Miami, Los Angeles, New York, Miami, Chicago, and HoustonChicago, and Houston

Name two of the five US cities that have the highest concentrations of Hispanics/Latinos

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Psychographic Data Psychographic Data (Scouting Enthusiasts) (Scouting Enthusiasts)

The New Jersey Nets send a mailing to all Boy/Girl Scout leaders inviting them to purchase a group sales package for their troop to an upcoming “Scout Night At The Nets.” This mailing list was developed by the Nets based on what type of market segmentation data?

JEOPARDYDemographic Date (Age)Demographic Date (Age)

Insurance advertises its life insurance products in AARP Magazine, a magazine targeted to the elderly/retired individuals. What is the basis of their market segmentation?

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Many businesses find Many businesses find that 20% of their that 20% of their customers generate customers generate 80% of their sales80% of their sales

What is the 80/20 Rule?

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Mass MarketingMass Marketing

What type of marketing plan involves a single marketing plan to reach all customers?

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Millennials (Gen Y)Millennials (Gen Y)

What term is used to describe people born between 1975 and 1997?

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Market Segmentation Market Segmentation (or Niche marketing)(or Niche marketing)

Using different marketing strategies based on demographics, psychographics, and geographics

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Can a point such as level of customer satisfaction be a strength for one company and a weakness for another company? Yes!Yes!

Let’s Play Let’s Play Final Final JeopardyJeopardy

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What is an Environmental Scan? Name the 4 types of Environmental Scans and provide an example of each.

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AnswerEnvironmental Scan – Outside influences that could impact companyPolitical Influences (change in

laws)Economic Influences

(recession)Socio-Cultural Influences

(obesity)Technological Influences

(digital photography)