Unit 1_ Chapter 2_ the Marketing Plan

5/27/2018 Unit 1_ Chapter 2_ the Marketing Plan

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Section 2.1Marketing Planning

Chapter 2

the marketing plan

Section 2.2Market Segmentation


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CONNECT Suppose you had to market yourself

as a student. What are your strengths?

Section

2.1

Marketing Planning


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Learnhow to conduct a SWOT analysis.

Listthe three key areas of an internal company analysis.

Identifythe factors in a PEST analysis.

Explainthe basic elements of a marketing plan.

Section

2.1

Marketing Planning


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A company looks at itself and the world

around it to create a marketing plan for

reaching goals.

Section

2.1

Marketing Planning


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SWOT analysis

PEST analysis

marketing plan

executive summary

situation analysis

marketing strategy

sales forecasts

performance standard

Section

2.1

Marketing Planning


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Marketing PlanningSection

2.1

Marketing Plan


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2.1

Marketing Plan


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Marketing Planning

SWOT analysis

An assessment of a companys strengthsand weaknesses and the opportunities andthreats that surround it; SWOT: strengths,weaknesses, opportunities, threats.

SWOTAnalysis

prepares a company for

competition or a changing

marketplace

provides guidance and

direction for future

marketing strategies

Section

2.1

SWOT Analysis


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Section

2.1

SWOT Analysis

Marketing Planning


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The three Cs of

internal analysis

C

CC

ompany

ustomers

ompetition

Strengths and weaknesses

are internal factors that affect

a businesss operation.

Section

2.1

Internal Strengths and Weaknesses

Marketing Planning


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Company

Analysis

Company Staff

Financial

Situation

Production

Capabilities

Section

2.1

Marketing Planning



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Section

2.1

Marketing Planning



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Section

2.1

Marketing Planning



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Section

2.1

Marketing Planning



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Section

2.1

Marketing Planning



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Section

2.1

Marketing Planning


.


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Section

2.1

Marketing Planning


.


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Section

2.1

Marketing Planning



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Section

2.1

Marketing Planning


.


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What do customer

surveys and

customer interviews

reveal?

Who are the customers?

How do groups of customers differ

from one another?

What, when, where, and how much

do they buy?

How do customers rate the company

on quality, service, and value?

Is your customer base increasing or

decreasing? Why?

Section

2.1


Marketing Planning


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Questions that help a

company analyze its

internal competitive

position:

What is the companys market share?

What advantages does the company

have over its competitors?

What core competencies does the

company possess?

Are competitors taking business

away? Why?

Section

2.1


Marketing Planning


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Section

2.1


Marketing Planning

1


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Four Factors

of a

PEST Analysis

Political

Economic

Socio-Cultural

TechnologicalPEST analysis

Scanning of outside influenceson an organization.

Section

2.1

PEST Analysis

Marketing Planning

1


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Political

IssuesGovernment affects business operations

EconomicIssues

Socio-Cultural

Factors

Technology

Recession Unemployment

Currency Rates

Import Pricing Trade Restrictions

Changes in attitudes, lifestyles, and

opinions provide opportunities and threats

Companies must embrace technology and

innovate to stay competitive

Section

2.1

PEST Analysis

Marketing Planning

1


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Section

2.1

PEST Analysis

Marketing Planning

Economic Factors

1


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Section

2.1

PEST Analysis

Marketing Planning

Economic Factors

1


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Marketers create a marketing plan to

communicate aspects such as:

Analysis and Research

Goals

Objectives

Strategies

marketing Plan

A formal writtendocument that directs acompanys activities for a

specific period of time.

Section

2.1

Writing a Marketing Plan

Marketing Planning

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Elements

of a

Marketing Plan

Executive

Summary

Situation

Analysis

Objectives

Marketing

Strategies

Implementation

Evaluation

and Control

executive summary

A brief overview of theentire marketing plan.

situation analysis

The study of the internaland external factors thataffect marketing strategies

marketing strategies

Strategy that identifiestarget markets and setsmarketing mix choices thatfocus on those markets

Section

2.


Marketing Planning

1


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Section

2.


Marketing Planning

Useful Objectives

Single-Minded Specific

Measurable Time Framed

1


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Section

2.


Marketing Planning

Marketing Plan Objectives

1


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Section

2.


Marketing Planning

Marketing Plan Objectives

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Section

2.


Marketing Planning

Key Point

Differences

The quality of

the product

A superior

distributionsystem

A more

competitive pricing

structure

A more creativead campaign

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2.


Implementation

Schedule of activities

Job assignments

Sales forecasts

Budgets

Details of each activity

Who is responsible for each activity

sales forecasts

The projection ofprobable, future sales inunits or dollars.

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2


performance standard

An expectation for performance thatreflects the plans objectives.

Performance standards

help assess

Marketing Objectives

Financial Objectives

Marketing Mix Strategies

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2


2.1


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2


2.1


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2

Explainthe 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: internal strengths

weaknesses

external opportunities

threats

The results of a SWOT analysis are reported inthe situational analysis of a marketing plan.

2.1


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2

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 competition

environmental scan of political issues

economic factors

socio-cultural factors

technological changes

An accurate analysis of those factors helps a company prepare for

threats such as competition or a changing marketplace.

2.1


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2

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: planning

implementation

control

The marketing audit at the end of the process evaluates a companys

marketing objectives, strategies, budgets, organization, andperformance. It identifies problem areas in marketing operations.

A marketing audit is done on a formal basis once a year and on an

informal basis continuously.

2.2


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Market SegmentationSection

2

CONNECT Think of all the ways a marketer

might describe you as a consumer. Begin with

your age and gender, then get more specificabout your shopping and requirements.

2.2


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2

Explainthe concept of market segmentation.

Analyzea target market.

Differentiatebetween mass marketing and market segmentation.

2.2


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2

The key to marketing is to know your customer

or target market. Market segmentation helps

identify the target market.

2.2


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2

market segmentation

demographics

disposable income discretionary income

geographics

psychographics

mass marketing

2.2


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2

2.2


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2.2


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Identifying and Analyzing Markets

Market Segmentation

Age Price

DesiredFeatures

market segmentation

The process of classifying peoplewho form a given market into evensmaller groups.

2.2


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Identifying and Analyzing Markets

Government

Data

Private

Research

Trade

Associations

Company

Research

A company gathers data

from multiple sources.

2.2


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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 describe a population interms of personal characteristics such asage, gender, income, marital status, andethnic background.

psychographic

Grouping people with similarattitudes, interests, and opinions, aswell as lifestyles and shared values.

2.2


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Labels Used to Segment by Generation

Baby Boom

GenerationGeneration X Generation Y

2.2


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Income

Disposable

Income

Discretionary

Income

disposable Income

Money left after takingout taxes.

discretionary income

Money left after paying for basicliving necessities such as food,shelter, and clothing.

2.2


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Market Segmentation


Demographics Psychographics+ = ComprehensiveCustomer Profile

Section

+ Geographics

geographics

Segmentation of the marketbased on where people live.

2.2


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Market Segmentation


Section

n

2.2


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Market Segmentation


Section

n

2.2


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Market Segmentation


Changing Times PersonalExperiences+ = Attitudes andOpinions

Section

M k S in

2.2


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Market Segmentation


80 percent of a

companys sales...

are generated by 20 percent

of its loyal customers

Section

M k t S t tin

2.2


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Market Segmentation

Mass Marketing Vs. Segmentation

Section

Mass Marketing

Advantages Disadvantage

mass marketing

Using a single marketing strategy to reachall customers.

Economics of scale Simplified marketing plan

Competitors can identifyunmet needs and wants

and then steal customers

M k t S t tin

2.2


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Market Segmentation

Mass Marketing Vs. Segmentation

Section

Niche Marketing

Advantages Disadvantage

Extremely precise Increased chance for

success

Cost Research Production

Packaging

Advertising

M k t S t tin

2.2


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Explainhow much segmentation can help a company

increase its market share.

Section 2.2

1.

Market segmentation allows a company to more accurately

target potential customers, thereby taking customers away

from competitors who may not have done as good a job of

meeting the needs of the targeted market segment.

M k t S t tin

2.2


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Definethe four factors that are used to describe a target market.

Section 2.2

2.

Four factors used to describe a target market are

demographics, geographics, psychographics, and behavioral

characteristics.

M k t S t tin

2.2


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Listthe advantages and disadvantages of niche marketing.

Section 2.2

3.

An advantage of niche marketing is that it narrows and defines a

market with extreme precision, thereby increasing the chances of

success. A disadvantage is that niche marketing is expensive.Because the market is relatively small, niche marketing does not

result in the economies of scale that can be obtained in mass

marketing. Research is required to identify target markets and

develop different marketing strategies.


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Section 2.1Marketing Planning

Chapter 2

the marketing plan

Section 2.2

Market Segmentation

End of

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Unit 1_ Chapter 2_ the Marketing Plan

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