The Marketing Plan
Name any 3 parts of the marketing plan
Executive Summary, Situational Analysis (SWOT Analysis, PEST Analysis), Objectives, Mission Statement, Marketing Strategies (4 P's), Implementation, Evaluation
Name the internal factors of a SWOT Analysis
Strengths and Weaknesses
List 3 different characteristics of a demographic segmentation
Age, gender, ethnic background, income
a combination of four strategies used to market a product
What are the 4 Ps of Marketing?
The Artisan Pasta Company launched a new line of sauces inspired by traditional Italian recipes. How is the company segmenting its market?
What is demographic?
A formal written document which directs activities for a specific time.
What is the marketing plan?
Name the external factors of a SWOT Analysis
Opportunities and Threats
Information about where people live
What is geographic?
Bella's Bakery decided to promote its new business on Instagram and TikTok. What type of marketing decision was this?
What is promotion?
Name the 4 components of a PEST Analysis
Political, Economic, Socio-Cultural, Technological
Clearly defines WHO the customer is, and WHAT services, products and values the business intends to provide.
What is the Mission Statement?
Emerging markets and technological advancements fall under this category in SWOT.
What are opportunities?
Sports Illustrated wants to send catalogs to coaches, athletes, and other sport lovers. What market segmentation is this an example of?
What is psychographic?
This "P" focuses on the distribution channels used to deliver products to consumers or the determination of the location of the product
What is Place?
What is the purpose of a SWOT Analysis?
To evaluate the internal and external factors affecting a business
Brief overview of entire marketing plan
What is the Executive Summary?
Competitive rivalry and regulatory changes are types of these in SWOT.
What are threats?
What is the name of your generation?
Gen Z
In addition to the core function, this "P" includes design, features, branding, and quality of the product.
What is Product?
An example of discretionary income
A vacation to Disney World
This part of the marketing plan outlines specific, measurable goals that the marketing efforts aim to achieve.
What are marketing objectives?
A small coffee shop is struggling with low customer traffic but has a loyal local customer base. Based on a SWOT analysis, which action should the owner consider to improve business?
Launch a loyalty program
Separating large groups into smaller groups based on characteristics
What is Marketing Segmentation?
Another term for the 4P's of Marketing
What is Marketing Mix?
Money left after taking out taxes for basic needs
What is disposable income?