Target Market, Value Proposition, & Pricing
This is what a target market is.
The customer group to which a company markets its products and/or services
This is what primary data is
Information collected directly by a business through surveys, interviews, or experiments
Social Media
This overview, used since not everyone will read an entire marketing plan, is the first part of any marketing plan
Executive Summary
This is how a business sells its products and services to a customer, and the 2 forms it can take
Sales Channel - Physical & Digital
This is what a value proposition is
A statement that explains why customers should choose your product or service over others
This is what secondary data is
Information gathered by someone else, like articles, databases, or government statistics
This marketing platform/method involves materials sent via personalized ads and newsletters, usually subscription based.
Email Marketing
These are the 4 P's of a marketing plan
Product, Price, Place, Promotion
The process of cultivating and maintaining ongoing, positive interactions for customers.
Customer Service
This pricing method is where there are lower prices in the beginning, but then revert to its normal price
Penetration Pricing
This is what SWOT stands for, and what type of factor each one identifies
Strengths (Internal), Weaknesses (Internal), Opportunities (Eternal), Threats (External)
A traditional marketing method where customers recieve tangible promotional material such as coupons.
Mail Marketing
This is often the final part of a marketing plan, and outlines how much you have to spend on marketing costs, and how you plan on spending that money.
Budget
What does handling objections mean in the sales process?
Addressing customer concerns or questions that might prevent a sale.
This pricing method is where you calculate the cost of a product/service, then add a "markup" percentage
Cost-Plus Pricing
The two forms of competition, and what each one means
Direct - businesses that sell the same products or services as your own
Indirect - businesses that sell different products and services than yours, but can satisfy the same need.
This marketing method is accomplished by companies using specific technical elements to ensure that search engine crawlers easily find and index the content.
Search Engine Optimization (SEO)
This part of a marketing plan includes basic business information (location, ownership, market position) mission statement, & core values.
Business Description
Identifying your potential customers is in what stage of the sales process?
Prospecting
A local smoothie shop finds out a national chain sells similar smoothies for less. Instead of lowering prices, they promote locally sourced ingredients and community impact. What type of pricing strategy are they using?
Value Based Pricing
During a SWOT analysis, a business identifies “rising raw material costs” and “strong management.” What type of factors are these, and where do they fit in a SWOT analysis?
strong management - internal, strength
These are 4 forms of data given to companies by outside sources, and what each one is about.
Behavioral - buying habits
Geographic - location
Demographic - age, gender, income
Psychographic - values, personality traits, motivations
This part of a marketing plan outlines how the products and services will be sold and delivered to customers.
Delivery Plan
These are the 7 steps of the sales process
(P, P, A, P, O, C, F)
Prospecting, Preparation, Approach, Presentation, Objection, Closing, Follow-Up