Marketing Planning
A grouping of potential customers by personal characteristics
What are demographics?
A grouping of potential customers by location.
What is Geographic segmentation?
Traces the stages of a product over its life.
What is the product life cycle?
The amount of $$$ received from sales of a product/business in a set amount of time.
What is Value?
The function of the business that is responsible for understanding customer needs and developing the right products, setting the right price, and distributing the products in the right way.
What is Marketing?
The group that company marketing is designed for
What is the Target Market?
A research method that relies on direct data collection, rather than relying on data that’s already been collected by someone else.
What is primary research?
Involves building the brand identity and values as well as communicating these to customers.
What is Brand Development?
The volume/value of sales that a company makes out of the total volume/value a market has sold.
What is Market Share?
Something “unique” about a product that alters customer perceptions. Differentiates product – attracts customers.
What is Unique Selling Proposition/Point?
A market strategy that splits the market into groups by similarities, making marketing more targeted
What is segmentation?
Open discussions in a small group led by a marketing specialist to gather detailed feedback on the marketing mix.
What are focus groups?
A Pricing technique where a business sets prices intentionally low to drive out competition
What is Predatory Pricing?
The rate of which a market is growing as a whole over a given period.
What is Market Growth?
Orientation that is inward-looking and focus is on what the business can produce. May be successful if limited competition or significant USP (Unique Selling Point). Hopes it fits customer requirements.
What is Product Orientation?
Marketing that focuses on a small market segment
What is Niche Marketing?
Target market grouping by thought process
What is Psychographic segmentation?
Tangible aspects of the process involved in the buying process.
What is Physical Evidence?
Calculated by dividing the total production costs by the number of units produced. Then, an additional amount is added which is called a “markup”
What is Cost plus pricing?
Targets set for marketing function.
What are Marketing Objectives?
A visual representation of how a company is perceived compared to competitors.
What is a positioning Map?
The process of dividing a market into distinct groups of consumers with similar needs, characteristics, or behaviors.
What is segmentation?
The Marketing Mix
What is Product, Price, Place, Promotion, People, Process, and Physical evidence?
Promotional activities that target a specific target group.
The NUMBER of goods sold by a business in a set amount of time.
What is Volume?