Marketing Planning
A grouping of potential customers by personal characteristics
What are demographics?
A grouping of potential customers by location.
What is Geographic segmentation?
A strategic framework that encompasses the four Ps: product, price, placement, and promotion
Marketing Mix
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?
How consumers act, including their spending habits and brand loyalty.
Behavioral Segmentation
This represents an item or service that's designed to satisfy customer needs and wants
Product
A concept in economics that describes the relationship between a product's change in quantity demanded and a price increase, expressed as a ratio.
Price Elasticity
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?
The lifestyle, values, interests, and attitudes of your buyers.
Psychographic Segmentation
Reflects what consumers are willing to pay for a product or service
Price
Businesses set prices based on the perceived value that their service or product offers to consumers
Value-Based Pricing
Helps businesses increase online visibility and brand awareness.
Digital Marketing
A marketing strategy where a company sets an initial price low to quickly attract customers and gain market share from competitors
Penetration Pricing
A specific age group, income level, gender, occupation, and education level
Demographic Segmentation
Where consumers and customers can reliably access the product or service.
Placement
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?
When too many companies are competing, a customer's attention
Oversaturation
A group of consumers who may buy the product, but they re not the main focus of a company's marketing
Secondary Target Market
The process of dividing a market into distinct groups of consumers with similar needs, characteristics, or behaviors.
What is segmentation?
Activities might include advertising, sales promotion, personal selling, and public relations
Promotion
The strategy of setting product or service prices based on what competitors are charging
Competitive Pricing
The NUMBER of goods sold by a business in a set amount of time.
What is Volume?