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Unit 4.2 –Marketing Planning

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1 Unit 4.2 –Marketing Planning

2 Goals of Chapter Explore the elements & Role of market planning
4 Ps of Marketing Explore marketing mix Target markets v. Market segments Niche market; mass market Production position/Perception Map Importance of USP (Unique Selling Point) How organizations stand out from competitors

3 Elements of a Marketing Plan
Marketing Objectives SMART Key Strategic Plans How will objectives be achieved Detailed Marketing Actions Information of specific activities to be carried out The Marketing Budget Finance required to fund the strategy

4 Role of Marketing Planning
Benefits of Marketing Planning Helps identify potential problems Setting SMART objectives improves chance of success Sharing with other depts. Improves coordination Devising a budget ensures resources aren’t wasted Plan could improve employee motivation Limitations May become outdated Process may consume considerable resources If objectives aren’t prioritized, meeting objectives is difficult

5 Marketing Mix – Four P’s
Product – what is being marketed Consumer’s interests must be considered Price – how much consumer is charged Setting can be difficult; many factors at play Promotion – Informing, reminding, persuading customers to buy Above-the-line & below-the-line promotions Place – Distribution channels used

6 What Else is Involved? People – customer relations
Attitude is everything Customers must be happy Process – methods used to give a good experience Physical evidence Packaging – how is the product presented?

7 Packaging Impact on customer perceptions
Acts as a form of differentiation Protects against damages Labeling provides information Makes distribution easier Encourages impulse buying Advertises the brand or business

8 An appropriate Marketing Mix
Ensure that consumers’ needs & wants are adequately met Message must be clear and focused To be effective: Well-coordinated Clear, focused and not abstract Consider the market Look at the competition product has Target the right consumer

9 Box 4.2b - Ethical Marketing
Ethics of Marketing Important principle that guides business behavior Example – Bait and Switch Advertising Misleading Tactics Health fraud Get rich quick schemes Product misrepresentation Unsubstantiated Claims Pester Power Confusion Marketing Box 4.2b - Ethical Marketing Look through examples?

10 Marketing Audit Systematic review of strengths & weaknesses of a firm.
Clarifies marketing opportunities Marketing objectives and strategies Existing products and brands Effectiveness of marketing activities Firm’s market share Competitor analysis Update on customer demographics

11 Marketing Objectives Maintain/increase market share Market leadership
Product positioning Consumer satisfaction Diversification Market development New product development Product innovation High market standing

12 Constraints on achieving
Finance Cost of production Size and status of firm Social issues Time lags Activities and reaction of competitors State of the economy Political and legal environment

13 Market Segmentation & Consumer Profiles
Segment – distinct group of customers How can a market be segmented? By Demographics Age; Gender; Religion; Family Characteristics; Ethnic grouping By Geographic – Regions in a country; Climatic conditions Psychographic Social & economic status; Values

14 Advantages of Segmentation
Helps businesses identify existing gaps and new opportunities Designing products for a specific group can increase sales Minimizes waste of resources By differentiating, diversification happens; risks are spread

15 Target Marketing Consumers w/common needs/wants Mass Marketing
Targets the entire market Consider common needs & wants of all Dell, Coca-Cola Segmented Marketing Targets several market segments& develops appropriate marketing mixes Niche Marketing Appeals to smaller and more specific market segments

16 Targeting Niche Marketing aka Concentration Marketing
Advantages - Better market focus; can charge higher prices; encourages customer loyalty Disadvantages – limits # of customers; small market size, no economies of scale Undifferentiated Marketing – Mass Marketing Advantages – huge economies of scale; no need to tailor for different segments; +++ customers Disadvantages – not suitable for all businesses; competition fierce; can be wasteful because not targeted

17 Consumer Profiles Information provided about a consumer’s characteristics Age, gender, status, income level, etc. Can include details about spending patterns Very important that firms know WHO their customers are. Allows them to target efficiently

18 Positioning Analyzing how consumers define or perceive a product
Consumers can be faced with information overload To simplify, consumers categorize products and position them

19 Importance of Position Maps
Visual representation of how consumers perceive a product in relation to other products Importance of a Position Map Helps determine competitors & threats Helps identify gaps or opportunities in the market Simple and quick way of presenting research data Helps a firm satisfy consumer needs & wants

20 Unique Selling Point (USP)
A feature that differentiate YOU from the competition A USP Helps establish a competitive advantage Leads to customer loyalty Examples page

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