Presentation on theme: "Chapter 2 the marketing plan Section 2.1 Marketing Planning"— Presentation transcript:
1 Chapter 2 the marketing plan Section 2.1 Marketing Planning Market Segmentation
2 Marketing PlanningSection 2.1CONNECT Suppose you had to market yourself as a student. What are your strengths?
3 Marketing Planning Learn how to conduct a ________________analysis. Section 2.1Learn how to conduct a ________________analysis.List the ________key areas of an internal company analysis.Identify the factors in a _____________analysis.Explain the basic elements of a _______________ plan.
4 Marketing PlanningSection 2.1A company looks at _____________and the world around it to ___________a marketing plan for reaching goals.
5 Marketing Planning SWOT analysis PEST analysis marketing plan Section 2.1SWOT analysisPEST analysismarketing planexecutive summarysituation analysismarketing strategysales forecastsperformance standard
7 SWOT Analysis Marketing Planning SWOT Analysis Section 2.1SWOT Analysisprepares a company for ____________or a changing marketplaceSWOTAnalysisprovides _____________ and direction for future marketing strategiesSWOT analysisAn ____________of a company’s strengths and _______________and the opportunities and threats that surround it; SWOT: strengths, weaknesses, opportunities, threats.
9 C C C ompany ustomers ompetition Marketing Planning Section 2.1Internal Strengths and WeaknessesThe three C’s of internal analysisCompanyStrengths and weaknesses are __________factors that affect a business’s operation.CustomersCompetition
10 Internal Strengths and Weaknesses Marketing PlanningSection 2.1Internal Strengths and WeaknessesCompany __________Company AnalysisProduction CapabilitiesFinancial __________
11 Internal Strengths and Weaknesses Marketing PlanningSection 2.1Internal Strengths and Weaknesses
12 Internal Strengths and Weaknesses Marketing PlanningSection 2.1Internal Strengths and Weaknesses
13 Internal Strengths and Weaknesses Marketing PlanningSection 2.1Internal Strengths and Weaknesses.
14 Internal Strengths and Weaknesses Marketing PlanningSection 2.1Internal Strengths and Weaknesses
15 Internal Strengths and Weaknesses Marketing PlanningSection 2.1Internal Strengths and WeaknessesWho are the _____________?How do groups of customers _________from one another?What do customer surveys and customer interviews reveal?What, when, where, and how much do they ______________?How do customers rate the company on quality, service, and value?Is your customer base increasing or decreasing? Why?
16 Internal Strengths and Weaknesses Marketing PlanningSection 2.1Internal Strengths and WeaknessesWhat is the company’s market ___________?Questions that help a company analyze its internal competitive position:What advantages does the company have over its _________________?What core __________________ does the company possess?Are competitors taking business away? Why?
17 Internal Strengths and Weaknesses Marketing PlanningSection 2.1Internal Strengths and Weaknesses
18 Four Factors of a PEST Analysis Marketing PlanningSection 2.1PEST Analysis_____________EconomicFour Factors of a PEST AnalysisSocio-Cultural________________PEST analysis___________of outside influences on an organization.
19 Socio-Cultural Factors Marketing PlanningSection 2.1PEST AnalysisPolitical Issues____________ affects business operationsRecession______________Currency RatesImport PricingTrade RestrictionsEconomic IssuesSocio-Cultural FactorsChanges in attitudes, lifestyles, and opinions provide opportunities and threatsTechnologyCompanies must embrace technology and innovate to stay __________________
21 Writing a Marketing Plan Marketing PlanningSection 2.1Writing a Marketing PlanMarketers create a marketing plan to communicate aspects such as:Analysis and Researchmarketing PlanA __________written document that directs a company’s _____________for a specific period of time._____________________Objectives____________________
22 Elements of a Marketing Plan Marketing PlanningSection 2.1Writing a Marketing PlanExecutive Summaryexecutive summaryA __________ overview of the entire marketing plan.Situation AnalysisElements of a Marketing Plansituation analysisThe study of the _________and __________factors that affect marketing strategiesObjectivesMarketing Strategies______________marketing strategiesStrategy that ___________ target markets and sets marketing mix choices that focus on those marketsEvaluation and ___________
23 Writing a Marketing Plan Marketing PlanningSection 2.1Writing a Marketing PlanSingle-Minded___________Useful Objectives___________Time Framed
24 Writing a Marketing Plan Marketing PlanningSection 2.1Writing a Marketing PlanMarketing Plan Objectives
25 The quality of the product Marketing PlanningSection 2.1Writing a Marketing PlanA superior distribution systemThe quality of the productKey Point DifferencesA more competitive pricing structureA more creative ad campaign
26 Writing a Marketing Plan Marketing PlanningSection 2.1Writing a Marketing PlanImplementationSchedule of activities_________assignmentssales forecastsThe _____________of probable, future sales in units or dollars.Sales forecasts___________________Details of each ______________Who is responsible for each activity
27 Writing a Marketing Plan Marketing PlanningSection 2.1Writing a Marketing PlanPerformance standards help assessMarketing _____________performance standardAn ___________________for performance that reflects the plan’s objectives.Financial ObjectivesMarketing Mix Strategies
28 Writing a Marketing Plan Marketing PlanningSection 2.1Writing a Marketing Plan
29 Marketing PlanningSection 2.1Section 2.11.Explain the four aspects of a SWOT analysis and tell how it fits into a marketing plan.Four aspects of a SWOT analysis:The results of a SWOT analysis are
30 Marketing PlanningSection 2.1Section 2.12.List the four areas that are investigated in PEST analysis and explain why the knowledge gained can be valuable to a company.External threats and opportunities includeAn accurate analysis of those factors helps a company
31 Marketing PlanningSection 2.1Section 2.13.Describe how the marketing mix relates to the implementation of a marketing plan.The marketing process keeps going through three phases:The marketing audit at the end of the process evaluates a company’s
32 Market SegmentationSection 2.2CONNECT Think of all the ways a marketer might describe you as a consumer. Begin with your age and gender, then get more specific about your shopping and requirements.
33 Market Segmentation Explain the concept of market ___________________. Section 2.2Explain the concept of market ___________________.Analyze a target ________________.Differentiate between mass marketing and market segmentation.
34 Market SegmentationSection 2.2The key to ________________is to know your customer or target market. Market segmentation helps identify the target market.
37 Identifying and Analyzing Markets Market SegmentationSection 2.2Identifying and Analyzing Markets______________market segmentationThe process of __________________ people who form a given market into even smaller groups.Market SegmentationDesired Features
38 A company gathers data from multiple ________. Market SegmentationSection 2.2Identifying and Analyzing MarketsGovernment ________Private _________Trade AssociationsCompany ResearchA company gathers data from multiple ________.
39 Market Segmentation Types of Segmentation Demographic Geographic Section 2.2Types of SegmentationDemographicGeographicPsychographicBehavioralAgeGenderIncomeMarital statusEthnic backgroundLocalStateRegionalNationalGlobalAttitudesOpinionsInterestsActivitiesPersonalityValuesShopping PatternsDecision- making processdemographicStatistics that ___________a population in terms of personal characteristics such as age, gender, income, marital status, and ethnic background.psychographicGrouping _________with similar attitudes, interests, and opinions, as well as lifestyles and shared values.
40 Labels Used to Segment by Generation Market SegmentationSection 2.2Types of SegmentationLabels Used to Segment by GenerationBaby Boom _____________Generation ___Generation ___
41 Market Segmentation Types of Segmentation Income Disposable Income Section 2.2Types of SegmentationIncomeDisposable IncomeDiscretionary Incomedisposable IncomeMoney _______after taking out taxes.discretionary incomeMoney left after _______for basic living ________________such as food, shelter, and clothing.
42 Comprehensive Customer Profile Market SegmentationSection 2.2Types of SegmentationDemographics+Psychographics+Geographics=Comprehensive Customer ProfilegeographicsSegmentation of the ______________based on where people _______________.
43 Market SegmentationSection 2.2Types of Segmentation
44 Personal _____________ Attitudes and Opinions Market SegmentationSection 2.2Types of Segmentation+Personal _____________=Attitudes and OpinionsChanging__________
45 Market Segmentation Types of Segmentation Section 2.2Types of Segmentation80 percent of a company’s ________...are generated by 20 percent of its ____________customers
46 Mass Marketing Vs. Segmentation Market SegmentationSection 2.2Mass Marketing Vs. SegmentationMass MarketingAdvantagesDisadvantage____________of scaleSimplified marketing planCompetitors can ________ unmet needs and wants and then steal customersmass marketingUsing a __________marketing strategy to reach all customers.
47 Mass Marketing Vs. Segmentation Market SegmentationSection 2.2Mass Marketing Vs. SegmentationNiche MarketingAdvantagesDisadvantageExtremely precise____________chance for success__________ResearchProductionPackagingAdvertising
48 Market SegmentationSection 2.2Section 2.21.Explain how much segmentation can help a company increase its market share.Market segmentation allows a company to more accurately target
49 Market SegmentationSection 2.2Section 2.22.Define the four factors that are used to describe a target market.Four factors used to describe a target market are
50 Market SegmentationSection 2.2Section 2.23.List the advantages and disadvantages of niche marketing.An advantage of niche marketing is that it narrows and defines a ____________with extreme _____________, thereby increasing the chances of _______________. A disadvantage is that niche marketing is expensive. Because the market is relatively small, niche marketing does not result in the _____________of scale that can be obtained in mass marketing. Research is required to identify target markets and develop _____________marketing strategies.