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Chapter 2 the marketing plan Section 2.1 Marketing Planning

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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 Planning Section 2.1 CONNECT Suppose you had to market yourself as a student. What are your strengths?

3 Marketing Planning Learn how to conduct a ________________analysis.
Section 2.1 Learn 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 Planning Section 2.1 A 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 2.1 SWOT analysis PEST analysis marketing plan executive summary situation analysis marketing strategy sales forecasts performance standard

6 Marketing Planning Section 2.1 Marketing Plan

7 SWOT Analysis Marketing Planning SWOT Analysis
Section 2.1 SWOT Analysis prepares a company for ____________or a changing marketplace SWOT Analysis provides _____________ and direction for future marketing strategies SWOT analysis An ____________of a company’s strengths and _______________and the opportunities and threats that surround it; SWOT: strengths, weaknesses, opportunities, threats.

8 Marketing Planning Section 2.1 SWOT Analysis

9 C C C ompany ustomers ompetition Marketing Planning
Section 2.1 Internal Strengths and Weaknesses The three C’s of internal analysis C ompany Strengths and weaknesses are __________factors that affect a business’s operation. C ustomers C ompetition

10 Internal Strengths and Weaknesses
Marketing Planning Section 2.1 Internal Strengths and Weaknesses Company __________ Company Analysis Production Capabilities Financial __________

11 Internal Strengths and Weaknesses
Marketing Planning Section 2.1 Internal Strengths and Weaknesses

12 Internal Strengths and Weaknesses
Marketing Planning Section 2.1 Internal Strengths and Weaknesses

13 Internal Strengths and Weaknesses
Marketing Planning Section 2.1 Internal Strengths and Weaknesses .

14 Internal Strengths and Weaknesses
Marketing Planning Section 2.1 Internal Strengths and Weaknesses

15 Internal Strengths and Weaknesses
Marketing Planning Section 2.1 Internal Strengths and Weaknesses Who 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 Planning Section 2.1 Internal Strengths and Weaknesses What 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 Planning Section 2.1 Internal Strengths and Weaknesses

18 Four Factors of a PEST Analysis
Marketing Planning Section 2.1 PEST Analysis _____________ Economic Four Factors of a PEST Analysis Socio-Cultural ________________ PEST analysis ___________of outside influences on an organization.

19 Socio-Cultural Factors
Marketing Planning Section 2.1 PEST Analysis Political Issues ____________ affects business operations Recession ______________ Currency Rates Import Pricing Trade Restrictions Economic Issues Socio-Cultural Factors Changes in attitudes, lifestyles, and opinions provide opportunities and threats Technology Companies must embrace technology and innovate to stay __________________

20 Marketing Planning Section 2.1 PEST Analysis Economic Factors

21 Writing a Marketing Plan
Marketing Planning Section 2.1 Writing a Marketing Plan Marketers create a marketing plan to communicate aspects such as: Analysis and Research marketing Plan A __________written document that directs a company’s _____________for a specific period of time. _____________________ Objectives ____________________

22 Elements of a Marketing Plan
Marketing Planning Section 2.1 Writing a Marketing Plan Executive Summary executive summary A __________ overview of the entire marketing plan. Situation Analysis Elements of a Marketing Plan situation analysis The study of the _________and __________factors that affect marketing strategies Objectives Marketing Strategies ______________ marketing strategies Strategy that ___________ target markets and sets marketing mix choices that focus on those markets Evaluation and ___________

23 Writing a Marketing Plan
Marketing Planning Section 2.1 Writing a Marketing Plan Single-Minded ___________ Useful Objectives ___________ Time Framed

24 Writing a Marketing Plan
Marketing Planning Section 2.1 Writing a Marketing Plan Marketing Plan Objectives

25 The quality of the product
Marketing Planning Section 2.1 Writing a Marketing Plan A superior distribution system The quality of the product Key Point Differences A more competitive pricing structure A more creative ad campaign

26 Writing a Marketing Plan
Marketing Planning Section 2.1 Writing a Marketing Plan Implementation Schedule of activities _________assignments sales forecasts The _____________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 Planning Section 2.1 Writing a Marketing Plan Performance standards help assess Marketing _____________ performance standard An ___________________for performance that reflects the plan’s objectives. Financial Objectives Marketing Mix Strategies

28 Writing a Marketing Plan
Marketing Planning Section 2.1 Writing a Marketing Plan

29 Marketing Planning Section 2.1 Section 2.1 1. 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 Planning Section 2.1 Section 2.1 2. 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 include An accurate analysis of those factors helps a company

31 Marketing Planning Section 2.1 Section 2.1 3. 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 Segmentation Section 2.2 CONNECT 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 2.2 Explain the concept of market ___________________. Analyze a target ________________. Differentiate between mass marketing and market segmentation.

34 Market Segmentation Section 2.2 The key to ________________is to know your customer or target market. Market segmentation helps identify the target market.

35 Market Segmentation market segmentation demographics disposable income
Section 2.2 market segmentation demographics disposable income discretionary income geographics psychographics mass marketing

36 Market Segmentation Section 2.2

37 Identifying and Analyzing Markets
Market Segmentation Section 2.2 Identifying and Analyzing Markets _______ _______ market segmentation The process of __________________ people who form a given market into even smaller groups. Market Segmentation Desired Features

38 A company gathers data from multiple ________.
Market Segmentation Section 2.2 Identifying and Analyzing Markets Government ________ Private _________ Trade Associations Company Research A company gathers data from multiple ________.

39 Market Segmentation Types of Segmentation Demographic Geographic
Section 2.2 Types of Segmentation Demographic Geographic Psychographic Behavioral Age Gender Income Marital status Ethnic background Local State Regional National Global Attitudes Opinions Interests Activities Personality Values Shopping Patterns Decision- making process demographic Statistics that ___________a population in terms of personal characteristics such as age, gender, income, marital status, and ethnic background. psychographic Grouping _________with similar attitudes, interests, and opinions, as well as lifestyles and shared values.

40 Labels Used to Segment by Generation
Market Segmentation Section 2.2 Types of Segmentation Labels Used to Segment by Generation Baby Boom _____________ Generation ___ Generation ___

41 Market Segmentation Types of Segmentation Income Disposable Income
Section 2.2 Types of Segmentation Income Disposable Income Discretionary Income disposable Income Money _______after taking out taxes. discretionary income Money left after _______for basic living ________________such as food, shelter, and clothing.

42 Comprehensive Customer Profile
Market Segmentation Section 2.2 Types of Segmentation Demographics + Psychographics + Geographics = Comprehensive Customer Profile geographics Segmentation of the ______________based on where people _______________.

43 Market Segmentation Section 2.2 Types of Segmentation

44 Personal _____________ Attitudes and Opinions
Market Segmentation Section 2.2 Types of Segmentation + Personal _____________ = Attitudes and Opinions Changing __________

45 Market Segmentation Types of Segmentation
Section 2.2 Types of Segmentation 80 percent of a company’s ________... are generated by 20 percent of its ____________customers

46 Mass Marketing Vs. Segmentation
Market Segmentation Section 2.2 Mass Marketing Vs. Segmentation Mass Marketing Advantages Disadvantage ____________of scale Simplified marketing plan Competitors can ________ unmet needs and wants and then steal customers mass marketing Using a __________marketing strategy to reach all customers.

47 Mass Marketing Vs. Segmentation
Market Segmentation Section 2.2 Mass Marketing Vs. Segmentation Niche Marketing Advantages Disadvantage Extremely precise ____________chance for success __________ Research Production Packaging Advertising

48 Market Segmentation Section 2.2 Section 2.2 1. Explain how much segmentation can help a company increase its market share. Market segmentation allows a company to more accurately target

49 Market Segmentation Section 2.2 Section 2.2 2. Define the four factors that are used to describe a target market. Four factors used to describe a target market are

50 Market Segmentation Section 2.2 Section 2.2 3. 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.

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