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Marketing - Chapter 2 - The Marketing Plan

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by

Kevin Krizan

on 30 August 2018

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Transcript of Marketing - Chapter 2 - The Marketing Plan

Chapter 2 - The Marketing Plan
SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats):
an assessment that lists and analyzes
the company
Internal Look At Company - Strengths and Weaknesses
(The 3 C's)
1.
Company Analysis
- review of staff; financial situation; production capabilities; marketing mix
2.
Customer Analysis
- who are the customers? buying patterns?; customer satisfaction
3.
Competitive Position
- market share?; competitive advantages?; disadvantages to competition
External Look at Company - Opportunities and Threats
Competition
Political Issues
Economic Factors (economic cycle; unemployment)
Socio-Cultural Factors (diversity; health)
Technology
Marketing Plan
:
formal, written document that directs a company's activities for a specific time period
road map for how a product will enter the market
communicates goals, objectives, and strategies of the company management team
Elements of a Marketing Plan:
Executive Summary
- brief overview of plan
Situation Analysis
- study of internal and external factors
Objectives
- what the plan will accomplish
Marketing Strategies
- identifies target markets and sets marketing mix choices
Implementation
- schedule of activities
Performance Standards and Evaluation
- expectation for performance
Appendix
- supplemental materials
PEST analysis - scanning of outside influences on an organization
Mass Marketing
- involves using a single marketing strategy to reach all customers
advantage: economies of scale - lower costs because production, promotion, pricing, and distribution does not change
disadvantage: does not work anymore
Market Segmentation
:
classifying people who form a given market into even smaller groups
age, price, desired features
Types of Segmentation
Demographics
Geographics
Psychographics
Behavioral Characteristics
Demographics
- refer to statistics that describe a population in terms of personal characteristics
Age
Baby Boomers (1946-1965)
Generation X (1966-1977)
Millennials (1977-1994)
Gen Z (1995-2015)
Gender
Income
Disposable income - money left after taking out taxes
Discretionary income - money left after paying for basic living necessities
Marital Status
Ethnic Background
Geographics
- refers to segmentation of the market based on where people live
Parts of the country; city?; country?; suburbs?
Regional differences
Climate differences
Psychographics
- grouping people with similar attitudes, interests, and opinions, lifestyles, and values (how people spend their time and money)
Examples:
going
green
eating healthier
marathon runners
Behavioral Characteristics
- segmenting the market based on purchasing related behavior
study consumer shopping patterns (teens spend an average of $50 on entertainment
80/20 Rule: 80% of sales comes from 20% of people (what should companies do for that 20% of people?)
Attempt by Toyota to make the minivan less "uncool" to Generation X (
THE SWAGGER WAGON
)
Full transcript