Marketing Planning

A comprehensive document or blueprint that outlines a company's advertising and marketing efforts for the coming year.

It considers internal and external factors to help companies understand the current market.

Market Share: a firm’s percentage of the total sales volume in a given market

Market Position: a firm’s relative standing in relation to their competitors

The situation analysis is the foundation of the strategic planning process. The situation analysis includes an examination of both the internal factors (to identify strengths and weaknesses) and external factors (to identify opportunities and threats). It is often referred to by the acronym SWOT.

-American Marketing Association

The study of the internal and external factors that affect marketing strategies.

-Marketing Essentials, 2012

In order to make a profit, businesses must satisfy customers’ needs and wants.

“To sell Jane Smith

What Jane Smith buys,

You’ve got to see things

Through Jane Smith’s eyes”

All people who share similar needs and wants and who have the ability to purchase a given product.

-Marketing Essentials, 2012

Video Game Market would be all people who purchase video games

Companies spend lots of money researching markets: first they determine their target market often by creating a customer profile. Then they separate their market further through market segmentation.

Target Market:The group of people most likely to become customers, identified for a specific marketing program.

-Marketing Essentials, 2012

B2B – “Business-to-Business” A business that markets its products or services to other businesses.

-American Marketing Association

B2C – “Business-to-Consumer” A business that markets its products or services to consumers.

-American Marketing Association

Everyone?

This known as Mass Marketing

Give some examples of products that you think are targeted to everyone.

A select group?

This is known as Market Segmentation

The process of subdividing a market into distinct subsets of customers that behave in the same way or have similar needs.

-American Marketing Association

The process of classifying people who form a given market into even smaller groups.

-Marketing Essentials, 2012

Ways to Segment:

Demographics

Psychographics

Geographics

Behavioral

Refers to statistics that describe a population in terms of personal characteristics such as age, gender, income, marital status, ethnic background, education, and occupation.

Refers to segmentation of the market based on where people live.

Involves grouping people with similar attitudes, interests, and opinions, as well as lifestyles and shared values.

Involves analyzing your customers with regard to sales generated, shopping patterns, and purchase decision-making processes.

Ex: Shoes (jog, walk, play tennis, do aerobics)

Ex: Shampoo (oily, dry, normal, dandruff, frequency)

Focusing all marketing decisions on a very specific group of people who you want to reach.

The more information you have on your target market, the easier it is to make the decisions.

• Name five products that are targeted toward your age group.

• Toward children.

• Toward people over 50.

• Why was this so easy?

A targeted marketing plan that focuses on one particular section of the market that has high potential to connect with a product or service.

Most major car companies, for example, now offer energy-efficient hybrid models of their automobiles that appeal to niche segments of the population—environmentalists and urban drivers with long commutes.