Download UNIT 4: Marketing Strategy 4a: Identify and describe the strategies

UNIT 4: Marketing Strategy
4a: Identify and describe the strategies that support entrepreneurship
4a.1. Conducting marketing activities – the act of providing customers with a product or service
they want and need and making them aware of those goods and services – can provide the
entrepreneur with a wide range of tools with which to develop, launch, and grow a business.
A. The elements of the marketing mix are product, price, place, and promotion.
B. Some important examples of demographic information which help entrepreneurs define a
consumer segment are age, income, education, culture, religion, gender, marital status, and
occupation.
4a.2. Gathering as much information as possible about the market, the competition, and the
enterprise’s potential customers provides a competitive advantage.
A. Differentiate between primary research and secondary research.
B. Identify at least four sources each of primary research and secondary research.
Primary
1.
2.
3.
4.
Secondary
1.
2.
3.
4.
4a.2. Learning about the external environment can enable more effective strategy.
A. Define psychographics and explain how this information helps a company to refine their
knowledge of their target market.
B. A company’s competitors may be enterprises within the same industry or businesses which
provide a similar or substitute product and service.
Ask yourself whether any of the above concepts are still unclear to you. Be sure you are
confident about these areas, as they will appear on the final exam in several questions. You can
review these course resources to refresh your memory:
 Principles of Marketing, v2.0: “Chapter 1: What is Marketing”
 ABC Article Directory: “Is Your Business Doing Effective Market Research”
 Adam Bates’ “Primary Market Research”
 eMarketing: The Essential Guide to Online Marketing, v1.0: “Chapter 18, Section 3:
Primary and Secondary Research”
 Boundless: Marketing: “Demographics”
 Boundless: Marketing: “External Factors”
4b: Explain how to write a marketing plan and perform this task.
4b.1. The marketing plan is an essential tool for defining a company’s mission, identifying
potential customers, describing the benefits the company will provide to those customers, and
outlining the activities the company will conduct to communicate with customers.
A. Describe the various kinds of analyses within the marketing plan: SWOT, 5C analysis, and
Porter’s Analysis.
B. Define the value proposition and discuss the ways a company incorporates this into their
marketing efforts.
C. Explain how companies identify and define their target markets.
D. Define integrated marketing communications strategy.
4b.2. Explore the strategies that companies utilize to address the competition.
A. Define total customer management as a focus on customers and a corporate philosophy that
focuses on a service orientation.
B. Identify the pricing strategies companies consider for their products and services; penetration
pricing, cost-plus pricing, skim pricing, and psychological pricing.
Are you completely familiar with the elements of a marketing plan? What about the ways in
which companies price their goods and services and the impact the competition has on those
decisions? In case you need to review these concepts before taking the final exam, review these
valuable course resources:
 Principles of Marketing, v2.0: “Chapter 16: The Marketing Plan”
 Boundless: Marketing: “Chapter 2, Section 3: Marketing Plan Elements”
 Boundless: Marketing: “Chapter 2, Section 3: The Purpose of a Marketing Plan”
 Small Business Management in the 21st Century, v1.0: “Chapter 8, Section 2: The
Marketing Plan”
 Boundless: Marketing: “Chapter 2, Section 5: Defining the Target Market”
 Boundless: Marketing: “Chapter 3, Section 1: Scanning and Analysis”
 Principles of Marketing, v.2.0: “Chapter 2: Strategic Planning”
 Boundless: Marketing: “Chapter 2, Section 5: Conducting a Situational Analysis”
 Boundless: Marketing: “Chapter 2, Section 5: Integrated Marketing Communications”
Unit 4 Vocabulary List
This vocabulary list includes terms that might help you answer some of the review items above
and some terms you should be familiar with to be successful in completing the final exam for the
course.
5C analysis
Competition
Culture
Demographics
Environmental scanning
Geography
Integrated marketing communications
Marketing
Marketing concept
Marketing mix
Marketing plan
Mass marketing
Mission Statement
Niche marketing
Porter’s analysis
Pricing
Primary research
Psychographics
Qualitative information
Quantitative information
Secondary research
Segmentation
SWOT analysis
Target
Value proposition