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THE MARKETING PLAN MARKET ANALYSIS 1) Industry Analysis 2) Competition Analysis 3) Target Marketing & Positioning STP – Segmentation, Target Market, Positioning 4) Marketing Mix (4 P’s) 5) Advertising THE MARKETING PLAN Every business has a different range of customers that they market their product/service towards Each individual is different.....but many are similar It helps to find a segment of the population that would use your product/service The purchase of the product/service will fulfill some sort of want or need SEGMENTATION (S) Splitting up the population into smaller groups Groups are formed by shared characteristics These can be very large groups... Students ...or very specific groups Students at BCI who live in eagle place As a business owner you would like to take a look at a variety of groups See who would benefit the most from your product/service TARGET MARKET (T) Target Market the specific group of customers that a company aims to capture. They have been identified as people with needs or wants that can be met with the products or services from this company. TARGET MARKET Target Markets need to be SPECIFIC THE MARKETING PLAN Marketers want to find out everything there is to know about their target market Marketers are the psychologists of business They have to get inside the head of the consumers and figure out what they are thinking Based on what they think – they make a plan to change perception to benefit the company THE MARKETING PLAN Who will buy this product or service? Look to demographics Age, Sex, Income Level, where they live, occupation, etc. When do they want to buy? Season, time of day, time of month or if the purchase is tied to another purchase THE MARKETING PLAN Where do they buy? Where do the consumers go shopping? Retail stores, discount stores, internet What effect will different locations have on the business? Why do they buy? Is the product a necessity or a luxury? Planned vs. Impulse POSITIONING (P) Positioning the process by which marketers try to create an image or identity in the minds of their target market for its product, brand, or Organization To help yourself think of ways that businesses position themselves fill in the blanks People go to Company A because it is ____________ than Company B POSITIONING BRAINSTORM: How do different businesses position themselves in the market? POSITIONING Price Quality Speed History Innovation Service Expertise • Customer Service • Convenience • Comfort • Style • Selection • Many, Many More! POSITIONING • To help yourself think of ways that businesses position themselves fill in the blanks • People go to Company A because it is ____________ than Company B • example 1 – People go to Walmart because it is cheaper than Sears • Example 2 – People go to Future shop because it has _____________ than FM Audio. WITH A PARTNER: THINK OF ONE BUSINESS THAT POSITIONS ITSELF BY: Price Quality Speed History Innovation Service Expertise • Customer Service • Convenience • Comfort • Style • Selection • How will your business be positioned?