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Chapter 2
the marketing plan
Section 2.1
Marketing Planning
Section 2.2
Market Segmentation
Section 2.1
Marketing Planning
CONNECT Suppose you had to market yourself
as a student. What are your strengths?
Section 2.1
Marketing Planning
• 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.
Section 2.1
Marketing Planning
A company looks at _____________and
the world around it to ___________a
marketing plan for reaching goals.
Section 2.1
Marketing Planning
• SWOT analysis
• PEST analysis
• marketing plan
• executive summary
• situation analysis
• marketing strategy
• sales forecasts
• performance standard
Section 2.1
Marketing Planning
Marketing Plan
Section 2.1
Marketing Planning
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.
Section 2.1
Marketing Planning
SWOT Analysis
Section 2.1
Marketing Planning
Internal Strengths and Weaknesses
The three C’s of
internal analysis
C
ustomers
C
ompetition
C
ompany
Strengths and weaknesses
are __________factors that
affect a business’s operation.
Section 2.1
Marketing Planning
Internal Strengths and Weaknesses
Company __________
Production
Capabilities
Company
Analysis
Financial
__________
Section 2.1
Marketing Planning
Internal Strengths and Weaknesses
Section 2.1
Marketing Planning
Internal Strengths and Weaknesses
Section 2.1
Marketing Planning
Internal Strengths and Weaknesses
.
Section 2.1
Marketing Planning
Internal Strengths and Weaknesses
Section 2.1
Marketing Planning
Internal Strengths and Weaknesses
Who are the _____________?
What do customer
surveys and
customer interviews
reveal?
How do groups of customers
_________from one another?
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?
Section 2.1
Marketing Planning
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?
Section 2.1
Marketing Planning
Internal Strengths and Weaknesses
Section 2.1
Marketing Planning
PEST Analysis
_____________
Four Factors
of a
PEST Analysis
Economic
Socio-Cultural
PEST analysis
___________of outside
influences on an organization.
________________
Section 2.1
Marketing Planning
PEST Analysis
Political
Issues
Economic
Issues
____________ affects business operations
• Recession
• ______________
• Currency Rates
• Import Pricing
• Trade Restrictions
Socio-Cultural
Factors
Changes in attitudes, lifestyles, and
opinions provide opportunities and threats
Technology
Companies must embrace technology and
innovate to stay __________________
Section 2.1
Marketing Planning
PEST Analysis
Economic Factors
Section 2.1
Marketing Planning
Writing a Marketing Plan
Marketers create a marketing plan to
communicate aspects such as:
Analysis and Research
marketing Plan
_____________________
Objectives
____________________
A __________written
document that directs a
company’s
_____________for a
specific period of time.
Section 2.1
Marketing Planning
Writing a Marketing Plan
Executive
Summary
Situation
Analysis
Elements
of a
Marketing Plan
Objectives
Marketing
Strategies
executive summary
A __________ overview of
the entire marketing plan.
situation analysis
The study of the _________and
__________factors that affect
marketing strategies
______________
marketing strategies
Evaluation
and ___________
Strategy that ___________
target markets and sets
marketing mix choices that
focus on those markets
Section 2.1
Marketing Planning
Writing a Marketing Plan
Single-Minded
___________
Useful Objectives
___________
Time Framed
Section 2.1
Marketing Planning
Writing a Marketing Plan
Marketing Plan Objectives
Section 2.1
Marketing Planning
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
Section 2.1
Marketing Planning
Writing a Marketing Plan
Implementation
Schedule of activities
_________assignments
Sales forecasts
___________________
Details of each ______________
Who is responsible for each activity
sales forecasts
The _____________of
probable, future sales in
units or dollars.
Section 2.1
Marketing Planning
Writing a Marketing Plan
Performance standards
help assess
Marketing _____________
performance standard
Financial Objectives
Marketing Mix Strategies
An ___________________for
performance that reflects the plan’s
objectives.
Section 2.1
Marketing Planning
Writing a Marketing Plan
Section 2.1
Marketing Planning
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
Section 2.1
Marketing Planning
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
Section 2.1
Marketing Planning
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
Section 2.2
Market Segmentation
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.
Section 2.2
Market Segmentation
• Explain the concept of market ___________________.
• Analyze a target ________________.
• Differentiate between mass marketing and market segmentation.
Section 2.2
Market Segmentation
The key to ________________is to know your
customer or target market. Market
segmentation helps identify the target market.
Section 2.2
Market Segmentation
• market segmentation
• demographics
• disposable income
• discretionary income
• geographics
• psychographics
• mass marketing
Section 2.2
Market Segmentation
Section 2.2
Market Segmentation
Identifying and Analyzing Markets
_______
_______
Market Segmentation
Desired
Features
market segmentation
The process of
__________________ people who
form a given market into even
smaller groups.
Section 2.2
Market Segmentation
Identifying and Analyzing Markets
Government
________
Private
_________
Trade
Associations
A company gathers data
from multiple ________.
Company
Research
Section 2.2
Market Segmentation
Types of Segmentation
Demographic
Geographic
Psychographic
Age
Local
Attitudes
Gender
State
Opinions
Income
Regional
Interests
Marital status
National
Activities
Ethnic background
Global
Personality
Behavioral
Shopping
Patterns
Decisionmaking process
Values
demographic
psychographic
Statistics that ___________a population
in terms of personal characteristics such
as age, gender, income, marital status,
and ethnic background.
Grouping _________with similar
attitudes, interests, and opinions, as
well as lifestyles and shared values.
Section 2.2
Market Segmentation
Types of Segmentation
Labels Used to Segment by Generation
Baby Boom
_____________
Generation ___
Generation ___
Section 2.2
Market Segmentation
Types of Segmentation
Income
Disposable
Income
Discretionary
Income
disposable Income
discretionary income
Money _______after
taking out taxes.
Money left after _______for basic
living ________________such as
food, shelter, and clothing.
Section 2.2
Market Segmentation
Types of Segmentation
Demographics
+
Psychographics
+
Geographics
geographics
Segmentation of the
______________based on where
people _______________.
=
Comprehensive
Customer Profile
Section 2.2
Market Segmentation
Types of Segmentation
Section 2.2
Market Segmentation
Types of Segmentation
Changing
__________
+
Personal
_____________
=
Attitudes and
Opinions
Section 2.2
Market Segmentation
Types of Segmentation
80 percent of a
company’s ________...
are generated by 20 percent
of its ____________customers
Section 2.2
Market Segmentation
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.
Section 2.2
Market Segmentation
Mass Marketing Vs. Segmentation
Niche Marketing
Advantages
• Extremely precise
• ____________chance for
success
Disadvantage
• __________
–
–
–
–
Research
Production
Packaging
Advertising
Section 2.2
Market Segmentation
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
Section 2.2
Market Segmentation
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
Section 2.2
Market Segmentation
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.