Transcript 3c. The Marketing Plan

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?