Transcript Section 2.1
CPAS REVIEW 2013-2014 MARKETING CHAPTER 2—THE MARKETING PLAN Chapter 2 the marketing plan Section 2.1 Marketing Planning Section 2.2 Market Segmentation 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 Marketing Plan Section 2.1 Marketing Planning SWOT Analysis prepares a company for competition or a changing marketplace SWOT Analysis provides guidance and direction for future marketing strategies SWOT analysis An assessment of a company’s strengths and weaknesses and the opportunities and threats that surround it; SWOT: strengths, weaknesses, opportunities, threats. Section 2.1 Marketing Planning SWOT Analysis prepares a company for competition or a changing marketplace SWOT Analysis SWOT analysis provides guidance and direction for future marketing strategies Section 2.1 SWOT Analysis Marketing Planning Section 2.1 Marketing Planning Internal Strengths and Weaknesses The three C’s of internal analysis C C C ompany ustomers ompetition Strengths and weaknesses are internal factors that affect a business’s operation. Section 2.1 Marketing Planning Internal Strengths and Weaknesses The three C’s of internal analysis C C C 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 . 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 PEST Analysis Political Four Factors of a PEST Analysis Economic Socio-Cultural PEST analysis Scanning of outside influences on an organization. Technological Section 2.1 Marketing Planning PEST Analysis Political Four Factors of a PEST Analysis Economic Socio-Cultural PEST analysis Technological Section 2.1 Marketing Planning PEST Analysis Political Issues Economic Issues Socio-Cultural Factors Technology Government affects business operations • Recession • Unemployment • Currency Rates • Import Pricing • Trade Restrictions Changes in attitudes, lifestyles, and opinions provide opportunities and threats Companies must embrace technology and innovate to stay competitive Section 2.1 Marketing Planning PEST Analysis Political Issues Economic Issues Socio-Cultural Factors Technology Section 2.1 Marketing Planning PEST Analysis Economic Factors Section 2.1 Marketing Planning Writing a Marketing Plan Executive Summary Situation Analysis Elements of a Marketing Plan Objectives Marketing Strategies executive summary A brief overview of the entire marketing plan. situation analysis The study of the internal and external factors that affect marketing strategies Implementation marketing strategies Evaluation and Control Strategy that identifies target markets and sets marketing mix choices that focus on those markets Section 2.1 Marketing Planning Writing a Marketing Plan Executive Summary executive summary Situation Analysis Elements of a Marketing Plan Objectives situation analysis Marketing Strategies Implementation Evaluation and Control marketing strategies Section 2.1 Marketing Planning Writing a Marketing Plan Marketing Plan Objectives Section 2.1 Marketing Planning Writing a Marketing Plan Section 2.2 Market Segmentation The key to marketing is to know your customer or target market. Market segmentation helps identify the target market. Section 2.2 Market Segmentation The key to marketing is Market segmentation helps 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 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 Decision-making process Values demographic psychographic Statistics that describe a population in terms of personal characteristics such as age, gender, income, marital status, and ethnic background. Grouping people with similar attitudes, interests, and opinions, as well as lifestyles and shared values. Section 2.2 Market Segmentation Types of Segmentation Demographic Geographic Psychographic demographic psychographic . . Behavioral Section 2.2 Market Segmentation Types of Segmentation Labels Used to Segment by Generation Baby Boom Generation Generation X Generation Y Section 2.2 Market Segmentation Types of Segmentation Labels Used to Segment by Generation Baby Boom Generation Generation X Generation Y Section 2.2 Market Segmentation Types of Segmentation Income Disposable Income Discretionary Income disposable Income discretionary income Money left after taking out taxes. Money left after paying for basic living necessities such as food, shelter, and clothing. Section 2.2 Market Segmentation Types of Segmentation Income Disposable Income disposable Income Discretionary Income discretionary income Section 2.2 Market Segmentation Types of Segmentation 80 percent of a company’s sales... are generated by 20 percent of its loyal customers Section 2.2 Market Segmentation Types of Segmentation Section 2.2 Market Segmentation Mass Marketing Vs. Segmentation Mass Marketing Advantages Disadvantage • Economics of scale • Simplified marketing plan • Competitors can identify unmet needs and wants and then steal customers mass marketing Using a single marketing strategy to reach all customers. Section 2.2 Market Segmentation Mass Marketing Vs. Segmentation Mass Marketing Advantages Disadvantage mass marketing Using a single marketing strategy to reach all customers. Section 2.2 Market Segmentation Mass Marketing Vs. Segmentation Niche Marketing Advantages • Extremely precise • Increased chance for success Disadvantage • Cost – – – – Research Production Packaging Advertising Section 2.2 Market Segmentation Mass Marketing Vs. Segmentation Niche Marketing Advantages Disadvantage