Marketing Planning

The process of creating a marketing plan for the business including appropriate comprehensive strategies and the objectives to meet them

Marketing Plan

A detailed written document that lays out the plan for how marketing will work in the short and long term and essential details to make those plans happen

Elements of a Marketing Plan

Market analysis- information on the target market and competition Marketing objectives- these should be SMART so the department knows if they achieve them Resources required- staff time, space, materials Budget- how much will all of this cost Marketing activities- details of which activities will be done, by whom, when, and how much each costs

Marketing Planning (Advantages/Disadvantages)

Advantages: - Helps identify problems before they happen and find solutions - Increases chances of success with specific objectives - Improves organization and communication with departments - Reduces waste of resources Disadvantages: - Plans can become outdates quickly - Lots of time and energy are spent making them instead of on marketing activities - Can create unrealistic expectations and hurt motivation

Segmentation

Dividing a market into groups to meet their wants and needs more easily

Market Segment

A group of consumers with similar characteristics with clearly identifiable wants and needs that has been broken down from a larger group

Target Market

A particular market segment that a business chooses to serve or sell it. It focuses its marketing activities on this group in hopes they will buy their products Should be: Measurable - it exists and is large enough to generate earnings Accessible - the business has resources attract these customer Profitable - the business can satisfy the customer and also make money

Mass Market

A large market that is not segmented and a business targets everyone in the market

Niche Market

A market that only focuses on a small group of consumers with very specific products and services

Positioning

Product positioning is what comes to mind when your target market thinks about your product compared to your competitors products

Unique Selling Point

It is a feature of a product that differentiates it from competitors. this is what makes a product unique and may be the reason customers choose if over others.