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Reference Guide

Marketing Planning - Reference Guides

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Department
Business Administration
Course Code
BUS 343
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All

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Description
Marketing Planning 2 Marketing Planning 3 permacharts TM MARKET SEGMENTATION MARKETING RESEARCH TARGET MARKET TYPES OF MARKET SEGMENTATION Marketing research is the process of identifying a METHODS FOR COLLECTING INFORMATION: problem and then systematically MARKETING • A target market is a group of people with similar Once the market has been segmented the firm must 1. Primary data collection: needs who are expected to respond similarly to a make a strategic decision as to how to market to the collecting and •Focus groups m arketing action various segments. The firm’s choices are as follows: analyzing information PLANNING to recommend actions • Surveys – mail, telephone, personal and on STRATEGIC MARKETING PLANNING • Target markets evolve from the process of market • Concentrated targeting – single product in a single line segmentation segment to solve problems Strategic marketing planning is formalized in the marketing plan • Observation M ARKET SEGMENTATION • Multi-segment targeting – multiple THREE TYPES OF • Personal interview his Permachart covers the fundamen- M ARKETING PLAN products in multiple segments RESEARCH: • The process of •Experiment T tals of Strategic Marketing Planning. Executive Summary partitioning markets • Undifferentiated targeting – single • Exploratory – clarifies Strategic Marketing Planning ensures • A page or two synopsis that product in multiple segments the nature and scope 2. Secondary Data collection into groups (segments) • Review of internal company documents the organization’s marketing mix summarizes all the sections of the of potential customers POSITIONING of the identified issue resources are appropriately allocated to plan including key financial with similar needs or problem • Outside the company – government sites, i.e. reach and satisfy the intended markets numbers and well as brief • The development of a successful • Descriptive – seeks data that answers questions to Statistics Canada, libraries, associations, private summaries of the other sections and/or characteristics marketing mix depends on product as the organization strives to attain its who are likely to determine the course of action research firms goals. This planning is critical to businesSituational Analysis exhibit similar positioning • Causal – identifies cause and effect relationships INFORMATION TECHNOLOGY AS A TOOL success because it matches organizational • An analysis of the current situation through consideration of purchase behavior PRODUCT POSITIONING The Internet and the Personal Computer provide resources and objectives to evolving the industry, competition, the consumer, the environment, the • The market segments that evolve should meet the • The position a product or service has in MARKET RESEARCH PROCESS company and the product or service for which the Marketing 1. Define the problem – may include exploratory managers with a vast array of data sources that can market opportunities. The strategic following criteria: the consumer’s mind relative to be used to better understand their business and marketing plan provides direction for Plan is being written m The potential for profits is higher when the market competition research to assist in clarifying the problem customers. The use of data sources and information the organization by identifying the 2. Formal Research Design – the basic framework SWOT is segmented, versus a mass market approach PERCEPTUAL MAP technology has given rise to Data Mining organization’s: The SWOT helps a firm identify opportunities and avoid disasters. m The individuals within the segment should be for finding the solution. This step in the process Data-Mining: “Searching large volumes of data It is a summary of the Situational Analysis and is organized into • Positioning is based on consumer’s perceptions requires the greatest time and expertise. The Mission: relatively homogeneous results of the market research are closely linked looking for patterns that accurately predict 4 categories: m There should be a difference between the • To determine a product/brand position the firm to the research design so this is also the most behavior in customers and prospects” The firm’s scope; its customers, markets, then needs to know: (www.adobe.com/products/vdp/glossary.html) products, technology and values Strengths (company) consumers in one segment versus another important step in the process. Research Design m There should be the ability to reach the people m The attributes the consumers use in evaluating includes secondary data analysis, qualitative The patterns that are uncovered help create better Goals: Weaknesses (company) within the segment with some marketing action products/brands in the category research, methodology selection, questionnaire marketing strategies and are often the foundation The firm’s targeted levels of performance Opportunities (industry, competition, environment) m The consumer’s perception of the competing Threats (market, competition, environment) • Consumer markets can be segmented using 4 main design, sample design and size for a company’s customer relationship management segmentation dimensions: brands in the category based on the attributes 3. Data Collection and Analysis – here the finalized (CRM) programs m The “ideal” brand Objective Setting and Market-Product Focus m Geographics – state/province, city, Census questionnaire is put into the field to gather Based on the previous analysis, sales and market share objectives Metropolitan Area (CMA) From this information firms can create a perceptual information from the chosen sample. This step are set. A determination is made as to what products will be can take up to 50% of the time needed to m Demographics – age, gender, Family Life Cycle, map – a picture in 2 dimensions that depicts the targeted to which customers; this is called market segmentation marital status, income, occupation, education, racelocation of competing products/brands based on how complete the research project. There are a and target marketing. In addition, market opportunities are consumers perceive them, relative to their ideal variety of ways that the data can be analyzed all identified. The product market grid demonstrated below is a m Psychographics – activities, interests, opinions, of which are dependent on the construction of personality, and lifestyle brand. Positioning and repositioning decisions are tool to assist in this process then made the questionnaire Ansoff’s Strategic Opportunity Matrix m Behavior – benefits sought, usage rate, user 4. Conclusion and Reporting – the critical business status, loyalty status Perceptual Map intelligence achieved from the research will be Products • Business Markets can similarly be segmented using; High Price influenced by how effectively the data is EXISTING NEW m Geographics – reported to the decision makers N t S Market Penetration Strategy Product Development region, location Brand X k E Strategy m Demographics – Brand A a BRANDING M E Market Development Diversification North American N Strategy Strategy Industry Brand Y Classification The use of a name, trademark, symbol or combination BRAND STRATEGIES toidentifyaproductanddifferentiateitfromcompetition • Multiproduct branding – one name for all Marketing Program System (NAICS), Low Quality High Quality The Marketing Mix – the activities that will achieve the number of BENEFITS OF BRANDING products in a product class objectives are determined here employees, annual • Multibranding – each product is given a distinct Product identification and differentiation from Budget sales Brand Z competition name m Behavior – benefits • Private branding – a company manufactures The specific resources required to execute the marketing plan Brand B • Brand Equity – the value of a brand as are identified and projected sales and profits established sought, usage rate, Ideal determined by brand awareness, perceived products but sells them under the brand name of user status, loyalty a wholesaler or retailer Controls status, purchase quality and brand loyalty among customers • Mixed branding – a combination of private A plan is established to monitor how well actual performance method Low Price • Brand Personality – the human characteristics a branding and multibranding meets objectives brand takes on www.permacharts.com © 2007-2013 Mindsource Technologies Inc. © 2007-2013 Mindsource Technologies Inc. © 2007-2013 Mindsource Technologies Inc. Marketing Planning 2 Marketing Planning 3 permacharts TM MARKET SEGMENTATION MARKETING RESEARCH TARGET MARKET TYPES OF MARKET SEGMENTATION Marketing research is the process of identifying a METHODS FOR COLLECTING INFORMATION: problem and then systematically MARKETING • A target market is a group of people with similar Once the market has been segmented the firm must 1. Primary data collection: needs who are expected to respond similarly to a make a strategic decision as to how to market to the collecting and •Focus groups m arketing action various segments. The firm’s choices are as follows: analyzing information PLANNING to recommend actions • Surveys – mail, telephone, personal and on STRATEGIC MARKETING PLANNING • Target markets evolve from the process of market • Concentrated targeting – single product in a single line segmentation segment to solve problems Strategic marketing planning is formalized in the marketing plan • Observation M ARKET SEGMENTATION • Multi-segment targeting – multiple THREE TYPES OF • Personal interview his Permachart covers the fundamen- M ARKETING PLAN products in multiple segments RESEARCH: • The process of •Experiment T tals of Strategic Marketing Planning. Executive Summary partitioning markets • Undifferentiated targeting – single • Exploratory – clarifies Strategic Marketing Planning ensures • A page or two synopsis that product in multiple segments the nature and scope 2. Secondary Data collection into groups (segments) • Review of internal company documents the organization’s marketing mix summarizes all the sections of the of potential customers POSITIONING of the identified issue resources are appropriately allocated to plan including key financial with similar needs or problem • Outside the company – government sites, i.e. reach and satisfy the intended markets numbers and well as brief • The development of a successful • Descriptive – seeks data that answers questions to Statistics Canada, libraries, associations, private summaries of the other sections and/or characteristics marketing mix depends on product as the organization strives to attain its who are likely to determine the course of action research firms goals. This planning is critical to businesSituational Analysis exhibit similar positioning • Causal – identifies cause and effect relationships INFORMATION TECHNOLOGY AS A TOOL success because it matches organizational • An analysis of the current situation through consideration of purchase behavior PRODUCT POSITIONING The Internet and the Personal Computer provide resources and objectives to evolving the industry, competition, the consumer, the environment, the • The market segments that evolve should meet the • The position a product or service has in MARKET RESEARCH PROCESS company and the product or service for which the Marketing 1. Define the problem – may include exploratory managers with a vast array of data sources that can market opportunities. The strategic following criteria: the consumer’s mind relative to be used to better understand their business and marketing plan provides direction for Plan is being written m The potential for profits is higher when the market competition research to assist in clarifying the problem customers. The use of data sources and information the organization by identifying the 2. Formal Research Design – the basic framework SWOT is segmented, versus a mass market approach PERCEPTUAL MAP technology has given rise to Data Mining organization’s: The SWOT helps a firm identify opportunities and avoid disasters. m The individuals within the segment should be for finding the solution. This step in the process Data-Mining: “Searching large volumes of data It is a summary of the Situational Analysis and is organized into • Positioning is based on consumer’s perceptions requires the greatest time and expertise. The Mission: relatively homogeneous results of the market research are closely linked looking for patterns that accurately predict 4 categories: m There should be a difference between the • To determine a product/brand position the firm to the research design so this is also the most behavior in customers and prospects” The firm’s scope; its customers, markets, then needs to know: (www.adobe.com/products/vdp/glossary.html) products, technology and values Strengths (company) consumers in one segment versus another important step in the process. Research Design m There should be the ability to reach the people m The attributes the consumers use in evaluating includes secondary data analysis, qualitative The patterns that are uncovered help create better Goals: Weaknesses (company) within the segment with some marketing action products/brands in the category research, methodology selection, questionnaire marketing strategies and are often the foundation The firm’s targeted levels of performance Opportunities (industry, competition, environment) m The consumer’s perception of the competing Threats (market, competition, environment) • Consumer markets can be segmented using 4 main design, sample design and size for a company’s customer relationship management segmentation dimensions: brands in the category based on the attributes 3. Data Collection and Analysis – here the finalized (CRM) programs m The “ideal” brand Objective Setting and Market-Product Focus m Geographics – state/province, city, Census questionnaire is put into the field to gather Based on the previous analysis, sales and market share objectives Metropolitan Area (CMA) From this information firms can create a perceptual information from the chosen sample. This step are set. A determination is made as to what products will be can take up to 50% of the time needed to m Demographics – age, gender, Family Life Cycle, map – a picture in 2 dimensions that depicts the targeted to which customers; this is called market segmentation marital status, income, occupation, education, racelocation of competing products/brands based on how complete the research project. There are a and target marketing. In addition, market opportunities are consumers perceive them, relative to their ideal variety of ways that the data can be analyzed all identified. The product market grid demonstrated below is a m Psychographics – activities, interests, opinions, of which are dependent on the construction of personality, and lifestyle brand. Positioning and repositioning decisions are tool to assist in this process then made the questionnaire Ansoff’s Strategic Opportunity Matrix m Behavior – benefits sought, usage rate, user 4. Conclusion and Reporting – the critical business status, loyalty status Perceptual Map intelligence achieved from the research will be Products • Business Markets can similarly be segmented using; High Price influenced by how effectively the data is EXISTING NEW m Geographics – reported to the decision makers N t S Market Penetration Strategy Product Development region, location Brand X k E Strategy m Demographics – Brand A a BRANDING M E Market Development Diversification North American N Strategy Strategy Industry Brand Y Classification The use of a name, trademark, symbol or combination BRAND STRATEGIES toidentifyaproductanddifferentiateitfromcompetition • Multiproduct branding – one name for all Marketing Program System (NAICS), Low Quality High Quality The Marketing Mix – the activities that will achieve the number of BENEFITS OF BRANDING products in a product class objectives are determined here employees, annual • Multibranding – each product is given a distinct Product identification and differentiation from Budget sales Brand Z competition name m Behavior – benefits • Private branding – a company manufactures The specific resources required to execute the marketing plan Brand B • Brand Equity – the value of a brand as are identified and projected sales and profits established sought, usage rate, Ideal determined by brand awareness, perceived products but sells them under the brand name of user status, loyalty a wholesaler or retailer Controls status, purchase quality and brand loyalty among customers • Mixed branding – a combination of private A plan is established to monitor how well actual performance method Low Price • Brand Personality – the human characteristics a branding and multibranding meets objectives brand takes on www.permacharts.com © 2007-2013 Mindsource Technologies Inc. © 2007-2013 Mindsource Technologies Inc. © 2007-2013 Mindsource Technologies Inc. Marketing Planning 2 Marketing Planning 3 permacharts TM MARKET SEGMENTATION MARKETING RESEARCH TARGET MARKET TYPES OF MARKET SEGMENTATION Marketing research is the process of identifying a METHODS FOR COLLECTING INFORMATION: problem and then systematically MARKETING • A target market is a group of people with similar Once the market has been segmented the firm must 1. Primary data collection: needs who are expected to respond similarly to a make a strategic decision as to how to market to the collecting and •Focus groups m arketing action various segments. The firm’s choices are as follows: analyzing information PLANNING to recommend actions • Surveys – mail, telephone, personal and on STRATEGIC MARKETING PLANNING • Target markets evolve from the process of market • Concentrated targeting – single product in a single line segmentation segment to solve problems Strategic marketing planning is formalized in the marketing plan • Observation M ARKET SEGMENTATION • Multi-segment targeting – multiple THREE TYPES OF • Personal interview his Permachart covers the fundamen- M ARKETING PLAN products in multiple segments RESEARCH: • The process of •Experiment T tals of Strategic Marketing Planning. Executive Summary partitioning markets • Undifferentiated targeting – single • Exploratory – clarifies Strategic Marketing Planning ensures • A page or two synopsis that product in multiple segments the nature and scope 2. Secondary Data collection into groups (segments) • Review of internal company documents the organization’s marketing mix summarizes all the sections of the of potential customers POSITIONING of the identified issue resources are appropriately allocated to plan including key financial with similar needs or problem • Outside the company – government sites, i.e. reach and satisfy the intended markets numbers and well as brief • The development of a successful • Descriptive – seeks data that answers questions to Statistics Canada, libraries, associations, private summaries of the other sections and/or characteristics marketing mix depends on product as the organization strives to attain its who are likely to determine the course of action research firms goals. This planning is critical to businesSituational Analysis exhibit similar positioning • Causal – identifies cause and effect relationships INFORMATION TECHNOLOGY AS A TOOL success because it matches organizational • An analysis of the current situation through consideration of purchase behavior PRODUCT POSITIONING The Internet and the Personal Computer provide resources and objectives to evolving the industry, competition, the consumer, the environment, the • The market segments that evolve should meet the • The position a product or service has in MARKET RESEARCH PROCESS company and the product or service for which the Marketing 1. Define the problem – may include exploratory managers with a vast array of data sources that can market opportunities. The strategic following criteria: the consumer’s mind relative to be used to better understand their business and marketing plan provides direction for Plan is being written m The potential for profits is higher when the market competition research to assist in clarifying the problem customers. The use of data sources and information the organization by identifying the 2. Formal Research Design – the basic framework SWOT is segmented, versus a mass market approach PERCEPTUAL MAP technology has given rise to Data Mining organization’s: The SWOT helps a firm identify opportunities and avoid disasters. m The individuals within the segment should be for finding the solution. This step in the process Data-Mining: “Searching large volumes of data It is a summary of the Situational Analysis and is organized into • Positioning is based on consumer’s perceptions requires the greatest time and expertise. The Mission: relatively homogeneous results of the market research are closely linked looking for patterns that accurately predict 4 categories: m There should be a difference between the • To determine a product/brand position the firm to the research design so this is also the most behavior in customers and prospects” The firm’s scope; its customers, markets, then needs to know: (www.adobe.com/products/vdp/glossary.html) products, technology and values Strengths (company) consumers in one segment versus another important step in the process. Research Design m There should be the ability to reach the people m The attributes the consumers use in evaluating includes secondary data analysis, qualitative The patterns that are uncovered help create better Goals: Weaknesses (company) within the segment with some marketing action products/brands in the category research, methodology selection, questionnaire marketing strategies and are often the foundation The firm’s targeted levels of performance Opportunities (industry, competition, environment) m The consumer’s perception of the competing Threats (market, competition, environment) • Consumer markets can be segmented using 4 main design, sample design and size for a company’s customer relationship management segmentation dimensions: brands in the category based on the attributes 3. Data Collection and Analysis – here the finalized (CRM) programs m The “ideal” brand Objective Setting and Market-Product Focus m Geographics – state/province, city, Census questionnaire is put into the field to gather Based on the previous analysis, sales and market share objectives Metropolitan Area (CMA) From this information firms can create a perceptual information from the chosen sample. This step are set. A determination is made as to what products will be can take up to 50% of the time needed to m Demographics – age, gender, Family Life Cycle, map – a picture in 2 dimensions that depicts the targeted to which customers; this is called market segmentation marital status, income, occupation, education, racelocation of competing products/brands based on how complete the research project. There are a and target marketing. In addition, market opportunities are consumers perceive them, relative to their ideal variety of ways that the data can be analyzed all identified. The product market grid demonstrated below is a m Psychographics – activities, interests, opinions, of which are dependent on the construction of personality, and lifestyle brand. Positioning and repositioning decisions are tool to assist in this process then made the questionnaire Ansoff’s Strategic Opportunity Matrix m Behavior – benefits sought, usage rate, user 4. Conclusion and Reporting – the critical business status, loyalty status Perceptual Map intelligence achieved from the research will be Products • Business Markets can similarly be segmented using; High Price influenced by how effectively the data is EXISTING NEW m Geographics – reported to the decision makers N t S Market Penetration Strategy Product Development region, location Brand X k E Strategy m Demographics – Brand A a BRANDING M E Market Development Diversification North American N Strategy Strategy Industry Brand Y Classification The use of a name, trademark, symbol or combination BRAND STRATEGIES toidentifyaproductanddifferentiateitfromcompetition • Multiproduct branding – one name for all Marketing Program System (NAICS), Low Quality High Quality The Marketing Mix – the activities that will achieve the number of BENEFITS OF BRANDING products in a product class objectives are determined here employees, annual • Multibranding – each product is given a distinct Product identification and differentiation from Budget sales Brand Z competition name m Behavior – benefits • Private branding – a company manufactures The specific resources required to execute the marketing plan Brand B • Brand Equity – the value of a brand as are identified and projected sales and profits established sought, usage rate, Ideal determined by brand awareness, perceived products but sells them under the brand name of user status, loyalty a wholesaler or retailer Controls status, purchase quality and brand loyalty among customers • Mixed branding – a combination of private A plan is established to monitor how well actual performance method Low Price • Brand Personality – the human characteristics a branding and multibranding meets objectives brand takes on www.permacharts.com © 2007-2013 Mindsource Technologies Inc. © 2007-2013
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