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Questions and Answers
A marketing plan's introduction should accomplish several objectives. Which of the following BEST encapsulates the purpose of stating the marketing budget as a percentage of projected revenue within the introduction?
A marketing plan's introduction should accomplish several objectives. Which of the following BEST encapsulates the purpose of stating the marketing budget as a percentage of projected revenue within the introduction?
- To allow for flexibility in budgeting so that the marketing team can quickly adjust its strategy.
- To provide a competitive benchmark against larger companies to show that your smaller company is different.
- To precisely outline the expenses allocated for each marketing activity, ensuring resource optimization and accountability.
- To signal financial discipline and attract potential investors by demonstrating a clear understanding of resource allocation and expected returns. (correct)
When defining a target market strategy, focusing on the 'problems solved' by a product or service is crucial. How does this approach MOST directly benefit a company's marketing efforts?
When defining a target market strategy, focusing on the 'problems solved' by a product or service is crucial. How does this approach MOST directly benefit a company's marketing efforts?
- It enables the creation of highly targeted marketing messages that resonate with the specific needs and pain points of the ideal customer. (correct)
- It helps to identify competitors which allows a business to then acquire them.
- It allows for broader marketing campaigns appealing to a larger potential customer base with diverse needs.
- It reduces the need for customer feedback as you are directly telling customers what they need.
Kim & Mauborgne's strategy for creating new market space includes four actions. A company launching a meal-kit delivery service decides to offer fully recyclable packaging, far exceeding industry norms. Which of the four actions does this BEST represent?
Kim & Mauborgne's strategy for creating new market space includes four actions. A company launching a meal-kit delivery service decides to offer fully recyclable packaging, far exceeding industry norms. Which of the four actions does this BEST represent?
- Raise (correct)
- Reduce
- Create
- Eliminate
A startup is developing a new project management software. Which of the following questions would be MOST helpful in determining if the design fulfills unmet marketplace needs within their product/service strategy?
A startup is developing a new project management software. Which of the following questions would be MOST helpful in determining if the design fulfills unmet marketplace needs within their product/service strategy?
When formulating a pricing strategy, a startup should avoid low pricing. What is the MOST likely reason?
When formulating a pricing strategy, a startup should avoid low pricing. What is the MOST likely reason?
A new mobile gaming company is deciding how to allocate its advertising and promotion budget. Given their limited resources, which strategy would likely be the MOST effective initial approach?
A new mobile gaming company is deciding how to allocate its advertising and promotion budget. Given their limited resources, which strategy would likely be the MOST effective initial approach?
Which of the following scenarios exemplifies a company effectively using public relations as part of their advertising and promotion strategy?
Which of the following scenarios exemplifies a company effectively using public relations as part of their advertising and promotion strategy?
A company selling handmade jewelry online is devising a distribution strategy. Which approach would BEST align with their business model?
A company selling handmade jewelry online is devising a distribution strategy. Which approach would BEST align with their business model?
Flashcards
Introduction (Marketing Plan)
Introduction (Marketing Plan)
States the marketing strategy's purpose; explains achievement via benefits; identifies the target market; lists marketing tools; defines the market niche; establishes product/service identity; specifies the marketing budget as a percentage of projected revenue.
Target Market Strategy
Target Market Strategy
Identify the market niche, be specific in defining the target market, highlight benefits, and focus on problems solved and needs fulfilled for customers.
Two Types of Customer Benefits
Two Types of Customer Benefits
Emotional (e.g., hope, fear, love, guilt, convenience) and Financial (e.g., cost savings, increased profitability)
Creating New Market Space
Creating New Market Space
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Product/Service Strategy
Product/Service Strategy
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Pricing Strategy
Pricing Strategy
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Ways to Communicate with Customers
Ways to Communicate with Customers
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Distribution Strategy
Distribution Strategy
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Study Notes
- The document is a marketing plan reviewer, which includes plan outlines, and strategies.
Marketing Plan Outline
- The marketing plan outline contains the introduction, target market, product/service strategy, pricing strategy, distribution strategy, advertising and promotion, sales strategy, and sales and marketing forecasts.
Introduction
- The introduction should have a seven-sentence structure.
- The seven sentences must state the marketing strategy's purpose, explain how the purpose will be achieved by focusing on benefits, identify the target market, list the marketing tools, define the market niche, establish the product/service identity, and specify the marketing budget as a percentage of projected revenue.
Target Market Strategy
- Identify the market niche to be served.
- Define the target market specifically.
- Highlight the provided benefits.
- Focus on the problems solved and the fulfilled needs.
- Two types of benefits include emotional (hope, fear, love, guilt, convenience) and financial (cost savings, increased profitability). Customer research is important through casual conversations, interviews, surveys, and focus groups.
- Some key questions to ask include what products/services do they currently buy, how do they access these products/services, what advertising channels reach them, and who are the competitors.
Creating New Market Space (Kim & Mauborgne - HBR)
- Eliminate factors the industry has taken for granted.
- Create new factors never before offered.
- Raise factors that should be above industry standards.
- Reduce factors that should be below industry standards.
Product/Service Strategy
- How fulfills unmet marketplace needs should be considered with its design.
- Differentiation from competitors is key.
- Why and how customers will switch to the product/service needs addressing.
- Defensive strategies against competition.
Product Attribute Map
- Key product attributes against competitors should be compared.
Pricing Strategy
- Justify the chosen pricing model.
- Provide evidence of target market acceptance.
- Position the price relative to competitors.
- Low pricing is often NOT a good strategy for startups.
Advertising & Promotion
- How to communicate with customers include advertising (print, digital, TV, radio, etc.), public relations (media outreach, press releases, etc.), personal selling, printed materials, and other promotional means.
- Most effective promotional strategies justify them.
Distribution Strategy
- Explain how customers will acquire the product/service.
- Chosen distribution channels need justification.
- A plan for gaining access to these channels is required.
Sales Strategy
- Identify key buyers and decision-makers.
- The sales approach includes internal sales force, manufacturer's representatives, and telephone sales.
- Supporting the sales effort includes internal staff and service operations.
Goals for the Marketing Plan
- Establish a compelling market need.
- Have logical industry analysis leading to the need.
- The product/service is positioned to meet market demand.
- Advertising, pricing, distribution, and sales strategies should align with market characteristics.
- The objective is to have a great idea.
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Description
This marketing plan reviewer outlines strategies covering introduction, target market, product/service, pricing, distribution, and advertising. The introduction follows a seven-sentence structure, defining the marketing strategy's purpose, target market, and budget. It focuses on emotional and rational benefits.
