Recent

  • Show all results for ""
Marketing Planning Fundamentals
32 Questions
1 Views

Marketing Planning Fundamentals

Created by
@ImmaculateSatellite14

Questions and Answers

What are the two axes commonly used to draw the Product Positioning Map (PPM)?

  • Price and demand
  • Quality and availability
  • Price and quality (correct)
  • Cost and features

    • Niche markets are broadly defined groups of potential customers.

    False

    Name one example of a business that operates in a niche market.

    Billabong or Lewwinski.com or Yves Saint-Laurent

    Unique selling point (USP) refers to a special feature of a product that helps it to stand out among _____?

    <p>competitors</p> Signup and view all the answers

    Match the product types with their descriptions:

    <p>Premium products = High price, high quality Cowboy products = High price, low quality Economy products = Low price, low quality Bargain products = Low price, high quality</p> Signup and view all the answers

    What is one advantage of marketing planning?

    <p>It fosters interdependence among business functions.</p> Signup and view all the answers

    Marketing planning guarantees success for an organization.

    <p>False</p> Signup and view all the answers

    Which of the following statements is true regarding mass market products?

    <p>They are described as being 'for everyone'.</p> Signup and view all the answers

    Consumer profiles for mass market customers sound very specific and realistic.

    <p>False</p> Signup and view all the answers

    What is market segmentation?

    <p>The process of dividing potential customers into groups with similar characteristics.</p> Signup and view all the answers

    What is a key characteristic of consumer profiles in niche markets?

    <p>They are very specific and realistic.</p> Signup and view all the answers

    Demographic segmentation divides the market by _____ characteristics.

    <p>demographic</p> Signup and view all the answers

    Which of the following is a disadvantage of marketing planning?

    <p>It can be time-consuming and costly.</p> Signup and view all the answers

    Match the types of market segmentation with their definitions:

    <p>Demographic segmentation = Dividing market by age, gender, and similar factors Geographic segmentation = Dividing market by regions and climates Psychographic segmentation = Dividing market based on consumer lifestyles and values Behavioral segmentation = Dividing market based on user behaviors and decision-making processes</p> Signup and view all the answers

    What is one way in which marketing planning can motivate staff?

    <p>By providing clear objectives and strategies to work towards.</p> Signup and view all the answers

    Marketing planning can lead to increased bureaucracy in organizations.

    <p>True</p> Signup and view all the answers

    Which of the following is NOT a type of targeting?

    <p>Isolated targeting</p> Signup and view all the answers

    Psychographic segmentation only considers a person's wealth and social class.

    <p>False</p> Signup and view all the answers

    What is the purpose of consumer profiling?

    <p>To outline the description of a 'perfect customer' by listing their key characteristics.</p> Signup and view all the answers

    The process of selecting relevant market segments to sell to is known as _____ .

    <p>targeting</p> Signup and view all the answers

    Which brand is best associated with differentiated targeting?

    <p>Nike</p> Signup and view all the answers

    Match the types of targeting with their definitions:

    <p>Undifferentiated targeting = Targets all consumers without differentiation Differentiated targeting = Targets specific segments differently Concentrated targeting = Focuses on a narrow, specific group</p> Signup and view all the answers

    Positioning refers to how a brand is perceived in the minds of customers.

    <p>True</p> Signup and view all the answers

    What tool visually outlines customers' perceptions on brands/products?

    <p>Product Perception Map (PPM)</p> Signup and view all the answers

    Which of the following is NOT a differentiation strategy based on the marketing mix?

    <p>Geographical differentiation</p> Signup and view all the answers

    Cost leadership implies that a business provides the highest quality product at the lowest price.

    <p>False</p> Signup and view all the answers

    What does USP stand for?

    <p>Unique Selling Proposition</p> Signup and view all the answers

    Businesses that aim to minimize costs of production are pursuing __________.

    <p>cost leadership</p> Signup and view all the answers

    Match the following differentiation strategies with their descriptions:

    <p>Product differentiation = Creating unique features in products Price differentiation = Offering competitive pricing to attract customers Promotion differentiation = Using unique advertising approaches Place differentiation = Ensuring product availability in convenient locations</p> Signup and view all the answers

    Porter's Generic Strategies include which of the following?

    <p>Cost leadership</p> Signup and view all the answers

    Differentiation only relies on one element of the marketing mix.

    <p>False</p> Signup and view all the answers

    Name one method businesses can use to achieve cost leadership.

    <p>Economies of scale or improved supply chains or relocation</p> Signup and view all the answers

    Study Notes

    Marketing Planning

    • Involves setting marketing objectives and determining strategies for achievement.
    • Requires documentation for decision-making guidance.
    • A systematic and cyclical process that evolves through reflective actions.

    Advantages of Marketing Planning

    • Reduces risks by preparing for changes.
    • Fosters collaboration across all business functions.
    • Motivates staff by providing clear objectives and strategies.

    Disadvantages of Marketing Planning

    • Does not guarantee success due to unforeseen changes.
    • Can be time-consuming and costly, especially for large organizations.
    • May bureaucratize the organization, adding paperwork and accountability.

    Market Segmentation

    • Divides potential customers into groups with similar characteristics.
    • Demographic segmentation: based on age, gender, ethnicity, marital status, etc.
    • Geographic segmentation: based on location such as country, region, climate, etc.
    • Psychographic segmentation: based on lifestyles, hobbies, wealth, and social class.

    Targeting

    • Involves selecting relevant market segments to sell to, creating target market profiles.
    • Three types of targeting:
      • Undifferentiated (mass) targeting covers a broad audience, e.g., Coca-Cola.
      • Differentiated (segmented) targeting focuses on specific segments, e.g., Nike.
      • Concentrated (niche) targeting targets a narrow group, e.g., Billabong for surfers.

    Consumer Profiling

    • Outlines the characteristics of an ideal customer, akin to targeting and segmentation.
    • May describe a hypothetical customer with varied attributes.

    Positioning

    • Refers to how a brand/product is presented to create desired customer perception.
    • Businesses can manipulate positioning through product, price, and promotion.
    • Perception is formed in customers' minds and cannot be directly controlled.

    Product Perception Map (PPM)

    • A visual tool illustrating customer perceptions of brands/products based on quality and price.
    • Four categories:
      • Premium products: high price, high quality.
      • Cowboy products: high price, low quality.
      • Economy products: low price, low quality.
      • Bargain products: low price, high quality.

    Niche Market

    • A specifically defined group of potential customers with unique characteristics.
    • Marketing approaches are targeted and based on realistic consumer profiles.

    Mass Market

    • A broadly defined group of potential customers, typically non-targeted.
    • Products are designed to appeal to a wide audience, e.g., Coca-Cola.

    Unique Selling Point (USP)

    • A distinctive feature that differentiates a product or organization from competitors.
    • Often highlighted through elements of the marketing mix: product, price, promotion, etc.

    Differentiation

    • The process of using USP to position a product as unique.
    • Strategies can include product differentiation, price differentiation, and more.

    Porter’s Generic Strategies

    • A framework identifying cost and differentiation strategies for gaining competitive advantage.
    • Considers both broad and niche market targeting.

    Cost Leadership

    • A strategy aimed at being the lowest cost supplier in the market.
    • Focuses on minimizing production costs and maintaining profitability through volume sales.
    • Methods to achieve cost leadership include economies of scale and improved supply chains.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Description

    Explore the essentials of marketing planning in this quiz. Learn about setting marketing objectives, determining strategies for success, and the cyclical process involved in effective marketing decision-making. This comprehensive quiz will guide you through the critical components of effective marketing planning.

    More Quizzes Like This

    Marketing Strategy and Planning Quiz
    10 questions

    Marketing Strategy and Planning Quiz

    ImportantAbundance avatar
    ImportantAbundance
    Elements of Marketing Plan and Strategic Planning Quiz
    12 questions

    Elements of Marketing Plan and Strategic Planning Quiz

    SalutaryDramaticIrony avatar
    SalutaryDramaticIrony
    PM07 .- 04 .- Establecimiento de los objetivos generales y de marketing
    12 questions

    PM07 .- 04 .- Establecimiento de los objetivos generales y de marketin...

    BrainiestRetinalite5977 avatar
    BrainiestRetinalite5977
    Tactical Marketing Process Quiz
    12 questions

    Tactical Marketing Process Quiz and Flashcards

    SuccessfulDidgeridoo avatar
    SuccessfulDidgeridoo
    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser