Podcast
Questions and Answers
What company is featured in the case study?
What company is featured in the case study?
Crepes and Waffles
What type of restaurant is Crepes and Waffles?
What type of restaurant is Crepes and Waffles?
French-style crêpe restaurant
Crepes and Waffles is a non-profit organization.
Crepes and Waffles is a non-profit organization.
False (B)
What is the main social impact that Crepes and Waffles focuses on?
What is the main social impact that Crepes and Waffles focuses on?
Besides employing single mothers, what other social or environmental practice does Crepes and Waffles promote?
Besides employing single mothers, what other social or environmental practice does Crepes and Waffles promote?
What is Crepes and Waffles most famous for?
What is Crepes and Waffles most famous for?
In what year was the first Crepes and Waffles restaurant opened?
In what year was the first Crepes and Waffles restaurant opened?
How many Crepes and Waffles restaurants are there currently?
How many Crepes and Waffles restaurants are there currently?
What key factor allowed Crepes and Waffles to establish a niche market in Colombia when they first opened?
What key factor allowed Crepes and Waffles to establish a niche market in Colombia when they first opened?
How did Crepes and Waffles differentiate themselves from competitors?
How did Crepes and Waffles differentiate themselves from competitors?
Customers are more likely to choose Crepes and Waffles because of the company's dedication to social values.
Customers are more likely to choose Crepes and Waffles because of the company's dedication to social values.
What is the most recent marketing strategy that Crepes and Waffles has adopted?
What is the most recent marketing strategy that Crepes and Waffles has adopted?
What specific sustainable practice is Crepes and Waffles implementing?
What specific sustainable practice is Crepes and Waffles implementing?
Crepes and Waffles' marketing strategy can be described as well-developed and resilient.
Crepes and Waffles' marketing strategy can be described as well-developed and resilient.
What is a marketing plan?
What is a marketing plan?
Which of the following elements are included in the marketing plan?
Which of the following elements are included in the marketing plan?
What is the first step in creating a marketing plan?
What is the first step in creating a marketing plan?
What is the purpose of establishing marketing objectives?
What is the purpose of establishing marketing objectives?
What is the primary function of market research?
What is the primary function of market research?
What is the overall aim of developing the marketing mix?
What is the overall aim of developing the marketing mix?
What is the function of control tools in marketing?
What is the function of control tools in marketing?
What is the primary function of the marketing objective?
What is the primary function of the marketing objective?
Achieving the marketing objective will also help the company to achieve its overall business objectives.
Achieving the marketing objective will also help the company to achieve its overall business objectives.
What is a budget?
What is a budget?
Which of the following is NOT a method for setting a marketing budget?
Which of the following is NOT a method for setting a marketing budget?
What is the key factor in an objective-based marketing budget?
What is the key factor in an objective-based marketing budget?
How do sales-based budgets allocate marketing funds?
How do sales-based budgets allocate marketing funds?
What is the foundation of an incremental-based marketing budget?
What is the foundation of an incremental-based marketing budget?
What is the primary benefit of objective-based budgets?
What is the primary benefit of objective-based budgets?
What does market segmentation involve?
What does market segmentation involve?
What is the purpose of market segmentation?
What is the purpose of market segmentation?
What is the next step after identifying target markets in market segmentation?
What is the next step after identifying target markets in market segmentation?
What is the key element that market research gathers?
What is the key element that market research gathers?
Why is market research essential for market-oriented companies?
Why is market research essential for market-oriented companies?
What is the primary benefit of effective market research?
What is the primary benefit of effective market research?
What are marketing strategies?
What are marketing strategies?
What is the marketing mix often referred to as?
What is the marketing mix often referred to as?
What is the principal function of control tools in marketing?
What is the principal function of control tools in marketing?
Which of the following are sources for gathering data for control tools?
Which of the following are sources for gathering data for control tools?
Marketing should be viewed as a static process.
Marketing should be viewed as a static process.
Control tools can help provide the basis for the next set of marketing objectives.
Control tools can help provide the basis for the next set of marketing objectives.
What does segmentation involve?
What does segmentation involve?
What is a target market?
What is a target market?
Which of the following are methods of market segmentation?
Which of the following are methods of market segmentation?
What does geographic segmentation consider?
What does geographic segmentation consider?
What aspects does demographic segmentation focus on?
What aspects does demographic segmentation focus on?
What is the focus of psychographic segmentation?
What is the focus of psychographic segmentation?
Which of the following are advantages of market segmentation?
Which of the following are advantages of market segmentation?
What does targeting refer to in marketing?
What does targeting refer to in marketing?
Targeting can sometimes involve a larger group of individuals.
Targeting can sometimes involve a larger group of individuals.
How do niche markets differ from mass markets in terms of competition?
How do niche markets differ from mass markets in terms of competition?
What is the key to success in niche markets?
What is the key to success in niche markets?
What is the primary benefit of operating in a niche market, despite the smaller customer base?
What is the primary benefit of operating in a niche market, despite the smaller customer base?
Targeting niche markets generally leads to high quantities of sales.
Targeting niche markets generally leads to high quantities of sales.
Which of the following are examples of niche markets?
Which of the following are examples of niche markets?
Mass markets are characterized by the production of goods in very large quantities.
Mass markets are characterized by the production of goods in very large quantities.
Products sold in mass markets are typically more expensive than products sold in niche markets.
Products sold in mass markets are typically more expensive than products sold in niche markets.
Mass markets often use a different marketing mix for different consumer groups.
Mass markets often use a different marketing mix for different consumer groups.
What is the key factor that drives high quantities of sales in mass markets?
What is the key factor that drives high quantities of sales in mass markets?
What is the primary challenge faced by mass market businesses?
What is the primary challenge faced by mass market businesses?
What type of advertising do larger companies often use to target mass markets?
What type of advertising do larger companies often use to target mass markets?
Which of the following are advantages of mass marketing?
Which of the following are advantages of mass marketing?
Which of the following are disadvantages of niche marketing?
Which of the following are disadvantages of niche marketing?
How can Airbnb be characterized as a niche market?
How can Airbnb be characterized as a niche market?
Which of the following are ways Airbnb is segmenting the market?
Which of the following are ways Airbnb is segmenting the market?
Flashcards
Marketing plan
Marketing plan
A strategic plan that outlines how a business will achieve its marketing goals.
Marketing objective
Marketing objective
The goal a business sets for its marketing efforts.
Marketing budget
Marketing budget
A specific amount of money allocated to marketing activities.
Market segmentation
Market segmentation
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Target market
Target market
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Market research
Market research
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Marketing strategies
Marketing strategies
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Marketing mix
Marketing mix
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Control tools
Control tools
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Product positioning map
Product positioning map
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Niche market
Niche market
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Mass market
Mass market
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Geographic segmentation
Geographic segmentation
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Demographic segmentation
Demographic segmentation
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Psychographic segmentation
Psychographic segmentation
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Customer profiling
Customer profiling
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Targeting
Targeting
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Positioning
Positioning
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Crepes and Waffles
Crepes and Waffles
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Sustainability
Sustainability
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Local sourcing
Local sourcing
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Seasonality
Seasonality
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Biodiversity
Biodiversity
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Social enterprise
Social enterprise
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Regenerative practices
Regenerative practices
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Marketing audit
Marketing audit
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Market analysis
Market analysis
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Marketing framework
Marketing framework
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Objective-based budget
Objective-based budget
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Sales-based budget
Sales-based budget
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Incremental budget
Incremental budget
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Study Notes
Marketing Planning
- Marketing planning is a document outlining a business's entire marketing process.
- Key elements of a marketing plan include:
- Marketing objective
- Marketing budget
- Target market segmentation
- Market research
- Marketing strategies
- Control tools
Crepes and Waffles
- Crepes and Waffles is a Colombian social enterprise restaurant using a French style menu.
- It actively employs single mothers.
- It promotes climate-resilient farming practices in Colombia.
- Crepes and Waffles was founded in the 1980s.
- It has 120 restaurants in Brazil, Panama, Mexico, Chile, and Venezuela.
- The business initially identified a gap in the market for brunch restaurants in Colombia.
- It differentiates itself through employee support policies, including stable contracts, health benefits, and educational/art programs.
- The business strives to be a positive stakeholder in its community.
- Recent strategies focus on sustainable practices by sourcing local products and offering seasonal food, promoting Colombia's biodiversity.
Marketing Mix
- The marketing mix includes product, price, place, promotion, people, processes, and physical evidence.
- These are referred to as the "seven Ps."
Marketing Objective
- The marketing objective directs marketing function.
- Achieving the objective helps the company achieve its overall business objectives.
Marketing Budget
- A marketing budget is the amount of money allocated to a task.
- Budget methods can be:
- Objective-based: estimates budget for achieving marketing objectives.
- Sales-based: fixed percentage of sales revenue allocated to marketing.
- Incremental-based: previous year’s budget plus inflation adjustments.
- Objective-based budgets are the most flexible because they don't limit spending; other methods limit spending based on historical performance.
Segmentation & Target Market
- Market segmentation involves grouping consumers with similar characteristics and needs.
- Segmentation allows businesses to analyze profitable segments to serve with their product.
- Once markets are identified, strategies can be made to fulfill needs.
- Segmentation methods can include:
- Geographic: region, country, state/country region, urban/rural
- Demographic: age, gender, socio-economic groups, religion, ethnicity
- Psychographic: lifestyle, personal interests
Market Research
- Market research gathers information about consumer needs, tastes, habits, and preferences to help marketing decisions.
- For market-oriented companies, market research serves as the basis for all decision-making.
- Effective market research helps companies identify new opportunities, leading to increased sales.
Control Tools
- Control tools assess the success of marketing strategies.
- Data sources can include:
- Sales revenue/profit data
- Number of repeat customers
- Surveys and focus groups
Marketing Cycle
- Marketing is an ongoing process needing continuous updated plans.
- Control tools provide information on objective attainment and help define next objectives for a continuous marketing plan.
Market Segmentation - Advantages
- Identifying gaps and opportunities in markets
- Designing suitable products for specific groups
- Reducing resource waste
- Diversifying and spreading risks
- Targeting different consumer segments
Activity
- Same company - different target market
Targeting
- Targeting refers to selecting appropriate segments for marketing campaigns.
- Segments can vary, such as by specific demographics.
- Larger groups including mass market products (e.g., milk, snacks) or smaller niche markets (e.g., exclusive high-end fashion).
Marketing & Markets
- Markets, based on size, can be niche or mass.
- Niche markets target small segments, while mass markets target larger segments.
- Niche markets have less competition, allowing higher prices, although sales quantities may be low.
- Mass markets face high competition, resulting in lower profit margins, although sales quantities may be high.
Niche Market Examples
- Dietary products (e.g., wheat-free bread)
- Clothing stores for specific heights
- Specialized sports equipment
Niche Markets - Disadvantages
- Limited marketing budgets may force them to target niche markets
- Fewer competition, a well defined target market
- More cost-effective below the line promotional messages
Niche Market Success
- Businesses must understand target markets' needs to design products meeting those needs.
- Competition is minimized, leading to high customer loyalty and potential for higher prices.
Mass Market Examples
- Supermarkets (food products)
- Toothpaste, coffee, shampoo, detergents
Mass Markets - Advantages
- Mass production leads to lower per-unit production & marketing costs.
- Economies of scale
- Single marketing mix for a broader market
Mass Markets - Disadvantages
- High costs to reach larger numbers of consumers
- Increased competition
- Low profit margins
Airbnb
- Airbnb's market was initially characterized as a niche market, targeting tech-savvy, budget-conscious travelers for short-term rentals in urban areas.
- Airbnb now segments its market by income, geography, and accessibility.
Product Positioning Maps
- Visual representations of how competitors position their brands.
- Usually displayed with two attributes (e.g., price and quality).
- Can be used as a marketing tool to identify market segments with unmet needs.
Positioning Map - Usages
- Identifying gaps in market
- Understanding competitors
- Launching new products
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Description
This quiz covers the essential components of marketing planning, including objectives, budget, target market segmentation, and strategies. Understanding these elements is crucial for effective marketing management and business success. Additionally, the quiz briefly examines the social enterprise Crepes and Waffles' unique approach to business and community engagement.
