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54 Cards in this Set
- Front
- Back
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All marketing planning begins with and depends on __________.
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Information
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Four critical areas of information required to make marketing decisions:
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1) the organization itself
2) the environment 3) competitors 4) the market (potential customers) |
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The purpose of the first three steps in marketing planning is
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to provide the four critical areas of information required to make marketing decisions.
*Form an informal foundation for the marketing plan. |
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First three steps in marketing planning process
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1) objective section
2) situation analysis 3) target analysis |
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The first three foundational steps in the marketing plan are implemented through six analysis processes:
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1) vision statement analysis
2) environmental scan 3) SWOT analysis 4) demand analysis 5) buyer behavior analysis 6) segmentation analysis |
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Objective Section
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Provides information on the organization itself.
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Situation Analysis
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Provides information on the organization's environment and competitors.
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Target Analysis
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Obtains information on the organization's market and potential customers.
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The Objective Section requires _________.
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A vision statement analysis.
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Purpose of a Vision Statement Analysis
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To enable a set of marketing objectives to be established that ensures marketing efforts are consistent with corporate goals and efforts.
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Vision Statement's four steps or components:
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1) Assess core values
2) Define business mission 3) Establish strategic direction 4) Establish strategic infra-structure |
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Information Needed to Asses Core Values
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Employee expected behavior
Ethics Organization's social responsibilities |
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Information needed to establish strategic direction consists of
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Competitive Strategy
Growth Strategy Performance Measures |
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Information needed to establish strategic infrastructure consists of
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Organization's core competencies
How resources are allocated across SBU's |
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The results of a vision statement analysis are applied to
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write the objective section or a marketing plan
to provide information concerning the organization's strengths weaknesses needed for a SWOT analysis |
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Situation Analysis Purpose
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to identify trends that may have a positive or negative impact on the organization in enough time to adjust them.
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A Situation Analysis has three steps or components:
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1) Environmental Scan
2) SWOT analysis 3) Demand analysis |
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Environment Scan - four steps
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1) Define Industry
2) Analyze Macro-environment 3) Analyze Micro-environment 4) Project Future trends |
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The information needed to Define Industry__________
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those products used as substitutes or with similar technology, or addresses similar wants/ needs
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The information needed Analyze Macro Environment
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State of the economy
Technology Culture Legal/ regulatory conditions Ethics |
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The information needed to define Micro-Environment
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State of stakeholders (owners, employees, intermediaries, and action groups)
and Competitive Industry ( competitors, substitute producers, and power or suppliers and buyers) |
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Information needed to Project Trends
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Estimates of which macro or micro elements will change
The direction of those changes The forces driving the change |
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The results of an Environmental Scan are used to
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Identify opportunities and threats facing the organization
These are then applied to a SWOT analysis which contributes to the informational foundation of the marketing plan. |
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The purpose of a SWOT analysis
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is to match the organization's strengths and weaknesses to the opportunities and threats the organization has to address.
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SWOT analysis contributes to the _______ _________ of the marketing plan.
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informational foundation
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A SWOT Analysis has four steps:
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1) Determine the industry's success requirements
2) Identify the organization's capabilities & resources 3) Determine the organization's strengths/ weaknesses 4) Matching future trends with strengths/weaknesses to determine opportunities/ threats |
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Information needed to indentify industry's success requirements is the output of
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environmental scan
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Information needed to identify organization's capabilities is the output of
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vision statement analysis
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The information to determine opportunities and threats is organization's ___________ & _________ and _________________________________
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strengths and weaknesses
and the future trends of environmental scan |
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The results of a SWOT Analysis are used to identify
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strategic marketing actions that may be required to use strengths and exploit opportunities and isolate weaknesses against threats
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The purpose of the Demand Analysis
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to quantify the size and dynamics of the market.
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A Demand Analysis has 3 steps:
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1) Determine Market Potential
2) Determine Sales Forecast 3) Establish Nature of Demand |
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Information needed for determining Market Potential
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Quantity demanded (determined from information on # of buyers, frequency of purchases, and amount purchased)
and Price Paid (Determined from buying power --> information on economic conditions, income, and buying patterns) |
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Information needed to determine Sales Forecast
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Market Potential
and Market Share (determined from competitiveness --> firm's relative advantages over competitors, firm's dollar marketing effort, and the # of competitors). |
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The information needed to determine nature of demand
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How consumers make final purchase decisions (brand based, or commodity based)
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The results of a demand analysis are applied to
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target market selection, strategy development, and forecasting and budgeting.
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The target analysis section requires
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a buyer behavior analysis
and a segmentation analysis |
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Purpose of a buyer behavior analysis
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obtain an in-depth understanding of who the consumer is, what they are buying, and why and how they buy in order to gain insights for creating and capturing value.
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Four steps of a Buyer Behavior Analysis
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Identify:
1) Who buys 2) What is bought 3) Why they buy 4) How they buy |
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The information needed to identify who buys involves
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determining the type of customer (requiring customers demographic and psychographic profiles)
and determining the type of buyer (requiring buying quantity, buying frequency, and level of buying loyalty) |
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The information needed to specify exactly what customers are buying involves
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product attributes
and product benefits |
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The information needed to understand why and how customers buy involve what processes?
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Type of decision
Decision making process Selection/ evaluation process Buying process [business] Buying situation [business] |
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The information needed to understand why and how customers buy involve what influences?
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Societal and psychological [consumer]
Market and organizational [business] |
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The results of customer analysis are used for
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Segmentation
Segmentation Strategy Selection Target Market Selection Marketing Plan Development |
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Targeting requires a ______ ______.
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segmentation analysis
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The purpose of a Segmentation Analysis
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to form groups of consumers that can be more effectively and efficiently marketed to.
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Two Steps of the Segmentation Process
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1) Selecting Segmentation Variables
2) then, Developing a profile of each segment |
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Segments must be _________ within and ___________ between.
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Homogeneous
Heterogeneous |
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Segments must also be
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Measurable
Substantial Accessible Actionable Differentiable |
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Marketing influences firm's efficiency and effectiveness by directing _______ and by planning and executing ___________ _________ & _____ ______
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vision
marketing strategy marketing tactics |
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Vision
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marketing as a philosophy guides other areas of firm
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Marketing Strategy
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long term approach to market & allocation of resources
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Marketing Tactics
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Short term decisions with respect to marketing mix
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Business Mission
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Mission
Philosophy Product Orientation Customer Results Technology |
