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Home / Questions / Marketing *Chapter 17* Marketing Plans Flashcards

Marketing *Chapter 17* Marketing Plans Flashcards

Terms Definitions
Situational Analysis (5Cs)
• Company - Analyze the company, its strengths, SWOT analysis, goals, what are we known for, who do we want to become
• Customer – We must have a good idea of our customers, study secondary data and background data and trends, learn about past, potential, current customers and the competitions customers
• Context – economy (are we concerned with economy), politics (unknown, never tried a different appeal dems/reps), Legal, Technology – move more giving online, Societal – emphasize benefits of an educated populace
• Collaborators – Networks of support functions can be compa
STP
• Segmentation - What kinds of customer knowledge do we need to form segments (demo, geo psych data? Shall we run surveys?
Use cluster analysis to ID segments and descriptive data to validate the marketing segmentation scheme
• Targeting – Choose segments to target, size the market estimate its profitability/ consider fit with corporate goals/actionability
• Positioning – Positioning via perceptual maps, where are we in the positioning matrix, write position statement
Tactical Plan (4Ps)
• Product – How is our good or service distinct vs competition, brand strategy brand associations brand worth? Where is our brand in its product life cycle, How do we generate buzz, are we hi-end, quality or value based? Are we pursuing new products, and/or new segments?
• Price – Do demand and elasticity enter price decisions? If low do we break even, if high assess price sensitivities, keep prices constant or allow changes (coupons, discounting, loyalty perks), Use prices to attract different segments, are we hi-quality and skim prices or value products w/ low and penetration pricing
• Place – Distribution network intensive, selective? Channel partners good or need to resolve conflicts, role in our strategy of retailing/online/sales force, customers have sufficient access, our sites consistent repositioning
• Promotion – Marketing goals of ad campaign, what kind of message? How to test if effective? Concept/copy tests
Marketing Plan
Exec Summary, Situational Analysis, STP, Tactical Plan, Recommendation
Good job
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Nov 06 2017 View more View Less

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