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4.2 Marketing Planning - Coggle Diagram
4.2 Marketing Planning
Marketing Mix
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Coordinated marketing mix: Key marketing decisions complement each other and work together to give customers a consistent message about the product.
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Segmentation, targeting, and consumer profiling
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Consumer profile: Quantified picture of consumers showing proportions of age groups, income levels, location, gender, and social class
Segmentation, also referred to as differentiated marketing: Selling different products to different segments of the market instead of a single product to the entire market (mass marketing)
Examples of market segmentation: Computer manufacturers (Hewlett Packard), Coca-Cola, Renault, Gap, Nike, Coutts Bank
niche vs mass markets
Niche
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Niches are created by identifying needs, wants, and requirements that are not being addressed/satisfied by other firms
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Mass
Mass marketing is an attempt to utilise one marketing strategy across an entire market in order to maximise sales volume.
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It is also referred to as undifferentiated marketing as it does not target individual market segments.
This strategy uses a blanket approach, e.g. a television promotion which reaches many different market segments.
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USP
A USP is a differentiating factor that makes a company's product unique and designed to motivate customers to buy. It is essential for businesses to be able to pinpoint what makes its product stand out in a world of homogeneous competitors to ensure effective sales efforts. USPs can be based on any aspect of the marketing mix, such as product, price, place, or promotion.
Product: Dyson’s vacuum cleaners offer ‘dual cyclone technology’ that is unique (and patented) and the company has become the world number two manufacturer of vacuum cleaners in just 20 years.
Price: ‘Never knowingly undersold’ is the classic advertising slogan for the John Lewis Partnership’s department stores in the UK.
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Promotion: ‘When it absolutely, positively has to be there overnight’ (FedEx courier service) is one of the most famous promotional slogans of recent years. It helped to establish in customers’ minds the unique quality of service that this company claimed to offer.
Differentiation
Differentiation: Differentiation is the process of distinguishing a product or business from competitors in the market or industry.
Product differentiation: Product differentiation is the marketing process that showcases the differences between products.
Differentiation looks to make a product more attractive by contrasting its unique qualities with other competing products.
Successful product differentiation creates a competitive advantage for the seller, as customers view these products as unique or superior.
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