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4.2: marketing planning - Coggle Diagram
4.2: marketing planning
Marketing Planning: Process of formulating appropriate strategies and preparing marketing activities to meet marketing objectives
Marketing Objectives: Goals set for the marketing department to help the business achieve its overall objectives
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Marketing Audit: Review of costs and effectiveness of a marketing plan including an analysis of internal and external influences
Market Segmentation: Involves dividing a market into parts that reflect different customer needs and wants - subgroup of consumers with similar characteristics
Marketing Plan: Formal written document which outlines in detail how the business unit intends to achieve the marketing objectives derived from the corporative objectives
Elements: Marketing objectives, action programmes, budgets, sales forecasts and strategies
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Drawbacks: May become outdated if firms aren't quick to consider changes within the market and its conditions
Marketing Mix [7P's]:
Product: Consumers require the right product. Might be an existing product, an adaptation of an existing product or a newly developed one
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Price: Right price is important. If it's set too low, consumers lose confidence; if it's too high, it's unaffordable
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Applied to new and old products: Cost plus/Mark-up, Price leadership, Price followers, Psychological, Predatory, Price discrimination, Loss leader
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Promotion: Use of discounts and incentives that can persuade a customer to purchasing the products with a sale as compared to full price.
Above the line: Use of paid-for media such as TV, radio and the internet
Advantages: Can be a widely spread message with large amounts of information in one area. Each method can easily appeal to different demographics
Disadvantages: They're usually more expensive methods as they use paid methods. Therefore, reducing chances of profit maximisation
Below the line: Promotion that isn't carried out with mass media. Usually takes places on websites and is for targetted sales to specific demographics
Advantages: Helps retain customers a lot of the time as it allows for targetted promotion to a certain demographic that have already been drawn to the business' demographics
Disadvantages: A lot of time, it can be things like newsletters and emails that can potentially harm the business as it could lead to the upsetting of customers. Therefore, drawing them away from the business.
Place: Location must be right. The area of the shop where the good or service is being offered must be within proximity to allow easy foot traffic.
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