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Standard 02 – Market Planning What You’ll Learn . . .

Standard 02 – Market Planning What You’ll Learn . . . Understand the concept of market and market identification Understand the concept of market segmentation Understand the importance of evaluating marketing plans. Standard 2 Day 1. Students will be able to:

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Standard 02 – Market Planning What You’ll Learn . . .

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  1. Standard 02 – Market PlanningWhat You’ll Learn . . . Understand the concept of market and market identification Understand the concept of market segmentation Understand the importance of evaluating marketing plans

  2. Standard 2 Day 1 Students will be able to: Understand the concept of market and market identification Define the term “market” Define the term “target market” Understand how to identify an appropriate target market Understand the difference between B2B marketing and B2C marketing Explain the role of situational analysis in the marketing planning process

  3. Market • Market – all potential customers who have the ability and willingness to buy

  4. Target Marketing • Focusing all Marketing efforts on a very specific group of people who you want to reach.

  5. Customers – people who buy the product • Consumers – people who actually use the product Is mom the customer or the consumer? What about the kids?

  6. B2B vs. B2C B2B – “Business-to-Business” A business that markets its products or services to other businesses. B2C – “Business-to-Consumer” A business that markets its products or services to consumers.

  7. Situational Analysis The situation analysis is the foundation of the strategic planning process. S: Strengths - Internal W: Weakness - Internal O: Opportunities - External T: Threats - External The study of the internal and external factors that affect marketing strategies.

  8. Standard 2 Day 2 Students will: Understand the concept of market segmentation. Define the term market segmentation Understand common methods used to segment a market (demographic, psychographic, geographic, and behavioral)

  9. Analyzing Markets • Market segmentation is a way of analyzing a market by specific characteristics as in order to define the target market.

  10. Types of Segmentation: • Demographics • Psychographics • Geographics • Behavioral

  11. Demographics • Demographics – statistics that describe a population in terms of personal characteristics. Demographics include: • Age • Baby Boom Generation • Generation X • Generation Y • Gender • Marital Status • Ethnic Background

  12. U.S. Trend – The percentage of the Caucasian population is declining, while other ethnic populations increase.

  13. Psychographics • Involves grouping people with similar lifestyles, as well as shared attitudes, values, and opinions. • Activities • Attitudes • Personality & Values

  14. Music teachers, dancers, and other music lovers would be one category of people who share psychographic characteristics.

  15. VALS™ is a marketing and consulting tool that helps businesses worldwide develop and execute more effective strategies. The system identifies current and future opportunities by segmenting the consumer marketplace on the basis of the personality traits that drive consumer behavior. VALS applies in all phases of the marketing process, from new-product development and entry-stage targeting to communications strategy and advertising. Click on VALS to learn more and to take a survey to determine your VALS type

  16. Geographics • Geographics – Segmentation based on where people live • Political Boundary • Climate • Natural Boundary

  17. Behavioral Segmentation • Looking at the benefits desired by consumers, shopping patterns, and usage rate. Market benefits, not just the physical characteristics of a product

  18. Behavioral Segmentation • Many businesses find that the 80/20 rule applies. • 80 % of a company’s sales are generated by 20 % of its loyal customers.

  19. Mass Marketing Vs Segmentation • Mass marketing not as popular as it once was. • Niche marketing (the current trend) – markets are narrowed down and defined with extreme precision.

  20. Standard 2 Day 3 Students will: Understand the importance of evaluating marketing plans. Define Return on Marketing Investment (ROMI) Explain methods to monitor & evaluate the performance of marketing plans.

  21. ROMI Return on Marketing Investment – A measurement organizations calculate that helps them evaluate their marketing investment

  22. Monitor and evaluate marketing plans Listed below are a few metrics or tools used to evaluate marketing plans: -Sales -Profit -Market Share -Growth vs. previous year -Comparisons with competitors -Exposure -Brand awareness

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