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MARKETING PLAN

Analyse the situation determine objectives segment and determine target markets marketing mix position Action plans controls and evaluation. MARKETING PLAN.

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MARKETING PLAN

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  1. Analyse the situation determine objectives segment and determine target markets marketing mix position Action plans controls and evaluation MARKETING PLAN

  2. Dividing the total market into groups of potential buyers who might require separate products and who might respond to different marketing mixes the process of classifying customers with different needs, characteristics and behaviour. Market Segmentation

  3. GEOGRAPHIC Region city size density climate DEMOGRAPHIC age family size gender nationality income religion Identify Bases for Segmentation

  4. PSYCHOGRAPHIC Socio- economic status - Education Income Occupation Values and attitudes - ‘young optimist’ ‘look at me’ Personality - compulsive; outgoing; ambitious Lifestyle - Real conservative; traditional family Bases of Seg (cont.)

  5. BEHAVIOURAL Benefits sought - quality; service; economy Purchase occasion - regular; special User status - non user/first time/regular User rate - Light------------------------heavy Loyalty status - nil/some/medium/high/total Readiness state - unaware/aware/interested/ready (continued)

  6. PROCESS Identify the broad benefits Remove the generic (qualifying) benefits Group the remaining benefits Describe the likely segments and develop target market profiles Example of Benefit Segmentation

  7. Measurability The degree to which the size and purchasing power of the segment can be determined ie some segments are difficult to get information about. Kotler example - left handed people Effective Segmentation

  8. Is the segment big enough and potentially profitable enough to justify individual marketing effort by the organisation SUBSTANTIALITY

  9. Reflects the degree to which segments can be reached and the barriers which exist to entry into particular markets. International markets are a good example where distance and cultural differences can create obstacles for the marketer. ACCESSIBILITY

  10. The degree to which effective programs can be designed to attract and serve particular markets. There are often internal organisational constraints to pursuing a particular segment, including lack of resources or flexibility. Actionability

  11. Diverse cultures Small population geographic dispersion individualism DIFFICULTIES IN MARKET LIKE AUSTRALIA

  12. Develop measures of segment attractiveness - evaluate various segments and choose one or more segments to cover. Separate marketing mixes are then developed to suit needs of target markets. TARGET MARKETING

  13. Segment size and growth potential Segment structural attractiveness Organisational objectives and resources Evaluating Segments

  14. Current sales in segment Projected sales growth Profit margins Rate of growth Segment size and growth potential

  15. Existing competition Power of suppliers and other intermediaries availability of close substitutes ability to control marketing efforts Structural Attractiveness

  16. Consists of a set of potential buyers sharing common needs and characteristics which the company decides to serve Options include: Undifferentiated or mass marketing Differentiated marketing Concentrated marketing TARGET MARKET DEFINITION

  17. Consumer perspective - the way that the product is defined by consumers on important attributes, relative to competitor products Organisational perspective - the process of creating a perception about our product in the minds of the target audience, relative to competitive products. Generally attained through promotional mix. Market Positioning

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