cpas review 2013-2014 marketing chapter 2—the marketing plan

CPAS REVIEW2013-2014

MARKETING

CHAPTER 2—THE MARKETING PLAN

Section 2.1Marketing Planning

Chapter 2

the marketing plan

Section 2.2Market Segmentation

• SWOT analysis

• PEST analysis

• marketing plan

• executive summary

• situation analysis

• marketing strategy

• sales forecasts

• performance standard

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Marketing Planning

SWOT analysis

An assessment of a company’s strengths and weaknesses and the opportunities and threats that surround it; SWOT: strengths, weaknesses, opportunities, threats.

SWOT Analysis

prepares a company for competition or a changing marketplace

provides guidance and direction for future marketing strategies

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SWOT Analysis

Marketing Planning

SWOT analysis

SWOT Analysis

prepares a company for competition or a changing marketplace

provides guidance and direction for future marketing strategies

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SWOT Analysis

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SWOT Analysis

Marketing Planning

The three C’s of internal analysis

C

CC

ompany

ustomers

ompetition

Strengths and weaknessesare internal factors that affecta business’s operation.

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Internal Strengths and Weaknesses

Marketing Planning

The three C’s of internal analysis

C

CC

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Internal Strengths and Weaknesses

Marketing Planning

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Marketing PlanningInternal Strengths and Weaknesses

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Marketing PlanningInternal Strengths and Weaknesses

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Marketing PlanningInternal Strengths and Weaknesses

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Marketing PlanningInternal Strengths and Weaknesses

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Marketing PlanningInternal Strengths and Weaknesses

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Marketing PlanningInternal Strengths and Weaknesses

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Marketing PlanningInternal Strengths and Weaknesses

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Marketing PlanningInternal Strengths and Weaknesses

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Four Factors of a

PEST Analysis

Political

Economic

Socio-Cultural

TechnologicalPEST analysis

Scanning of outside influences on an organization.

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PEST Analysis

Marketing Planning

Four Factors of a

PEST Analysis

Political

Economic

Socio-Cultural

TechnologicalPEST analysis

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PEST Analysis

Marketing Planning

PoliticalIssues

Government affects business operations

EconomicIssues

Socio-Cultural Factors

Technology

• Recession• Unemployment• Currency Rates

• Import Pricing• Trade Restrictions

Changes in attitudes, lifestyles, and opinions provide opportunities and threats

Companies must embrace technology and innovate to stay competitive

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PEST Analysis

Marketing Planning

PoliticalIssues

EconomicIssues

Socio-Cultural Factors

Technology

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PEST Analysis

Marketing Planning

Economic Factors

Elements of a

Marketing Plan

ExecutiveSummary

SituationAnalysis

Objectives

MarketingStrategies

Implementation

Evaluation and Control

executive summary

A brief overview of the entire marketing plan.

situation analysis

The study of the internal and external factors that affect marketing strategies

marketing strategies

Strategy that identifies target markets and sets marketing mix choices that focus on those markets

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Writing a Marketing Plan

Marketing Planning

Elements of a

Marketing Plan

ExecutiveSummary

SituationAnalysis

Objectives

MarketingStrategies

Implementation

Evaluation and Control

executive summary

situation analysis

marketing strategies

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Writing a Marketing Plan

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Writing a Marketing Plan

Marketing Planning

Marketing Plan Objectives

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Writing a Marketing Plan

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The key to marketing is to know your customer or target market. Market segmentation helps identify the target market.

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The key to marketing is

Market segmentation helps

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• demographics

• disposable income

• discretionary income

• geographics

• psychographics

• mass marketing

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Types of Segmentation

Demographic Geographic Psychographic Behavioral

Age

Gender

Income

Marital status

Ethnic background

Local

State

Regional

National

Global

Attitudes

Opinions

Interests

Activities

Personality

Values

Shopping Patterns

Decision-making process

demographic

Statistics that describe a population in terms of personal characteristics such as age, gender, income, marital status, and ethnic background.

psychographic

Grouping people with similar attitudes, interests, and opinions, as well as lifestyles and shared values.

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Types of Segmentation

Demographic Geographic Psychographic Behavioral

demographic

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psychographic

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Types of Segmentation

Labels Used to Segment by Generation

Baby Boom Generation Generation X Generation Y

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Types of Segmentation

Labels Used to Segment by Generation

Baby Boom Generation Generation X Generation Y

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Types of Segmentation

Income

DisposableIncome

DiscretionaryIncome

disposable Income

Money left after taking out taxes.

discretionary income

Money left after paying for basic living necessities such as food, shelter, and clothing.

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Types of Segmentation

Income

DisposableIncome

DiscretionaryIncome

disposable Income discretionary income

Market SegmentationTypes of Segmentation

80 percent of a company’s sales...

are generated by 20 percent of its loyal customers

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Market SegmentationTypes of Segmentation

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Market SegmentationMass Marketing Vs. Segmentation

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Advantages Disadvantage

mass marketing

Using a single marketing strategy to reach all customers.

• Economics of scale• Simplified marketing plan

• Competitors can identifyunmet needs and wantsand then steal customers

Market SegmentationMass Marketing Vs. Segmentation

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Advantages Disadvantage

mass marketing

Using a single marketing strategy to reach all customers.

Market SegmentationMass Marketing Vs. Segmentation

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Advantages Disadvantage

• Extremely precise• Increased chance for

success

• Cost– Research– Production– Packaging– Advertising

Market SegmentationMass Marketing Vs. Segmentation

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Advantages Disadvantage