Grade 11 Marketing Chapter 2 Notes

2.1 Marketing Planning

 

SWOT Analysis

 

 

Internal Strengths and Weaknesses

Company Analysis

Marketing Mix (Four P’s)

Customer Analysis

 

Competitive Position

 

External Opportunities and Threats

 

Competition

 

Environmental Scan

 

Environmental Scan: is an analysis of outside influences that may have an impact on an organization.

 

Political
Economic
Socio-Cultural
Technological:

 

Writing a Marketing Plan

 

Marketing Plan: is a formal, written document that directs a company’s activities for a specific period of time.

 

 

 

Elements of a Marketing Plan

 

Executive Summary

Executive Summary: brief overview of the entire marketing plan.

 

Situation Analysis

 

Situation Analysis: is the study of the internal and external factors that affect marketing strategies.

 

 

Goals and Objectives

 

Marketing Strategies

 

Marketing Strategies: identifies target markets and sets marketing mix choices that focus on those markets.

 

 

Implementation: Make the Plan, Work the Plan

 

Sales Forecasts: (the projection of probable, future sales in units or dollars), budgets, details of each activity, and who will be responsible for each activity.

 

 

Evaluation and Control

 

Performance Standards and Evaluation

 

Performance Standard: is an expectation for performance that reflects the plan’s objectives.

 

Appendix

 

 

 

 

 

2.2 Market Segmentation

 

Identifying and Analyzing Markets

 

Market Segmentation: This is the process of classifying people who form a given market into even smaller groups.

Demographics

 

Demographics: refer to statistics that describe a population in terms of personal characteristics.

 

Geographics

 

Geographics: refers to segmentation of the market based on where people live.

 

 

 

Psychographics

 

Psychographics: involves grouping people with similar lifestyles, as well as shared attitudes, values and opinions.

 

 

Activities
Attitudes:
Personality & Values

Behavioral

 

How Marketers Use Consumers’ Behavioral Patterns

Mass Marketing Versus Segmentation

 

Mass Marketing: involves using a single marketing strategy to reach all customers

 

 

If you have any questions, leave them in the comments below.