4.2 Marketing Planning

• A typical market plan will include an audit, setting marketing objectives, planning marketing strategies, monitoring and reviewing performance and an evaluation.
• Market segments refers to distinct groups of customers with similar characteristics (such as age and gender) and similar needs or wants.
• A consumer profile is made up of demographic factors, geographic factors and psychographic factors.
• Position maps reveal customer perceptions of a product or brand in relation to others in a market.
• Cowboy products are low quality, high price products.
• Economy products are low quality, low price products.
• Premium products are high quality, high price products.
• Bargain products are high quality, low price products.
• Niche markets target specific and well-defined market segments.
• Mass marketing target multiple market segments to maximise sales.
• A unique selling point is any point is any aspect of a business, product or brand that makes it stand out from competitors.
• Differentiation is the act of a business distinguishing a business or its products from rivals in the industry.