Marketing I Curriculum Guide

Market Planning Standard 2

Market All people who share similar needs and wants and who have the ability to purchase a given product. -Marketing Essentials, 2012

Target Market The group of people most likely to become customers, identified for a specific marketing program. -Marketing Essentials, 2012

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

Situational Analysis The situation analysis is the foundation of the strategic planning process. The situation analysis includes an examination of both the internal factors (to identify strengths and weaknesses) and external factors (to identify opportunities and threats). It is often referred to by the acronym SWOT. -American Marketing Association The study of the internal and external factors that affect marketing strategies. -Marketing Essentials, 2012

Market Segmentation The process of subdividing a market into distinct subsets of customers that behave in the same way or have similar needs. -American Marketing Association The process of classifying people who form a given market into even smaller groups. -Marketing Essentials, 2012

Four common methods to segment a market Demographics – refers to statistics that describe a population in terms of personal characteristics such as age, gender, income, marital status, ethic background, education, and occupation. Geographics – refers to segmentation of the market based on where people live. Psychographics – involves grouping people with similar attitudes, interests, and opinions, as well as lifestyles and shared values. Behavioral – involves analyzing your customers with regard to sales generated, shopping patterns, and purchase decision-making processes.

ROMI Return on marketing investment – A measurement organizations calculate that helps them evaluate their marketing investment

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