1. identify the market
1.1. mass marketing: one marketing plan because there is little differentiation
1.2. market segmentation: breaking down the market into groups whose members have similar characteristics
1.2.1. niche market
1.2.1.1. smaller groups of people with unique characteristics
1.2.2. individual market
1.2.2.1. drilling down further to individual or small groups with unique characteristics
2. target market
2.1. demographics
2.1.1. age
2.1.2. race
2.1.3. sex
2.1.4. marital status
2.2. geographics (location)
2.3. psychographics
2.3.1. lifestyle
2.3.2. attitude
2.3.3. value
2.4. product benefits
3. consumer behavior
3.1. buying behavior
3.1.1. the way a person acts in a marketplace
3.1.2. to understand buying behavior, a marketer must understand the psychology of human behavior
3.1.3. like all behaviors, buying behavior is caused by a motive
3.1.4. the consumers' needs and wants is a good place to begin when trying to understand their buying behavior
3.2. buying motives
3.2.1. rational motives
3.2.1.1. Saves time
3.2.1.2. Saves money
3.2.1.3. Makes life easier
3.2.1.4. Improves health
3.2.1.5. Safe or improves safety
3.2.1.6. Durable
3.2.1.7. Well-made
3.2.1.8. Fulfills a physical need such as hunger or protection from the elements
3.2.2. emotional motives
3.2.2.1. Power
3.2.2.2. Love
3.2.2.3. Peer Acceptance
3.2.2.4. Label Recognition
3.2.2.5. Prestige
3.2.2.6. Nostalgia
3.2.2.7. Pride
3.2.2.8. Pleasure
3.2.2.9. Aesthetic appeal or beauty
4. anywhere a buyer and a seller convene to buy and sell goods. a market consists of potential customers who share common needs and wants (who have a demand for a product/service) and are willing and able to buy it
5. marketing plan
5.1. marketing mix
5.1.1. product
5.1.1.1. what to make, how many, level of quality, packaging, brand name, ingredients, etc.
5.1.2. price
5.1.2.1. what is the target market's income, how does supply meet demand, what are the appropriate terms of payment
5.1.3. place
5.1.3.1. where the product will be sold and how it will be distributed
5.1.4. promotion
5.1.4.1. which media should be used, when to advertise, how much money should be allocated for promotional mix
5.2. allows a company to analyze what the customers want, what the company is doing to meet those wants, what the competitors are offering, and ideas for new or improved products and new ways of doing business
5.3. identifies goals and strategies, and the amount of time and the cost of meeting each goal
5.4. asks these questions:
5.4.1. where are we now?
5.4.2. where are we headed?
5.4.3. how are we going to get from there to here?
5.4.4. how will we know when we’ve arrived?
5.5. the best way for a company to coordinate its activities and judge its progress
5.6. what does it consist of?
5.6.1. big company
5.6.1.1. formal written plan
5.6.1.2. involves all departments
5.6.1.3. enables all employees to know exactly the expectations of the company’s directions and goals
5.6.2. small company
5.6.2.1. may not be written
5.6.2.2. key people who make decisions know the company’s goals and how they plan to get there through effective communication
5.6.3. components of the plan
5.6.3.1. section 1: market and sales analysis
5.6.3.1.1. swot analysis (strengths, weaknesses, opportunities, threats) at the current time
5.6.3.1.2. pest analysis (policial, environmental, social, technological) at the current time
5.6.3.1.3. competitive analysis
5.6.3.1.4. sales history and projection
5.6.3.2. section 2: statement of goals
5.6.3.2.1. usually includes specific figures and dates for completion of both short term (0-1 years) and long term (5-10 years) goals
5.6.3.3. section 3: strategies
5.6.3.3.1. includes a completion schedule and duties of individuals/departments
5.6.3.4. section 4: evaluation
5.6.3.4.1. goals or strategies will either b e adjusted or marked as completed and successful. a formal comprehensive and systematic evaluation of the goals is referred to as a marketing audit.