The Marketing Plan

1

• The Marketing Plan
• Chapter 2
• (Pages 26- 32, 37-41)

2
Name the three methods used to segment a market.

• Geographics, Demographics, Psychographics

3
Name a question you might want to ask when
evaluating your competitive positioning in a SWOT
analysis

• What is our market share?
• What advantages do we have?
• Are competitors taking our business?

4
This generation currently controls the majority
of the US wealth and is now approaching
retirement age.

• Baby Boomers

5
Aside from age, name four types of general data
that is collected when surveying a markets
demographics

• Gender, Income, Marital Status, Ethnic
  Background, Education, and Occupation

6
All the money left after paying taxes

• Disposable Income

7
Aside from the various Environmental Scans, what
else should you evaluate as part of your external
scan in a SWOT analysis

• Competitors

8
Name the two US cities that have the highest
concentrations of African Americans

• New York and Chicago

9
______________ are statistics that describe a
population in terms of personal characteristics

• Demographics

10
Aside from questions about the marketing mix,
name a type of question you might want to ask
regarding your own company in a SWOT analysis.

• Staff (Employee) Related Questions
• Financial Questions
• Production Capability Questions

11
This generation has been bombarded with media
from an early age and tends to very skeptical and
savvy.

• Generation X

12
This type of market segmentation involves the
study of a market based on lifestyle, and the
attitudes and values that shape it.

• Psychographics

13
Name the two US states that have the largest
number of elderly people

• California and Florida

14
This generation grew up in a
technology/computer age can process information
very quickly and can at times become inattentive
if something does not maintain their interest.

• Millennials

15
Name 3 of the 4 reasons for the decline in the
percent of married couples

• Getting married older
• Divorcing more
• Living longer (widowers)
• Remarrying less

16
The money left after paying taxes, basic living
necessities, such as food, shelter, and clothing.

• Discretionary Income

17
What term is used to describe people born between
1965 and 1974?

• Generation X

18
What ethnic group makes up 71 percent of the
U.S. population, but its percent of the
population is projected to decline?

• Caucasians

19
Would Farmlands Dairy (a producer of milk) be
more focused on the disposable income or
discretionary income of their target market?

• Disposable Income

20
What are the 3 Cs that comprise the internal
scan of a SWOT analysis?

• Company
• Customers
• Competitive positioning

21
Name two of three lifestyle trends currently
happening in the US.

• Emphasis on health/exercise
• Desire for more leisure time
• Desire to have more than the prior generation

22
What ethnic group makes up 12 percent of the
U.S. population, is not projected to increase its
share of the US population, and spends about 400
billion annually?

• African Americans

23

• Married couples account for about what percent of
  total households in the U.S. today?
• 30 C. 60
• 50 D. 80

• B. 50 (down from 80 in the 1950s)

24
What ethnic group makes up 4 percent of the
U.S. population and is projected to grow to 6
percent by 2025?

• Asian Americans

25
Name a question you might want to ask regarding
your customers in a SWOT analysis.

• Who is target market?
• What are buying habits?
• How satisfied are our customers?

26
What ethnic group makes up 12 percent of the
U.S. population and is projected to grow to 18
percent by 2025?

• Hispanics

27
What term is used to describe people born between
1946 and 1964?

• The Baby Boom Generation

28
Name three media outlets that target specific
ethnic groups?

• BET TV, Telemundo TV, SinoVision Spanish radio
  stations, Korean radio stations, Black Enterprise
  Magazine, El Dario newspaper

29
When doing a SWOT, what is the difference between
an internal and an external scan?

• Internal looks at factors within the company,
  while external looks outside the company

30

• Married couples with children account for about
  what percent of total households in the U.S.
  today?
• 15 C. 35
• 25 D. 50

• B. 25

31
That desire to have a better quality of life than
the prior generation is known as_____________

• Upscaling

32
This refers to the segmentation of a market based
on where people live.

• Geographics

33
Aside from global, name 3 other levels of
geographic segmentation.

• Local, regional and national

34
Name two of the five US cities that have the
highest concentrations of Hispanics/Latinos

• Los Angeles, New York, Miami, Chicago, and Houston

35
The New Jersey Nets send a mailing to all
Boy/Girl Scout leaders inviting them to purchase
a group sales package for their troop to an
upcoming Scout Night At The Nets. This mailing
list was developed by the Nets based on what type
of market segmentation data?

• Psychographic Data (Scouting Enthusiasts)

36
Insurance advertises its life insurance products
in AARP Magazine, a magazine targeted to the
elderly/retired individuals. What is the basis
of their market segmentation?

• Demographic Date (Age)

37
What is the 80/20 Rule?

• Many businesses find that 20 of their
  customers generate 80 of their sales

38
What type of marketing plan involves a single
marketing plan to reach all customers?

• Mass Marketing

39
What term is used to describe people born between
1975 and 1997?

• Millennials (Gen Y)

40
Using different marketing strategies based on
demographics, psychographics, and geographics

• Market Segmentation (or Niche marketing)

41
Can a point such as level of customer
satisfaction be a strength for one company and a
weakness for another company?

• Yes!

42

• Lets Play Final Jeopardy

43
What is an Environmental Scan? Name the 4 types
of Environmental Scans and provide an example of
each.
44

• Answer
• Environmental Scan Outside influences that
  could impact company
• Political Influences (change in laws)
• Economic Influences (recession)
• Socio-Cultural Influences (obesity)
• Technological Influences (digital photography)