The marketing plan
A marketing plan will include analysis of the marketing mix, target market, unique selling point (USP) and decisions about how the market should be segmented.
Elements of the marketing mix
The 7Ps model enables companies to look at their activities and provides a framework for planning.
You can remind yourself of the 7Ps here:
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The Marketing Mix |
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up to
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Extended Marketing Mix |
Target market
The target market is the group of customers to whom businesses aim their products. A business needs to understand its target market if it is going to market to them successfully.
Follow the link to read more:
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Determining a Target Market |
Unique selling point
The unique selling point is a feature or virtue that a product or service has that makes it different from similar goods or services and makes it more appealing to some customers. It can be taste, look, performance, branding and so on.
Pause for thought
Look at the business website below:
What is the unique selling point of the business?
Do other tea brands have unique selling points?
Segmentation
Segmentation is a term for dividing the market into groups of people with similar characteristics:
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Market Segmentation |