• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Marketing Planning & Segmentation, Targeting and Positioning

Extracts from this document...

Introduction

Marketing Planning & Segmentation, Targeting and Positioning The two marketing fundamentals this report will focus on are: * Marketing Planning * Segmentation, targeting and positioning The report will show why the above topics are important for Wings N' Things to consider. Marketing Planning Marketing planning is described by Saunders as "one of the great few strengths of British marketing" (Saunders J, 1996:73). Marketing planning is used by most companies, particularly when they start-up, it is a process which helps predict what will be happening in the future and what actions the company can take to make sure that everything runs smoothly. It involves analysis, planning, implementation, and control. Strategic planning is the key to marketing planning, it will help Wings N' Things create a balance between what the business goals and capabilities are, and help it with the changing market opportunities. As Kotler advises: "Failing to plan means planning to fail" (Kotler et all, 2001:76) The four steps of the planning process are, as mentioned above, analysis, planning, implementation and control. Why are these important? The Analysis stage leads to the other stages of planning so must be carried out effectively and efficiently. Analysis involves the company looking at the current situation and seeing what opportunities are available to them and what threats may affect them. The analysis must pay a strong focus on the company's strengths and weaknesses. ...read more.

Middle

Are there any bad debt or cash-flow problems? By using marketing planning Wings N' Things will be made to look at itself and the customers along with any other external influences or dangers. The process makes the business ask tough questions of itself and it creates objectives - this will force the company to look at resources, competition etc. Segmentation, Targeting and Positioning Segmentation, targeting and positioning are essential to all businesses whether selling products or services, business-to-business or business-to-consumer. The three concepts are fundamental in the processes of marketing planning as well as getting the business to gain some kind of competitive advantage. Henderson (1998:90) says that competitors who prosper will have "unique advantages over any and all other competitors in specific combinations of time, place, products and customers". Segmentation, targeting and positioning are the tools to gain this advantage. The meaning of each concept is as follows: Segmentation - is the process of selection. Selected target market groups are found then developed into a suitable marketing mix for the company to use. Targeting - is the process of deciding which market the company wants to compete in. Companies need to be careful at this point as there are often many attractive options of where to market but generally there won't be enough resources to compete in all of them. ...read more.

Conclusion

Their customers are not the end-users (the consumers) so the company will need to understand that they must satisfy the need of caterers to satisfy their specific customers, some careful thought may be required to make sure that there is a real understanding of how the Wings N' Things product is seen and how and why it might be purchased through the eyes of the different potential customers. Summary Good marketing planning will reduce possibility of failure and increase the chances of success. This is particularly true for a potential start-up as hope is not a method! A methodical and systematic analysis together with some creative and original thinking can create a successful marketing plan. Wing N' Things, at this stage may decide not to pursue their idea any further. On the other hand, the evidence may support planning and then implementing a plan - clearly the monitoring and evaluation stage will allow the company to improve its performance. Segmentation, targeting and positioning as part of the marketing planning process will focus the attention of Wings N' Things on those aspects that will make them better or different in the eyes of the (business-to-business) customers. If the marketing concept holds that the key to achieving business goals is about "determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors" (Kotler P, 1988:11) then these two tools go a long way to improving your chance of business success. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Marketing and Markets section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Marketing and Markets essays

  1. Marked by a teacher

    Marketing mix and segmentation of Sony.

    4 star(s)

    Here costumers also can play with and test the new hardware and software with the available consoles. Every year the Play Station truck travels around America, hence an opportunity presents that customers are able to play and test the new games free in a futuristic surrounding.

  2. Analysis of the current strategic situation facing Marks & Spencer.

    By going back to their original fundamentals, examining their existing strengths and deciding on a market segmentation strategy that best matches these strengths, M&S should be able to become profitable once more. Continuous adequate market research must be conducted to ensure M&S does not lose touch again with their target market as another mistake could critically damage the organisation.

  1. This coursework entitled "Marketing" is about creating a marketing strategy for a new or ...

    * Expensive to make, but can use same advertisement as for television * Limited audience * Not target audience * Reasonable suitability Billboards * Cheap * Can show image of product * People will look while waiting at traffic lights or a roundabout * Many people will drive past *

  2. Strategic Marketing Report - Virgin Trains

    Market Research System- This involves all internal factors of Virgin Trains and places them against the External from the Marketing Intelligence system like a SWOT analysis but this is continuous. Analytical Marketing System- These will use all the information from the above to discover what, how, when, why, where to do with their service.

  1. Produce a marketing strategy for a new or existing product

    This is mainly because they influenced through the media by using pretty, slim and sexy models, which everyone would desire to look like if they could. Taking this into consideration I thought I should put some tips on diets to encourage the majority of the people that are interested in looking good.

  2. Marketing Strategy - Nintendo Gamecube

    of shopping stores), or persuasive messages that try to persuade consumers that the product being promoted is better than rival products and is worth buying (such as the slogan "Always Coca-Cola" used with Coke adverts). ACHIEVING MARKETING AIMS All departments in a business will contribute to marketing and the achievement of business aims.

  1. This report will focus on the adult palliative care provided by SAH proposing a ...

    unsolicited donations �278,132 3.3 Restricted Donations �90,337 1.1 In Memory Donations �248,239 2.9 Tax Recovered �108,621 1.3 Third party Fundraising �237,359 2.8 Legacies �2,17,596 27.5 Lottery and Raffle �834,567 9.9 Grants Receivable and other income �647,741 7.7 Investment Income and Interests �274,993 3.3 TOTAL �8,429,522 100 Figure 15 - Resource Attraction Outgoing Resources Contribution Percentage Contribution (%)

  2. For this project I have been instructed to come up with a marketing strategy ...

    they were obviously not going to pay the same high prices for later products so Nokia had to develop phones that could be sold for less and would last longer, this is where companies can expect to pay high production costs.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work