4.2 Marketing planning

• Analyse the role of marketing planning

• Marketing planning aligns research, objectives, strategy, budget, and marketing mix decisions

• Apply segmentation, targeting, target market, positioning, and position maps

• STP helps businesses choose customers and communicate differentiated value

• Distinguish niche market and mass market

• Niche markets focus on narrow segments; mass markets target broad demand

• Analyse importance of having a unique selling point or proposition (USP)

• USP helps differentiate a product or business from competitors

• Evaluate how organizations can differentiate themselves and their products from competitors

• Differentiation may use branding, quality, design, service, innovation, price, or distribution