3.3

Question 1

Marketingg objectives

Answer 1

Sales volume
Market size
Market growth
Market share
Brand loyalty

Question 2

Market mapping

Answer 2

Shows positions a product can take on two dimensions

Cons

Not a guarantee of success
Reliability of research

Question 3

Confidence intervals

Answer 3

Gives a percentage probability that the estimate will be achieved

Question 4

Extrapolation

Answer 4

Using historical trends to predict future trends

Question 5

Segmentation methods

Answer 5

Demographic
Geographic
Income
Behavioural

Question 6

Targeting

Answer 6

Mass

Niche

Question 7

Boston matrix (E)

Answer 7

Pros
Useful tool for analysing product portfolio
Where to manage resources

Cons
Snapshot
Growth and share aren’t only dimensions important to a business

Question 8

Product life cycle

Answer 8

Birth growth maturity decline

Extension strategies
-product development
- price
- place
- innovate

Question 9

Product life cycle (E)

Answer 9

Hard to pin where a product is

Decline not inevitable

Length not predictable

PESTLE

Question 10

Pricing strategies

Answer 10

Dynamic
Cost plus
Penetration
Skimming

Question 11

Promotional mix

Answer 11

PR
Media
Advertising
Publicity

Question 12

Value of sampling

Answer 12

Small section saves time and resources
instead of whole market

Understand consumer tastes , tailor production

Question 13

What does marketing mix show

Answer 13

Different elements that go into promoting a brand and it’s products