3.3 Decision making to improve marketing performance

Question 1

The value of setting marketing objectives

Answer 1

Marketing objectives include:

sales volume and sales value
market size
market and sales growth
market share
brand loyalty.

Question 2

External and internal influences on marketing objectives and decisions

Question 3

The value of primary and secondary marketing research

Question 4

qualitative and quantitative data
market mapping

Question 5

calculate market and sales growth, market share and size.

Question 6

The value of sampling

Question 7

The interpretation of marketing data

positive and negative correlation and an understanding of the strength of the relationship
understanding the concept of confidence intervals
understanding extrapolation

Question 8

The value of technology in gathering and analysing data for marketing decision making

Question 9

The interpretation of price and income elasticity of demand data

Answer 9

Students should be able to interpret price and income elasticity of demand data and be able to analyse the impact of changes in price and income on revenue (they do not need to be able to calculate these).

Question 10

The value of the concepts of price and income elasticity of demand to marketing decision makers

Question 11

The use of data in marketing decision making and planning

Question 12

The process and value of segmentation, targeting and positioning

Answer 12

Segmentation methods include:
demographic
geographic
income
behavioural segmentation

Question 13

The elements of the marketing mix (7Ps)

Question 14

The influences on and effects of changes in the elements of the marketing mix

Answer 14

The marketing mix should be considered for goods and services, both industrial and consumer.

Types of consumer goods considered should include convenience, shopping and specialty products.

Question 15

the value of product portfolio analysis and the Boston Matrix

Question 16

the value of the product life cycle model including extension strategies

Question 17

influences on and the value of new product development.

Question 18

Pricing decisions
Pricing decisions should include penetration and price skimming.

Question 19

Decisions about the promotional mix

Promotional decisions should include the value of branding.

Question 20

Distribution (place) decisions
Distribution decisions should include multi-channel distribution.

Question 21

Decisions relating to other elements of the marketing mix: people, process and physical environment

Question 22

The importance of and influences on an integrated marketing mix

Influences on an integrated marketing mix include:
the position in the product life cycle
the Boston Matrix
the type of product
marketing objectives
the target market
competition
positioning