3.3 decision making to improve marketing performance Flashcards
marketing mix
product
price
place - how it’s distributed
promotion
extended marketing mix
process - systems and processes that deliver a product to us
people - people who make contact with customers
physical environment - customer experiences
marketing objectives
sales volume
sales revenue
sales growth
market share growth
brand loyalty
internal influences on marketing objectives
corporate objectives - what the business wants
finance - resources are limited, scope and scale of marketing activity
hr- service sector, determined by hr availability
operational - efficiency/ productivity, need the capacity to increase sales
external influences on marketing objectives
economic environment - income/interest rates, effects demand
competitor actions - will try and respond to your actions
market size/growth - slowly growing market, unlikely to be able to grow in it
technology - product life cycle shortened
legislation
problem with marketing objectives
- legislation
- competitor
- cutting prices to increase market share effecting brand image
correlation variables
independent - factor that causes the dependent to change
dependent- influenced by the independent variable
confidence intervals
percentage that an estimated range of values, includes the actual value being estimated
where are confidence intervals used
quality control - reliability of machines
market research - statistical estimates for sales forecasting, reliability of data from customer surveys
how tech can help
analytics for website visits
dynamic pricing - adjust prices on with demand
audience reach - social media, target audiences
competitor analysis
marketing strategies
segmentation -
targeting -
positioning -
consumer goods
bought by consumers for personal consumption
industrial goods
bought for further processing or for use in conducting a business
bought by businesses from businesses
penetration pricing
low introductory price, gain market share and build loyalty
price skimming
set a high price to maximise profit, sold to different segments at different times, lower the price after a certain time
product needs to be well established
multichannel distribution
more than one distribution channel
sell to stores, sell to customer online, sell to other online stores
digital marketing
email marketing
online advertising
search engine optimisation
influencer marketing
