3.3 Marketing.

Question 1

5 Marketing objectives?

Answer 1

Sales volume/value, Sales growth, Market Share, Market Size/growth, Brand loyalty.

Question 2

Internal factors on marketing obj

Answer 2

Corporate obj, finance, HR

Question 3

External factors - mark obj

Answer 3

Market, tech, comp, ethics and envrt factors

Question 4

Market map

Answer 4

Quality/price

Question 5

Primary market research

Answer 5

Gathered first hand. Eg questionarres, interviews, surveys and focus groups

Question 6

Secondary market research

Answer 6

Gathered by other people, much easier and faster to get. Not always collected for the purpose though

Question 7

Quantative data

Answer 7

Numerical stats

Question 8

Qualititive data

Answer 8

Feelings and motivations of consumers.

Question 9

Sampling

Answer 9

Survey samples of people rather than the whole market. Types of sample - random, stratified and quota

Question 10

Correlation

Answer 10

Between two variables, positive - go up, negative - go down

Question 11

Extrapolation

Answer 11

Trends in sales data from previous years can be continued into the future to forecast future sales.

Question 12

Confidence intervals

Answer 12

Range of values that your fairly sure the value for the pop will lie within

Question 13

Price elasticity of demand

Answer 13

How much the price change affects the demand

Question 14

Income elasticity of demand

Answer 14

How demand changes with income

Question 15

segmenting

Answer 15

Demographic, geographic, income, behaviour

Question 16

Targeting

Answer 16

Decide which market segment to focus on and adapt the product to this group

Question 17

Positioning

Answer 17

Position the product in the target customers minds so they see it as better than competitors

Question 18

Marketing mix (7 p’s)

Answer 18

Product, price, place, promotion, people, physical environment and process

Question 19

Niche market

Answer 19

Concentrated marketing, focusing on small markets.

Question 20

Mass marketing

Answer 20

Designed to appeal to a lot of customers

Question 21

Boston matrix - market growth/market share

Answer 21

Dogs, cash cows, question marks and stars

Question 22

New products can bring…

Answer 22

New customers
Competitive advantage
Maintain a balanced product portfolio

Question 23

Price skimming

Answer 23

When new and innovative products are sold at high prices when they first reach the market

Question 24

penetration pricing

Answer 24

Launching a product at a low price to attract customers and gain market share.

Question 25

Branding

Answer 25

Differentiates a product, customers recognise it through its name.

Question 26

Multi channel distribution

Answer 26

When businesses sell through more than one method

Question 27

E Commerce

Answer 27

When people buy goods online.