3.3 Marketing Performance

Question 1

Value of setting marketing objective

Answer 1

• provide focus to help allocate resources
• way to measure marketing activity performance

Question 2

Problem of marketing objective

Answer 2

• fast changing external environment
• can be too ambitious with marketing objective

Question 3

Internal influence on marketing objective

Answer 3

Corporate objective, finance, Human Resources, organisational culture

Question 4

External influence on marketing objective

Answer 4

Economic environment, competitor action, market size and growth, technological change, social and political change

Question 5

Pro and con of primary research

Answer 5

Pro - up to date, fit for purpose
Con - time consuming, costly, survey bias

Question 6

Pro and con of secondary market research

Answer 6

Pro - free and easy to obtain, quick to access and use
Con - can go out of date, specialist repot is expensive

Question 7

Quantitative data

Answer 7

• concerned with data
• “who, when, how often”
• more statistically valid

Question 8

Qualitative data

Answer 8

• based on opinion, attitude, belief
• “why, would, how”
• aim to understand why customer behave in a certain way

Question 9

Pro and con of quantitative research

Answer 9

Pro - easy to analyse, provide insight into trends, can compare to data
Con - don’t explain why something happen, lack reliability dependent on sample size

Question 10

Pros and cons of qualitative research

Answer 10

Pro - important for new product development, focus on understanding customer needs, highlight issue that needs addressing
Con - expensive to collect and analyse, based around opinion

Question 11

Market positioning

Answer 11

Low price / high price
Broad range of services / narrow range of services

Question 12

Pro and con of market mapping

Answer 12

Pro - help spot gap in market, encourage use of market research
Con - no guarantee of success, how reliable is market research?

Question 13

Pro and con of sampling

Answer 13

Pro - can reduce risk and cost before marketing decision can be made, is flexible and quick
Con - risk of bias in research question, les useful in market segments where customer taste and preference change frequently

Question 14

Positive correlation

Answer 14

A independent variable increases in value so does the dependent variable

Question 15

Negative correlation

Answer 15

A negative relationship exists where as independent variable increases in value the dependent variable falls in value