Business Assessment Revision Flashcards
what are the 4 p’s of marketing
price place promotion product
what does the promotional mix contain?
personal selling
advertising
direct marketing
sales promotion
public relations
what is the promotional mix?
a combination of different marketing methods that a business uses to reach its target audience
what is the marketing mix?
a strategy to create a comprehensive marketing plan
what does pestle stand for?
political, economical, social, technological, legal, environmental
what is pestle used for?
to analyse a business
give me an example of a political analysis on disney
political- international trade is an obstacle, regulations regarding product safety
give me an example of an economical analysis on disney
global financial crisis slows growth, stage of economical development of countries needs to be considered for price, emerging markets such as india are opportunities for growth
give me an example of a social analysis on disney
kids/family entertainment, change in customer preference for entertainment, recent social trends online
give me an example of a technological analysis on disney
change in technology affects cost of production, technological advancements influence the entertainment industry massively e.g augmented reality (VR).
give me an example of a legal analysis on disney
international laws on imports, tax etc
trademarks, copyright etc
data privacy, storing data safely
give me an example of a environmental analysis on disney
investment in energy-efficient technology, renewable energy to decrease carbon footprint
sustainably sourced suppliers
water conservation measures
what does ‘smart’ stand for?
specific
measurable
achievable
relevant
timely
give me an example of a specific objective
state what you’ll do clearly
e.g. i will hire 5 new employees
give me an example of a measurable objective
use numbers or data
e.g i will sell 100 items this week
