Chapter 10 - How finance function interacts with sales + marketing Flashcards
What are the steps of the marketing planning process?
- Situations analysis
- Review mission and objectives
- Set marketing objectives
- Devise an appropriate marketing strategy
- Implementation
- Review
What techniques can be used in situation analysis?
- SWOT
- PESTEL
What techniques can be used to devise an appropriate marketing strategy?
- Market research
- Segmentation
- Targeting
- Positioning
- Marketing mix
What is PESTEL?
- Political
- Economic
- Social
- Tech
- Environmental
- Legal
What is PESTEL useful for?
Analysing macro environment
What are the additional 3 P’s for the service industry?
- People
- Processes
- Physical evidence
What are the 2 main product issues to consider?
- Product definition
- Product positioning
What are the 4 key considerations for pricing?
- Cost
- Customers
- Competition
- Corporate objectives
What is the primary aim of promotion?
- Awareness
- Interest
- Desire
- Action
What is the key decision for place?
Sell direct or indirect
What 3 criteria must segments meet according to Kotler?
- Measurable
- Accessible
- Substantial
What are the bases for segmentation?
- Demographic
- Socio-economic
- Psychological
- Situational/behavioural
How does budgeting interact with sales and marketing?
Sales volume discussed to produce budgets
How does advertising interact with sales and marketing?
Help set budget and monitor cost effectiveness
How does pricing interact with sales and marketing?
Finance will have an input on price charged
How does market share interact with sales and marketing?
Finance can provide marketing info on sales volumes to help determine market share
How do KPIs interact with sales and marketing?
Finance will establish and monitor KPI’s
What are the stages of the product/service life cycle?
- Intro
- Growth
- Maturity
- Decline
What are the 2 main ways the finance function will interact with the sales and marketing function?
- Life cycle costing
- Balanced portfolio
What are examples of big data analytics in marketing?
- Market segmentation
- Product/service development
- Decision making
- Obtaining customer feedback
How does the finance function work with sales and marketing function regarding KPIs?
- Identify
- Assemble
- Analyse
- Advise
- Apply
What are the new forms of marketing communication?
- Viral
- Guerilla
- Experiential
- Digital
- Search engine marketing
- Social media marketing
- Postmodern marketing
What is guerilla marketing?
Highly focused often unconventional attacks on targets
What is experiential marketing?
Interactive marketing experience aimed at stimulating senses
What are the different methods of targeting marketing?
- Concentrated
- Differentiated
- Undifferentiated
