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
