Chapter 17&18 Flashcards
Factors of strengths and weaknesses
Customer base Market share Pricing Location Promotion Advertising
Factors of opportunities and threat
Competition Technology Interest rates Suppliers merging or closing down Price increasing New competition
Where do we want to go?
And what does is relate to
Involves marketing objectives for long term , medium and short,
Attraction- to attract new costomers
Retention- maximise existing customer relation
Up selling is trying to to make costomers buy expensive products
Cross selling offered to buy complimentary products
Marketing plan format
- Executive summary
- Introduction and situation analyse
- Target market and segments
- Objective
- Strategies
- Budget
- Audit and control procedures
Performance indicators
Sales analysis- comparing sales with with objectives
Market share- how well a business is performing to competitors
Marketing expense- keeping an eye on expensives
Profitability analysis- seeing if product sell better in areas rather than other
Issues in marketing
Role of technology- it is easy to market and evaluate how well the business is going
Ethical and socially responsible marketing- must not do deceptive stuff, and exaggeration in advertising. Making yourself look good to the public eye
Legal requirements- businesses copying trademarks as they are great value
Expansion strategies in marketing?
Need marketing research or need a marketing campaign
Exporting- an excellent method for a business to use when expanding. E.g food producer and you want to expand into Japan
Inovation and diversification- doing research and bettering the product
Research and development- listening to feedback of the costomers and bettering the product. E.g. Dulex listened to costomers about white paint being hard to they made pink paint that dries white
What is swat
Strengths
Weaknesses
Opportunities
Threats
What is a product?
Anything offered to a market to satisfy a need or a want
Business goods?
Goods or services that are classified according to their characteristic
Raw material
Capital items
Supplies
Services
What are the five steps to developing the product!
Idea development
Idea screening- how will that product look to your business will is change the range or be an extension
Idea evaluation- demand, target market, cost of producing
Developing the product- produced, marketing strategies
Commercialisation- launch and marketing campaign.
Product lifestyle
Introduction- when you first enter
Growth- profits are starting to come in
Maturity- decision to keep on going or not
Extention|decline- decision to end it or keep going
What is a product mix?
A set of product being sold by a business
Two main elements
Breadth - number of product lines
Depth- variety of colours and styles
What is the product line
Broad group of product that have similar use
Washing machines in a store, different bunch of brands
What is branding and what’s good about branding
Creating a brand means people get to remember who you are,
Why is brand important e.g bmw
Attributes- well built luxury
Benefits- social status
Values- high performance and prestige
Culture- German and high quality
