chapter 50

Question 1

what are marketing objectives

Answer 1

in a business it’s vital to take into account of the situation within the market, the needs of the consumer
and the action of competitors so setting objectives ensures these are all taken into account

Question 2

what is the main use of marketing objectives

Answer 2

to help employees identify the marketing strategy for the busienss

Question 3

what are internal factors of the SWOT analysis

Answer 3

strenghths and weaknesses

Question 4

what are external factors of the SWOT analysis

Answer 4

threats and opportunities

Question 5

what does a marketing plan need to answer

Answer 5

1. where are we now- look at internal and external factors using SWOT analysis
2. where do we want to be- this will involve setting objectives for the future
3. how will be get there- a strategy for the future will be needed to be developed

Question 6

advantages of setting objectives

Answer 6

1. it helps the business identify what it hopes to achieve through any spending on marketing
2. it motivates workers
3. it helps the business rank projects so money can be targeted and used where most effective

Question 7

disadvantages of setting objectives

Answer 7

1. they need to be clear rather than vague
2. it may look at every aspect apart from the consumer it needs to be remembered they are a success to any plan
3. marketing departments need to ensure their plans include other departments in the firm

Question 8

what can be looked at to access the success of putting a marketing plan into operation ?

Answer 8

1. sales- it’s important to see whether the total market is rising or falling
2. market share- these businesses will monitor the effect of the marketing campaign on their share of the market
3. number of enquiries- internet and mail order businesses will be interested in the number of enquiries
4. satisfaction surveys- these involve sampling a selection of customers to see whether they were satisfied with the good or service

Question 9

what is a market share

Answer 9

the percentage of total sales within the market in question that is controlled by the business

Question 10

to be able to develop and use a marketing strategy effectively what must the business do

Answer 10

1. have in depth knowledge of the market, the competition and the consumers.

Question 11

process of forming a marketing strategy

Answer 11

1. prepare a review of internal and external perofrmance using swot analysis
2. business will need to look at the budget
3. business then needs to look at the productive capacity

Question 12

what factors should be considered when putting a marketing strategy in to placde

Answer 12

1. business objectives
2. size of the busienss
3. nature of the market
4. managment changes

Question 13

What has resulted in a increase in the level of competition faced by businesses

Answer 13

The globalisation of world trade

Question 14

Define globalsiation

Answer 14

The integration of the countries of the world through trade, ideas and culture

Question 15

Strategy- What is a market leader strategy

Answer 15

The majority of markets have one dominant business that has control over the largest share of the market and many strategies are used to retain the position. May try to improve market share by use of aggressive marketing

Question 16

Strategy- What is a market challenger strategy

Answer 16

This is where a business with a smaller market share may try and attack the dominance of the market leader. In order to do this the business need a substantial marketing budget at its disposal

Question 17

Strategy- What is a market follower strategy

Answer 17

This is where leaders respond to market challenger strategies with a form of retaliatory action e.g. if a supermarket starts a Cut price campaign it’s likely others will follow

Question 18

Strategy- What is niche marketing strategies

Answer 18

These are small corners of a big market wheee businesses choose to specialise. Market segments are small and customers have specific demands

Question 19

Strategy- differentiation

Answer 19

Companies in these areas try differentiate their product from their competitors to try to attract business

Question 20

What is low cost strategies

Answer 20

This is where large firms try and maintain their dominance in the market through the ability of buying in bulk which reduces production costs

Question 21

What are the 4 options to open if the firm wants to use its objectives and marketing strategy to achieve growth in markets

Answer 21

Market penetration, product development, market development, diversification

Question 22

Marketing resources- in order to market a product or service the business what resources will need to be followed

Answer 22

• marketing budget
• marketing department
• knowledge of the market
• set of objectives

Question 23

SWOT stands for

Answer 23

Strengths
Weaknesses
Opportunities
Threats

Question 24

Where can a SWOT analysis be carried out

Answer 24

By a individual department within a business or by business as a whole