D2C13/14 Monitor & Marketing Options

Question 1

Why is monitoring marketing necessary?

Answer 1

> Marketing is a dynamic process
Need constant review to check if it is working as intended
If necessary, should consider making changes; or abandon marketing process and withdraw a product

Question 2

Ways to measure the success of a marketing strategy

Answer 2

> Looking at sales figures, profits or number of hits on website
Marketing research (distinguish from market research): :&raquo_space;ask consumers directly for feedback;
>eye tracking to analyse how consumers look at websites, store layouts and adverts;
>viral marketing research (estimate the probability that specific communications will be transmitted throughout an individual’s social network - social networking potential)

Question 3

List different ways in which companies can carry out marketing

Answer 3

> In-house team
Outsource to some or all marketing functions to PR company or advertising agency
Work themself: small budget and relatively limited activity; take up valuable time
Become member of industry association which help promote members’ products