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A level business > decision making to improve marketing performance > Flashcards

decision making to improve marketing performance Flashcards

1
Q

what are the main types of marketing objectives

A 
sales volume 
sales value (revenues)
sales growth 
market share
brand loyalty 
brand awareness
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2
Q

What are the internal influences on marketing

A

corporate objectives- should not conflict
finance- does the business have the funding
HR- can the employees achieve the goals
operational influence: efficiency/ productivity
organisation culture: marketing orientated culture (constantly thinking about the needs and wants of customers)
or production orientatated.

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2
Q

What are the internal influences on marketing

A

corporate objectives- should not conflict
finance- does the business have the funding
HR- can the employees achieve the goals
operational influence: efficiency/ productivity
organisation culture: marketing orientated culture (constantly thinking about the needs and wants of customers)
or production orientatated.

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3
Q

External influences on marketing objectives

A

economic environment- demand, exchange rates
Competitor actions-
market size growth and segmentation- markets whose growth slows is less likely to support an objective of significant rev growth
tech change-
sociala and political change

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4
Q

what is primary market research

A 
A business carrying out its own research for its specified needs. 
FIRST HAND 
- focus groups
- interviews 
-surveys 
- mystery shoppers
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5
Q

adv and disadvantage of primary research

A 
\+Suited to the needs of the business 
\+tends to be up-to-date 
\+more detailed insight
- time consuming 
- risk of survey bias
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6
Q

what is secondary market research

A

Data that already exists which has been collected for a different purpose

  • market reports
  • analytics
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7
Q

adv and disadvantage of secondary research

A 
\+often free/cheap 
\+good source of market insights
\+quick access and use
- out of date 
- less focused on the business needs
- specialists reports can be expensive
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8
Q

what is quantitative data

A

Data revolving the numbers
(QUANTITY)
often larger samples and so more statistically valid

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9
Q

What is qualitative research

A

Based on opinions beliefs and intention

QUALITY

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10
Q

what is Market mapping

A

A market map illustrates the range of position that a product can take in a market on tow dimensions that are important to customers

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11
Q

Examples of dimesions of market map

A
  • price
  • quality
  • weight
  • necessity
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12
Q

adv and disadv of market mapping

A

+helps spot gaps in the market
+ useful for analysing competitors
- how reliable is the market research
- why is there no other businesses in that market sector

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13
Q

What is sampling

A

Taking a small group of a targeted demographic of which is used to be a general representation of the entire group and asking for their opinions/ research with them

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13
Q

What is sampling

A

Taking a small group of a targeted demographic of which is used to be a general representation of the entire group and asking for their opinions/ research with them

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14
Q

benefits and drawbacks of sampling

A

+ can provide useful inights
+ reduce costs
+ flexible and relatively quick
- biggest risk - the sample may be unrepresentative of the population
- risk of bias
- less useful in market segments where customer tastes/ preferences are changing frequently

15
Q

what is a confidence interval

A

gives the percentage probability of what your trying to estimate is correct (the sample is 80% accurate)

15
Q

what is a confidence interval

A

gives the percentage probability of what your trying to estimate is correct (the sample is 80% accurate)

16
Q

examples of confidence intervals

A

quality management- percentage reliability of machines, change that quality control samples will detect issues
Market research- reliability of date from customer surveys
risk management and contingency planning - risks of sales forecasts not being achieved
budgeting- likely range of revenues and costs based on key assumptions,

16
Q

examples of confidence intervals

A

quality management- percentage reliability of machines, change that quality control samples will detect issues
Market research- reliability of date from customer surveys
risk management and contingency planning - risks of sales forecasts not being achieved
budgeting- likely range of revenues and costs based on key assumptions,

17
Q

PED

A

Price elasticity of demand is a measurement of the responsiveness of the quantity demanded of a product in relation to the changes in the price.
PED: Percentage change in quantity demanded/ percentage change in price

18
Q

YED

A

This is a measurement that allows a business to see how much the sale of their products are impacted as society’s incomes increase and decrease.
YED = % change in quantity demanded / % change in income

19
Q

market segmentation

A

involves dividing a market into parts that reflect different customer needs and wants

  • demographic
  • geographic
  • income
  • behavioural
20
Q

benefits of market segmentation

A
  • focuses resources on parts of a market where the business can success
  • allows a business to grow share in markets of fast growing segments
  • helps with new product development
20
Q

benefits of market segmentation

A
  • focuses resources on parts of a market where the business can success
  • allows a business to grow share in markets of fast growing segments
  • helps with new product development
21
Q

drawbacks of segmentations

A
  • markets are increasingly dynamic

- data is not always avlaibel or up to date

22
Q

what is market targeting and the strategies

A

Mass marketing - targeting the whole market, ignoring segments, common needs and wants (few businesses can achieve successfully)
Segmented - business target several market segments within the same market (requires different marketing plan and mix for each segment)
Niche marketing- focussing on a small segment

23
Q

What is market positioning

A

businesses need to decide how to compete in those segment

use of market map

24
Q

what is a niche market

A

a smaller segment of s larger market where customers have more specific needs and wants

25
Q

what is mass market

A

the largest part of the market where there are many similar products offered by competitors and customers are less specific about their needs and wants

A level business (21 decks)

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