Developing a Marketing Campaign Flashcards
What is the meaning of social factor
Social factors consist of a person’s, beliefs, values, lifestyle and behaviour.
What makes a social factor? Give an example.
Social factors are made up off, Demographics Social class, lifestyle and culture
What is the meaning of Technological factor
The ways technology affects society, businesses, and daily life
What is the purpose of marketing
To recognise and anticipate demand
Define brand
A name logo or design that represents a businesses product or service.
What are the principles of marketing
-Understanding customer needs
- Satisfying customers
- Creating value
What is Market share
The percentage of a market owned by another company
What are the aspects that make up successful marketing
-Innovating new products
-Increasing brand awareness
-Understanding needs and wants of customers
What is Mass Market
A wide range of products or services offered to a large number of customers.
What is Niche Market
A specialised market for a specific product or service.
What is brand personality
A set of human-like qualities and attributes that are associated with thebrand
What is market research
the process that provides information about the demands of customers
What is a consumer
Someone who purchases or uses a product or service.
Why is it important for a business to determine target market by Trends
So they can keep ahead of the competition and stay relevant to their customers
What is primary research
First hand data/information that has never been gathered before.
What are methods of external primary research
-Questionnaires and surveys
- Interviews and focus groups
- Mystery shoppers
What is secondary research
Second hand data/information which has been collected before hand.
Give examples of Secondary research
- Books and Newspapers
- Magazines
- Social media
What is qualitative data
Qualitative data is non-numeric information. (e.g. diary and journals)
What is Quantitative data
Quantitative data are data represented numerically
Definition of reliability*
Making sure the method of data gathering leads to consistent results when the input is consistent
What are the stages of the product life cycle
- Introduction
- Growth
-Maturity
-Decline
What does the acronym SWOT stand for
-Strength
-Weakness
-Opportunity
-Threat
What does the SMART acronym stand for
-Specific
-Measurable
-Achievable
-Realistic
-Time bound
What does the Pestle acronym stand for
- Political
-Economical
-Social
-Technological
-Legal
-Environment
What is the marketing mix
The marketing mix, often referred to as 7ps
What are the 4ps
-Product
-Place
-Price
-Promotion
What are the different types of pricing strategies a business can use.
-Skimming
-Cost plus
-Competitor based pricing
What are the other three ps that make up the 7 ps
-People
-Physical evidence
-Processes
What is Price skimming
A business technique known as “price skimming” involves setting a high starting price for a new product and then gradually lowering it over time.
What is Competitive pricing
Competitive pricing is a strategy in which a company sets the prices of its products or services based on the prices of similar offerings in the market.
What is Cost plus pricing
Cost-plus pricing is a pricing strategy where a company determines the selling price of a product by adding a markup to the cost of production.
What is Market segmentation*
the process of breaking down a large number of potential customers into smaller groups/ segment
What is a marketing campaign*
A marketing campaign is a well-planned sequence of actions and plans aimed at promoting a good, service, brand, or cause in order to meet specified objectives.
What is an aim
a clear and specific goal that someone strives to achieve.
What is an objective
an objective is a specific and measurable goal that helps you achieve your overall aim or purpose.
What is public relation
Public relations relates to business communications and relationships with the public
What is product placement
When a brand’s item or emblem is included in a TV series, motion picture, video game, or other type of media output, this is known as product placement.
What is personal selling
It is a promotional method by which the salesperson uses his or her skills and abilities in an attempt to make a sale.
What is corporate image
The term “corporate image” describes the general opinion and impression that the public has of a company.
What is branding
Developing a unique and identifiable image for a company, product or service.
What is Profit
the amount of money a company makes after subtractingall of its costs from its earnings.
What does AIDA stand for
-Awareness
-Interest
-Desire
-Action
Why is it important for a business to determine target market by structure
So the business will be able to take a look at the demographic of their customers, which helps establish where and how to advertise.
What is USP(Unique selling point)
is the special thing that makes a product or service different from and better than others in the eyes of customers.
