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ABM 305: Marketing > Market Analysis, Planning, Implementation, and Control > Flashcards

Market Analysis, Planning, Implementation, and Control Flashcards

1
Q

Involves researching and understanding the market environment to make informed decisions.

A

Market Analysis

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2
Q

Informs the planning process by providing data on trends, competitors, and customers.

A

Market Analysis

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3
Q

Five (5) Key Components of Market Analysis:

A
  1. Industry Analysis
  2. Target Market Identification
  3. Competitor Analysis
  4. Consumer Insights
  5. Environmental Factors
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4
Q

Which Market Analysis Key Component:

Understand the overall industry trends, size, and growth potential.

A

Industry Analysis

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5
Q

Tools used in this Market Analysis Key Component include Porter’s Five Forces and PESTEL Analysis

A

Industry Analysis

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6
Q

Which Market Analysis Key Component:

Define your ideal customer segments (demographics, psychographics, behavior, etc.).

A

Target Market Identification

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7
Q

Tools used in this Market Analysis Key Component include SWOT analysis, benchmarking.

A

Target Market Identification

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8
Q

Which Market Analysis Key Component:

Understand customer needs, preferences, and purchasing behavior.

A

Consumer Insights

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9
Q

Tools / Sources used in this Market Analysis Key Component include Customer feedback, reviews, and market research reports.

A

Consumer Insights

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10
Q

Which Market Analysis Key Component:

External factors like economic conditions, regulations, and technological advancements.

A

Environmental Factors

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11
Q

Setting Objectives and Outlining Strategies to achieve them.

A

Market Planning

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12
Q

Ensures clear objectives and strategies are in place before implementation

A

Market Planning

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13
Q

Five (5) Steps in Market Planning:

A
  1. Set Objectives
  2. Market Segmentation and Targeting
  3. Positioning Strategy
  4. Marketing Mix Strategy (4Ps)
  5. Budgeting
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14
Q

Which Step in Market Planning:

Involves the use of SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals in its formulation.

A

Set Objectives

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15
Q

Which Step in Market Planning:

Divide the market into segments and select the most profitable segment to target.

A

Market Segmentation and Targeting

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16
Q

Which Step in Market Planning:

Methods include:
- Geographic,
- Demographic,
- Psychographic; and
- Behavioral Segmentation.

A

Market Segmentation and Targeting

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17
Q

Which Step in Market Planning:

Develop a unique value proposition to differentiate your product/service.

A

Positioning Strategy

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18
Q

Which Step in Market Planning:

Allocate resources for marketing activities, considering ROI and cost-effectiveness.

A

Budgeting

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19
Q

In Marketing Mix Strategy, what are the 4Ps?

A
  • Product
  • Price
  • Place
  • Promotion
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20
Q

Which of the 4Ps:

Involves a Product’s Design, Features, and Benefits

A

Product

21
Q

Which of the 4Ps:

Involves a Product’s Pricing models and strategies.

A

Price

22
Q

Which of the 4Ps:

Involves a Product’s Distribution channels and locations.

A

Place

23
Q

Which of the 4Ps:

Involves a Product’s Advertising, PR, and sales campaigns.

A

Promotion

24
Q

The execution of the planned strategies.

A

Implementation

25
Q

Executes the plan and brings strategies to life.

A

Implementation

26
Q

Six (6) Key Factors for Successful Implementation:

A
  1. Action Plans
  2. Resource Allocation
  3. Coordination and Communication
  4. Training and Development
  5. Technology and Tools
  6. Monitoring Progress
27
Q

Which Key Factor for Successful Implementation:

Translate strategies into actionable tasks with timelines.

A

Action Plans

28
Q

Which Key Factor for Successful Implementation:

Assign personnel, budget, and technology tools to different tasks.

A

Resource Allocation

29
Q

Which Key Factor for Successful Implementation:

Ensure cross-departmental collaboration and clear communication channels.

A

Coordination and Communication

30
Q

Which Key Factor for Successful Implementation:

Equip teams with the skills and knowledge required for execution.

A

Training and Development

31
Q

Which Key Factor for Successful Implementation:

Leverage tools like CRM software, analytics platforms, and project management tools.

A

Technology and Tools

32
Q

Which Key Factor for Successful Implementation:

Track milestones and address challenges promptly.

A

Monitoring Progress

33
Q

Involves evaluating the outcomes of marketing efforts and making adjustments as needed.

A

Marketing Control

34
Q

Closes the loop by evaluating success and enabling continuous improvement.

A

Marketing Control

35
Q

Four (4) Types of Marketing Control:

A
  1. Strategic Control
  2. Operational Control
  3. Budgetary Control
  4. Profitability Control
36
Q

Which Type of Marketing Control:

Are we aligned with our long-term goals and vision?

A

Strategic Control

37
Q

Which Type of Marketing Control:

Uses Tools such as Marketing audits, balanced scorecards.

A

Strategic Control

38
Q

Which Type of Marketing Control:

Are we efficiently implementing our plans?

A

Operational Control

39
Q

Which Type of Marketing Control:

Uses Tools such as Dashboards, KPIs (Key Performance Indicators).

A

Operational Control

40
Q

Which Type of Marketing Control:

Are we staying within the marketing budget?

A

Budgetary Control

41
Q

Which Type of Marketing Control:

Uses Tools such as Budget variance analysis.

A

Budgetary Control

42
Q

Which Type of Marketing Control:

Are our efforts resulting in profitable outcomes?

A

Profitability Control

43
Q

Which Type of Marketing Control:

Uses Tools such as Profitability analysis by product, customer, or region.

A

Profitability Control

44
Q

Four (4) Steps in Marketing Control:

A
  1. Set Performance Standards
  2. Measure Performance
  3. Analyze Variances
  4. Take Corrective Actions
45
Q

Which Step in Marketing Control:

Define metrics such as sales growth, market share, customer acquisition cost (CAC), etc.

A

Set Performance Standards

46
Q

Which Step in Marketing Control:

Use real-time data and analytics tools to assess performance.

A

Measure Performance

47
Q

Which Step in Marketing Control:

Compare actual performance with standards to identify gaps.

A

Analyze Variances

48
Q

Which Step in Marketing Control:

Adjust strategies, reallocate resources, or refine objectives as needed.

A

Take Corrective Actions

ABM 305: Marketing (4 decks)

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