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Business > Marketing > Flashcards

Marketing Flashcards

1
Q

what is marketing?

A

researching what the market want and need

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2
Q

What does STP stand for?

A

segmenting, positioning, targeting

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3
Q

what are the 3 marketing objectives?

A
  • sales targets
  • brand awareness
  • market share
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4
Q

What are the 3 internal influences on marketing objectives?

A

operations
HR
finance

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5
Q

What are the external influences on marketing objectives?

A

PESTEL

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6
Q

when analysing the market what should you look for?

A
  • the size of the market
  • the competitions market share
  • the costs and difficulties entering the market
  • patterns and trends of sales
  • substitute products available
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7
Q

Why should you analyse markets? ( 5 points)

A
  • because relying on gut feeling is risky
  • you know where you are and where you’re going
  • reduces risks
  • you can then set a feasible objective or plan
  • you can predict future market conditions
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8
Q

what are 3 ways in which you can analyse trends

A

moving averages
correlation
extrapolation

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9
Q

what are moving averages

A

taking the average sales for three months and plotting that on a graph because sales change so much from month to month

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10
Q

what is extrapolation

A

using previous trends to predict the future

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11
Q

what are 2 ways of estimating future sales

A

using market research

using your best guess

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12
Q

What is forecasting

A
  • estimating the volume or value of sales in the future

- moving averages, conciliation and extrapolation are ways of forecasting

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13
Q

advantages of forecasting (3 points)

A

+ makes managers think ahead
+ gives insight into what direction sales are going
+ can be updated

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14
Q

Why might forecasts be wrong?(4 points)

A
  • customers buying behaviours change suddenly
  • market research is bad
  • the experts were wrong
  • you were looking too far ahead where it is hard to predict
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15
Q

what are the problems with analysing markets? (3 points)

A
  • data will relate to the past
  • data might not be in the form you want
  • it takes time to gather and analyse data
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16
Q

How can you analyse markets?

A

using the ansoff matrix

17
Q

describe the ansoff matrix

A

market development - new market existing product
market penetration - existing product existing market
new product development - new product existing market
diversification - new market new product

18
Q

what is market penetration

A

selling more existing products to existing customers

19
Q

who came up with the low cost vs differentiation strategy?

A

Porter (1985)

20
Q

what is a low cost strategy?

A

providing similar benefits to the competition but at a low price

21
Q

What is a differentiation strategy?

A

offering more benefits than the competition at a high price

22
Q

why would you change a marketing strategy? (5 points)

A
  • competitiors actions
  • marketing objectives might have changes
  • market conditions might have changed
  • poor performance
  • changes in the firms strengths
23
Q

why would you expand overseas? (4 points)

A
  • domestic market is saturated
  • increased competition at home
  • spreading the risk
  • market opportunities overseas
24
Q

what are the 5 stages of entering an overseas market?

A

1) export
2) export via an overseas agent
3) set up a franchise overseas
4) joint venture/partnership with someone local
5) direct investment

25
Q

once you have expanded overseas what is globalisation and localisation?

A

globalisation - offer the same product

localisation - adapt the product to fit local needs w

26
Q

what does a marketing plan set out?

A
  • objectives
  • strategy
  • budget
  • activities
27
Q

the 4 advantages of a marketing plan

A
  • helps coordinate the business
  • progress can be reviewed
  • forces managers to think ahead
  • plan provides a sense of direction
28
Q

3 disadvantages of a marketing plan

A
  • can become out of date
  • time consuming to make
  • some mangers become married to the plan
29
Q

what does the size of the marketing budget depend on ?

A
  • the firms overall financial position
  • the marketing objectives and strategy
  • the amount of profit the firm expects to make
  • the competitors

Business (5 decks)

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