Marketing

Question 1

Types of market segmentation?

Domestic/Business

Answer 1

Domestic: Socio-economic, Age, Geography, Religion
Business: Size of firm, Sector, Geography, Decision Makers

Question 2

SWOT & PESTEL Analysis?

Answer 2

Strength, Weaknesses, Opportunities, Threats.

Political, Economic, Social, Technological, Environmental, Legal.

Question 3

Describe a typical product lifecycle.

Answer 3

Introduction: Sales start small and begin to grow
Growth: Sales grow rapidly
Maturity: Sales at peak
Decline: Sales fall as product nears retirement/competitors products are better

Question 4

What is the Ansoff Matrix?

Answer 4

Business growth matrix
New/Existing Products
New/Existing Customers
The 4 different combinations of these: Market penetration, Market development/repositioning, Product development, Diversification (risky)

Question 5

What is the marketing mix?

Answer 5

Product dominated: Place, Price, Promotion, Product

Service dominated: People, Processes, Physical Evidence