Marketing Flashcards
1
Q
What is a marketing objective?
A
Medium to long term targets that give the marketing department a sense of direction and the whole business.
2
Q
What influence the market strategy?
A
- current business position
- complete understanding of the business and the market it operates in
- resources available to the firm
3
Q
Give 3 examples of marketing objectives.
A
- To maintain or increase market share
- To broaden the range of products to improve the market standing
- To break into a new market (or market segment)
4
Q
What internal influences effect marketing objectives?
A
- corporate objectives
- size & type of the firm
- financial position
- possession of USP
5
Q
What external influences effect marketing objectives?
A
- firms position in the market
- expected response of competitors
- state of the economy
6
Q
How do managers make marketing decisions?
A
1.Through instinct & current knowledge
OR
2.Through scientific marketing data
7
Q
Ansoff’s Matric model shows what 4 choices?
A
- Market penetration
- Product development
- Market development
- Diversification
8
Q
Explain the 4 choices of Ansoff’s Matrix.
A
- Market penetration-existing product, existing market
- Product development-new product, existing market
- Market development-new market, existing product
- Diversification-new product, new market
9
Q
What is a marketing strategy?
A
Medium to long term plans required to achieve the firms marketing objectives.
