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MR SCOTT-WALKER business > Marketing objectives > Flashcards

Marketing objectives Flashcards

1
Q

What does ‘marketing objectives’ mean?

A
  • process of identifying, anticipating and satisfying customer needs profitably
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2
Q

How do you calculate market growth (%)?

A

([new market size - old market size] / old market size) x 100

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3
Q

How do you calculate market share (%)?

A

(sales / total market size) x 100

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4
Q

How do you calculate sales growth (%)?

A

([sales this year - sales last year] / sales last year) x 100

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5
Q

What are 3 basic objectives in marketing?

A
  • determine what the market wants
  • develop a strategy to achieve this
  • deliver marketing actions to achieve the objectives
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6
Q

What are the internal influences on marketing objectives?

A
  • business objectives
  • finance department
  • human resources
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7
Q

What are the external influences on marketing objectives

A
  • market
  • technology
  • competitors
  • ethics/ environmental
  • legislation/ government regulations
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8
Q

How can a market be classified?

A
  • geographical location
  • nature of product
  • seasonality
  • development level
  • product destination
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9
Q

How do you calculate market share (%)?

A

(business revenue / total industrial revenue) x 100

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10
Q

What is market research?

A
  • gathering data about a market
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11
Q

Why is market research carried out?

A
  • spot opportunities
  • helps aid decision making
  • supports decisions
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12
Q

What is qualitative data?

A
  • opinions
  • focus groups/ interviews
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13
Q

What is quantitative data?

A
  • fixed answer
  • surveys
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14
Q

What is sampling?

A
  • group of subjects that has been chosen from a larger group, population, for investigation
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15
Q

What effects the value of sampling?

A
  • variety of people
  • target market
  • qualitative/ quantitative
  • sample technique used
  • how sample was carried out
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16
Q

What does the size of a sample depend on?

A
  • cost
  • time available
  • facilities available
  • degree of confidence in results
  • importance of accuracy
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17
Q

What are the three types of sampling?

A
  • random
  • quota
  • stratified
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18
Q

What is random sampling?

A
  • names picked randomly from a list
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19
Q

What is quota sampling?

A
  • people picked to fit category
  • get opinions directly from people they are targeting
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20
Q

What is stratified sampling?

A
  • population is first segmented into subgroups before are randomly selected from that subgroup
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21
Q

How do researchers avoid bias?

A
  • no leading questions
  • more confidence with sample by having a larger representative
  • no intimidating tactics during interviews and focus groups
22
Q

What is correlation?

A
  • method of sales forecasting
  • relationship between two variables
  • plotted on scatter graph
23
Q

What is a positive correlation?

A

one variable increases, causing other to increase

24
Q

What is a negative correlation?

A

one variables increases, causing other to decrease

25
Q

What is a strong correlation?

A

little room between data points drawn

26
Q

What is a weak correlation?

A

data points spread out wide and far from line of best fit

27
Q

What is time-series analysis?

A
  • method of interpreting marketing data
  • over time
  • plots actual data
28
Q

What are trends?

A
  • long term movement of a variable
29
Q

What types of trends are shown in time-series analysis graphs?

A
  • upward trends
  • downwards trends
  • constant trends (still has slight fluctuations)
  • seasonal fluctuations (can be with upward/ downward trends)
  • random fluctuations
30
Q

What is extrapulation?

A
  • using past data to extend an identified trend
  • into the future
  • doesn’t always predict correctly
31
Q

How is technology useful?

A
  • reduce staff costs
  • enables two way communication
  • increases accuracy and efficiency
  • collect opinions globally
  • track/ interpret consumer spending habits
  • gathers large amounts of data
  • reduces human error
32
Q

How can information be gathered on customers?

A
  • loyalty cards
  • social networking sites
  • search engines
  • WIFI signals
33
Q

What are confidence intervals?

A
  • used to assess the reliability of sampled data
  • plus or minus figure used to show accuracy of statistical results
34
Q

What is the confidence level?

A
  • the degree to which statistics are a reliable predictor of actual events
  • e.g. 95% confident
35
Q

What are the main factors affecting confidence interval?

A
  • sample size
  • population size
  • percentage of sample choosing a particular answer
36
Q

What is price elasticity of demand (PED)?

A
  • measure of how responsiveness demand is to change in price
37
Q

What will effect if a product in elastic/ inelastic to demand?

A
  • type of product
  • availability
  • substitute products
  • choice
38
Q

What does price inelasticity mean?

A

a change in price will lead to a less than proportional change in demand
- between 0 and -1

39
Q

What does price elastic mean?

A

a change in price will lead to a more than proportional change on demand
- lower than -1

40
Q

How do you calculate PED?

A

% change in quantity demanded / % change in price

41
Q

What is income elasticity of demand (YED)?

A
  • product demand affected by a change in income
42
Q

How do you calculate YED?

A

% change in quantity demanded / % change in income

43
Q

What does income elastic mean?

A

if change in demand is higher than the change in income
>1
- positive income elasticity
- fast rate/ high impact

44
Q

What does income inelastic mean?

A

if change in demand is lower than the change in income
<1
- positive income elasticity
- slow rate/ low impact

45
Q

What are luxuries?

A
  • income elasticity more than one
  • grows faster when incomes rise
46
Q

What are necessities?

A
  • income elasticity less than one but higher than 0
  • grows slower as incomes rise (still does grow)
47
Q

What are inferior goods?

A
  • income elasticity below 0
  • cheaper value goods
  • negative elasticity of demand
48
Q

What is segmentation?

A
  • dividing a market into different parts to reflect different wants/ needs of customers
49
Q

What is the process of segmentation?

A
  • income
  • geographical region
  • ACORN (classification of residential neighbourhoods i.e. post code)
50
Q

What is demographic segmentation?

A
  • age
  • gender
  • occupation
  • socio-economic group i.e. class (hard to identify)
51
Q

What is behavioural segmentation?

A
  • lifestyle
  • levels of brand loyalty
  • benefits sought by consumers
  • purchase occasion
  • frequency of usage
52
Q

What are the stages of segmentation?

A
  1. segmentation
  2. targeting
  3. positioning

MR SCOTT-WALKER business (2 decks)

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