Marketing Planning/ Selling Flashcards
What is market analysis and why is it important in market planning?
Market analysis involves examining the size, area, potential, and demographics of a market to understand customer needs and market opportunities.
It’s important because it helps businesses understand the demand, competition, and potential for growth in a particular market.
What is a target market and how is it defined in market planning?
A target market is a specific group of customers a business aims to serve based on shared characteristics, such as age, income, location, and buying behaviors.
It is defined through market segmentation, which divides the market into smaller groups based on similar needs or characteristics.
What is a customer profile and how does it help in market planning?
A customer profile is a detailed description of the ideal customer based on demographic and psychographic characteristics.
It helps businesses tailor their marketing strategies, product offerings, and messaging to meet the needs and desires of their target audience.
What is the difference between psychographics and demographics?
Demographics: Data that describes basic characteristics of people (e.g., age, gender, income).
Psychographics: Data that describes people’s attitudes, interests, lifestyles, and values.
Both are important for identifying and understanding target markets.
How do you determine market demand for merchandise?
Market demand is determined by analyzing customer purchasing behaviors, sales data, and market trends.
Factors like seasonality, customer preferences, and economic conditions affect market demand
What are behavioral characteristics in market planning?
Behavioral characteristics refer to customers’ buying behaviors, such as purchasing habits, brand loyalty, and decision-making processes.
Understanding these helps businesses develop targeted marketing strategies that align with customer needs.
What is geographics in market planning?
Geographics refers to the location-based characteristics of a target market (e.g., city, region, climate, population density).
It helps businesses decide where to locate stores or market their products most effectively.
What is market segmentation and how is it used in market planning?
Market segmentation is the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers based on some type of shared characteristics.
It helps businesses create more targeted marketing campaigns and offerings.
What are the steps in the selling process?
- Approach: Initial contact with the customer.
- Need Determination: Identifying customer needs.
- Product Presentation: Presenting the product and its benefits.
- Handling Objections: Overcoming customer doubts.
- Closing the Sale: Finalizing the sale.
- Follow-up: Ensuring customer satisfaction after the sale.
What are the types of sales approaches?
Greeting Approach: Welcoming the customer to initiate a conversation.
Merchandise Approach: Referring to a specific product to generate interest.
Question Approach: Asking questions to determine customer needs.
Service Approach: Offering assistance or help to engage the customer.
How do you determine a customer’s price range?
Ask questions to understand the customer’s budget.
Observe the type of products the customer is browsing.
Use open-ended questions to gauge their expectations for quality and price.
What is suggestion selling and how is it used?
Suggestion Selling is recommending additional products that complement the customer’s original purchase.
It enhances the customer’s experience by offering them products they may need or want, increasing the sale value.
What are the types of buying decisions customers make?
Routine Buying Decision: Quick, low-cost purchases with little thought (e.g., groceries).
Limited Buying Decision: Moderate-cost items with some research and comparison.
Extensive Buying Decision: High-cost, high-involvement purchases requiring significant thought (e.g., cars, houses).
What are the required items on a sales check?
Customer Name: To identify who made the purchase.
Date of Sale: For records and warranties.
Product Description: To specify what was purchased.
Amount Paid: To track the cost of the transaction.
Payment Method: Whether the customer paid by cash, card, or other methods.
What are the steps to process returns and exchanges?
Verify the receipt or proof of purchase.
Check the product for damage or usage.
Follow the company’s return/exchange policy.
Issue a refund, exchange, or store credit, as applicable.
