Marketing Process

Question 1

Situational analysis

Answer 1

The use of a SWOT or PLC

Question 2

SWOT

Answer 2

Analysis of strengths, weaknesses, opportunities and threats in order to develop marketing strategies

Question 3

Product Life Cycle

Answer 3

Determining the phase of a products lifecycle to select suitable marketing strategies

Question 4

Market research

Answer 4

Collecting information about the market (primary and secondary) to find out about consumers, competitors, in order to develop suitable marketing strategies

Question 5

Establishing market objectives

Answer 5

Deciding the marketing objective for a new product e.g. competitive advantage, market share

Question 6

Identifying target markets

Answer 6

The group of current or potential customers for the product

Question 7

Implementation, monitoring and controlling

Answer 7

Developing a financial forecast, comparing actual and planned results, revising the marketing strategy