Marketing Process Flashcards
Recall the template for:
“market research”
Methods of gathering primary data
- Survey
- Observation
- Experiment
Types of secondary data:
- Internal
- External
Relate to Dawn
Market research provides solutions to marketing related problems, e.g. breakage of product
Through analysis, solutions can arise to these problems
Recall the template for:
“establishing market objectives”
Common market objectives include:
- Increasing market share
- Expanding the product mix
- Maximising customer service
Relate to Dawn
Marketing objectives, derived from the marketing plan, provide direction and intent for Dawn in a foreign market
Recall the template for:
“identifying target markets”
Types of target market
- Mass
- Segmented
- Niche
- Primary
- Secondary
Relate to Dawn
Target markets create focus on a particular portion of society so finances is spent wisely Dawn needs to be wise with spending as they have already committed finances into expansion
Recall the template for:
“developing marketing strategies”
Marketing mix - 4 ‘P’s
Branding
Packaging
Total Product Concept
Features of Product
- Quality
- Packaging/labelling
- Design
- Brand name
- Exclusive feature
Pricing Strategies
- Cost-based
- Competition-based
- Market-based
Promotion
- Personal selling
- Relationship marketing
- Sales promotion
- Publicity
- Public relations
- Advertising
Place
- Distribution channels
- Intermediaries
Relate to Dawn
The branding is useless overseas
High quality
Recall the template for:
“implementation, monitoring and controlling – developing a financial forecast; comparing actual and planned results, revising the marketing strategy”
Steps to develop a financial forecast:
- Estimate the cost of the marketing plan
- Estimate the revenue generated by the marketing plan
KPI measuring the success of the marketing plan are:
- Sales analysis
- Market share analysis
- Marketing return on investment
Revising the marketing strategy is revising the marketing mix
Relate to Dawn
The revision of the marketing strategy has to be implemented, monitored, and controlled to ensure success