MARKETING: process

Question 1

what are the processes

Answer 1

1. situational analysis
2. market research
3. establishing market objectives
4. identifying target markets
5. developing marketing strategies
6. implementation, montoring and controlling

Question 2

what is siuational analysis

Answer 2

SWOT, product life cycle

Question 3

SWOT

Answer 3

INTERNAL
strength, weaknesses

EXTERNAL
opportuinites, threats

Question 4

product life cycle

Answer 4

Introduction - low sales, high costs, no profits
Growth - increase sales, low costs, some profit
Maturity - constant sales, low costs, increase profit
Decline - low sales, constant costs, low profits

• each stage will have to adapt different marketing strategies

Question 5

market research

Answer 5

• gives info for rest of the process - importat for it to be effective

Question 6

types of market research

Answer 6

Primary data - done by business
adv: more targeted/specific, more accurate
dis: time consuming, expensive

Secondary data: other sources
adv: accessible, readily available. cost effective
dis: less specific, won’t address particular need, competition have access

Question 7

establishing market objectives

Answer 7

marketing goals = business goals reflect this

most common objectives:
1. increasing market share
2. expanding product range
3. expanding ino new geographic markets
4. Maximising customer service

• shows specifics of goals, without goals business is aimless

Question 8

identifying target markets - why important?

Answer 8

• allows more effecient use of resources, promotes cost effeciveness
• more relevant to consumers - more recognition
• better understand behaviours
• collect data more effecively and accurately
• utilise data more effectively
• allows refinement of strategies overtime

Question 9

approaches to target markets

Answer 9

mass - promoted all same way
segmentation - demographic, psychographic…
nich - very specific

Question 10

developping marketing strategies

Answer 10

def- marketing strategies are action undertaken to achieve the business’s marketing objectives through the marketing mix

• uses marketing mix to reach target market, achieve business objectives and respond to influences

Question 11

implementation

Answer 11

implementation: process of putting marketing strategies into operation
- ensure marketing plan is inegrated with all sections of business, clear lines of communication established, orientated to achieving goals

Question 12

monitoring

Answer 12

checking/observing progress of marketing plan
- gather info (sales. data, reports, feedback)
report any changes, problems or opportunities

Question 13

controlling

Answer 13

info collected from monitoring now used to compare actual and planned performance and adjust accordingly

Question 14

Key performance indicators

Answer 14

to control - forecasts performance based on past results and desired outcomes
- success of marketing plan can be measured

Question 15

developing financial forecast

Answer 15

• evaluates marketing strategies
• predictions abt future
• marketing manager use cost-benefit analysis of strategies to determine viable options - estimated cost compared to estimated revenue