Marketing Process Flashcards
Why is Situational analysis important?
The first stage in developing a markting plan is to research and analyse the businesses current position and any new directions it may want to follow
What does situational analysis include?
SWOT
Consideration of the product life cycle
market analysis
Competitor analysis
What does SWOT stand for?
Strengths Weaknesses, Opportunities and threats
What part of SWOT is internal?
Strength and weaknesses
What part of SWOT is external?
Opportunities and threats
What is the product life cycle?
Introduction
Growth
Maturity
Post-maturity
What are the stages post-maturity?
Renewal
steady-state
Decline
What is market research?
Market research is the collection and analysis of information to identify what the customers want and to make marketing decisions based on those wants.
What is involved in primary data collection?
Observation
Focus groups-ask specific questions to target market
Surveys
Experiments
What is involved in Secondary data collection?
Internal- sales
External -reports published
How can consumers be grouped?
Demographics- Age, gender
Sociocultral factors- religion
Geographical factors
Pschographics- lifesyle
What are the fours P’s
Product
price
promotion
place
What must be ensured for effective implementation of the marketing plan?
Marketing managers must ensure that they have clearly communicated the marketing objectives and strategies to all employees and allocated the correct resources for the strategies
What does monitoring and controlling involve?
Using financial forecast tools to compare actual and planned results
What is a financial forecast?
A budget of expected revenues and costs over a set period of time. Managers will use the forecast marketing budgets to help compare actual and planned results
