MARKETING: Processes Flashcards
SWOT.
Strengths, weaknesses, opportunities and threats.
What are the four stages of the product lifecycle?
Introduction, growth, maturity, decline.
What are the three steps of market research?
Determining information needs, data collection, data analysis and interpretation.
Determining information needs.
Information being collected must be relevant to the problem being investigated.
What is the main advantage of primary data?
Their collection is directed at solving a specific marketing problem.
What is the survey method in primary data collection?
Includes personal interviews, focus groups, questionnaires.
What is the observation method in primary data collection?
Recording the behaviour of customers.
What is the experimentation method in primary data collection?
Altering factors under controlled conditions to evaluate cause and effect.
Secondary data.
Can be internal or external.
Statistical interpretation analysis.
Focusing on the data that represents average from typical patterns.
What are the disadvantages of interpretation by a manager?
Prone to bias so it is preferred that a number of people are involved in the interpretation process.
Marketing objectives definition.
The realistic and measurable goals to be achieved through the marketing plan.
What are the three main marketing objectives in businesses?
- Expanding product mix.
- Maximising customer service.
- Increasing market share.
What is an advantage of increasing market share?
Small market gains often translate into large profits.
Why is it important to identify and select a target market?
Resources used more efficiently.
Better understand consumer buying behaviour of the target market.
Marketing mix.
Refers to the combination of the four P’s.
What is the purpose of promotion.
To inform, persuade and remind customers about a business products.
Implementation definition.
Putting the marketing strategies into operation.
Monitoring definition.
Checking and observing the actual progress of the marketing plan.
Controlling definition.
The comparison of planned performance against actual performance and taking corrective action.
What are the two steps in developing a financial forecast?
- Cost estimate: how much is the marketing plan expected to cost?
- Revenue estimate: how much revenue is the marketing plan expected to generate?
What are the three performance indicators used to measure the success of the marketing plan?
Sales analysis, market share analysis, return on investment.
What are the advantages and disadvantages of sales analysis?
Advantage - sales figures are relatively inexpensive to collect and process.
Disadvantages - sales revenue do not reveal the exact profit levels.
What can market share analysis show?
Can show whether increases or decreases in total sales have resulted from the business’s marketing strategies or have been due to some external factor.
