MARKETING: Processes

Question 1

SWOT.

Answer 1

Strengths, weaknesses, opportunities and threats.

Question 2

What are the four stages of the product lifecycle?

Answer 2

Introduction, growth, maturity, decline.

Question 3

What are the three steps of market research?

Answer 3

Determining information needs, data collection, data analysis and interpretation.

Question 4

Determining information needs.

Answer 4

Information being collected must be relevant to the problem being investigated.

Question 5

What is the main advantage of primary data?

Answer 5

Their collection is directed at solving a specific marketing problem.

Question 6

What is the survey method in primary data collection?

Answer 6

Includes personal interviews, focus groups, questionnaires.

Question 7

What is the observation method in primary data collection?

Answer 7

Recording the behaviour of customers.

Question 8

What is the experimentation method in primary data collection?

Answer 8

Altering factors under controlled conditions to evaluate cause and effect.

Question 9

Secondary data.

Answer 9

Can be internal or external.

Question 10

Statistical interpretation analysis.

Answer 10

Focusing on the data that represents average from typical patterns.

Question 11

What are the disadvantages of interpretation by a manager?

Answer 11

Prone to bias so it is preferred that a number of people are involved in the interpretation process.

Question 12

Marketing objectives definition.

Answer 12

The realistic and measurable goals to be achieved through the marketing plan.

Question 13

What are the three main marketing objectives in businesses?

Answer 13

1. Expanding product mix.
2. Maximising customer service.
3. Increasing market share.

Question 14

What is an advantage of increasing market share?

Answer 14

Small market gains often translate into large profits.

Question 15

Why is it important to identify and select a target market?

Answer 15

Resources used more efficiently.
Better understand consumer buying behaviour of the target market.

Question 16

Marketing mix.

Answer 16

Refers to the combination of the four P’s.

Question 17

What is the purpose of promotion.

Answer 17

To inform, persuade and remind customers about a business products.

Question 18

Implementation definition.

Answer 18

Putting the marketing strategies into operation.

Question 19

Monitoring definition.

Answer 19

Checking and observing the actual progress of the marketing plan.

Question 20

Controlling definition.

Answer 20

The comparison of planned performance against actual performance and taking corrective action.

Question 21

What are the two steps in developing a financial forecast?

Answer 21

1. Cost estimate: how much is the marketing plan expected to cost?
2. Revenue estimate: how much revenue is the marketing plan expected to generate?

Question 22

What are the three performance indicators used to measure the success of the marketing plan?

Answer 22

Sales analysis, market share analysis, return on investment.

Question 23

What are the advantages and disadvantages of sales analysis?

Answer 23

Advantage - sales figures are relatively inexpensive to collect and process.
Disadvantages - sales revenue do not reveal the exact profit levels.

Question 24

What can market share analysis show?

Answer 24

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.

Question 25

ROI definition.

Answer 25

Measures how much revenue a marketing campaign is generating compared to the cost of running that campaign.

Question 26

What are the three strategies in revising the marketing strategy?

Answer 26

1. Changes in the marketing mix.
2. New product development.
3. Product deletion.