Marketing - Processes Flashcards
S.M.E.I.D.I.
- Situational analysis
- Market research
- Establish marketing options
- Identify target markets
- Develop marketing strategies
- I.M.C
Situational Analysis
Situational Analysis
S.W.O.T Analysis
Product Lifecycle
* Research + Development
* Introduction
* Growth
* Maturity
* Decline
Market Research
Market Research
Process of systematically collecting, recording + analysing info concering a specific marketing problem
Main purpose = minimise risk
Steps:
1. determining info needs
2. collecting data - primary + secondary
3. analysing + interpreting
Establishing Marketing Objectives
Establishing Marketing Objectives
Marketing Objectives: realistic + measurable goals to be achieved through the marketing plan
* increasing market share
* expanding product range
* maximising customer service
Identifying Target Markets
Identifying Target Markets
Mass Market
* mass produce, distribute, + promote
Market Segmentation
* seperated according to: demographic, geographic, psychographic, behavioural
Niche Marke
* slow sales, high prices, low volume
Primary + Secondary target markets
* Primary - most marketing resources are directed
* Secondary - smaller + less important
Developing Marketing Strategies
Developing Marketing Strategies
Marketing Mix (7 ps)
* product
* price
* promotion
* place
* people
* processes
* physical evidence
I.M.C
Implementation, Monitoring, + Control
Implementation
* putting marketing strategies into operation
Monitoring
* checking + observing the progress of the strategy
Control
* comparison of the planned performance v actual performance of implemented strategy.
* includes corrective action to make sure objectives are attained
Financial Forecast
* predicting future sales potential and revenue forecasts and comparing these with the anticipated expenditures
* Indicators = sales analysis, market share analysis, marketing profitability analysis
