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HSC Business Studies > Marketing Processes > Flashcards

Marketing Processes Flashcards

1
Q

What is a situational analysis?

A

Assessing the business’ current position to decide what to do next

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2
Q

How do you do situational analysis?

A
  • SWOT analysis
  • Product life cycle analysis
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3
Q

What is a SWOT analysis?

A

Look at the businesses internal strengths and weaknesses, and external opportunities and threats

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4
Q

What are some internal factors on a SWOT? (i.e. things that could be either strengths or weaknesses)

A
  • Quality of the product
  • Reputation
  • Costs and prices
  • Customer service
  • Defects
  • Environmental impact
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5
Q

What are some external factors on a SWOT? (i.e. things that could be either an opportunity or threat)

A
  • Competitors
  • Government policies
  • Economic fluctuations
  • Technological changes
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6
Q

What are the stages of the product life cycle?

A

1) Introductory
2) Growth
3) Maturity
4) Decline

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7
Q

How does the product strategy change across the product life cycle?

A

Growth: refine product based on feedback

Maturity: change the packaging

Decline: Change or replace the product

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8
Q

How does the pricing strategy change across the product life cycle?

A

Introduction: use price skimming or penetration

Maturity: reduce prices due to competition

Decline: reduce further to sell off remaining stock

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9
Q

How does the place strategy change across the product life cycle?

A

Gradually increase distribution to more outlets over time, until you get to decline and then reduce to only where remaining customers are

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10
Q

How does the promotion strategy change across the product life cycle?

A

Introduction: inform what the product does

Growth: advertise to a wider audience

Maturity: Emphasise the product’s reputation (against new rivals)

Decline: Stop promoting

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11
Q

What is the case study for situational analysis?

A

H&M - expanding into Australia and launching online store

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12
Q

What is market research?

A

Finding out about your customers and what their preferences are

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13
Q

Why is it important to conduct market research?

A

To design the product and marketing strategies to best appeal to them

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14
Q

How do you conduct market research?

A

1) Identify what information you want to find out

2) Collect data

3) Analyse the data

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15
Q

What type of information might a business want to find out in market research?

A
  • Demographics of customers (income, age, gender, ethnicity)
  • Preferences and interests of customers
  • How customers view your product
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16
Q

What is primary data?

A

Collecting new data

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17
Q

What is secondary data?

A

Data that has already been collected

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18
Q

How can you get primary data?

A
  • Focus groups
  • Observation method
  • Experiment method
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19
Q

What are focus groups?

A

Interviewing / surveying groups of individuals

20
Q

What is the observation method?

A

Watching customers and how they interact with your product

21
Q

What is the experiment method?

A

Trying a marketing strategy in one place to see how successful it is

22
Q

How can you get secondary data?

A
  • Use internal data you’ve already collected
  • Access or buy external data from another organisation
23
Q

What are examples of internal secondary data?

A
  • Loyalty program data
  • Warranty claims
  • Previous market research
24
Q

What are examples of external secondary data?

A
  • ABS data
  • Buying data from social media platforms (e.g. Google, Facebook)
25
Q

A business conducts a focus group. Is this primary or secondary data?

A

Primary

26
Q

A business pays a market research company to conduct a focus group for them. Is this primary or secondary data?

A

Primary

27
Q

A business pays a market research company for access to their latest reports on market trends. Is this primary or secondary data?

A

Secondary

28
Q

A business uses its sales data for different products to make a report on market trends. Is this primary or secondary data?

A

Secondary data

29
Q

How can a business analyse its market research data?

A

Put it into tables or graphs

30
Q

What is the case study for market research?

A

H&M - Google Analytics, Curalate and social media

31
Q

Why should a business set marketing objectives?

A
  • Helps inform which strategies are most appropriate
  • Helps assess whether the marketing plan has been successful
32
Q

What are the main marketing objectives?

A
  • Increase market share
  • Increase product range
  • Improve customer service
33
Q

What is market share?

A

The business’ sales as a percentage of total industry sales

34
Q

What is the case study for marketing objectives?

A

H&M - double sales from 2020 to 2030, and launch an ethical product range

35
Q

What is a target market?

A

The group of customers the product is aimed at

36
Q

Why is it important to identify the target market?

A

So the business can design the product and marketing strategies to best appeal to them

37
Q

What are the main types of target market?

A
  • Mass
  • Segment
  • Niche
38
Q

What is the difference between a market segment and a niche market?

A

A market segment is a group within society (e.g teenage boys), whereas a niche market is a very specific group (e.g. people with an obscure allergy)

39
Q

What is the case study for identifying the target market?

A

H&M - people aged 15-35

40
Q

What is implementation in marketing?

A

1) Make a financial forecast of how much the marketing plan should cost and increase sales by

2) Launch the marketing campaign (e.g. start using the new packaging, put the ad on TV)

41
Q

What is monitoring in marketing?

A

Measure how well the marketing campaign is performing (e.g. sales, market share, costs)

42
Q

What is controlling in marketing?

A

1) Comparing actual and planned results

2) Revising the marketing plan

43
Q

How do you compare actual and planned results in marketing?

A
  • Sales analysis (are sales increasing enough?)
  • Market share analysis (is market share analysis increasing enough?)
44
Q

How do you revise the marketing strategy?

A

Change some of the 4Ps, or change the product itself

45
Q

What is the case study for implementing, monitoring and controlling in marketing?

A

H&M - quickly revising the ‘Coolest Monkey in the Jungle’ product launch

HSC Business Studies (22 decks)

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