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Business Studies ANPA > 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 market research?

A

Finding out about your customers and what their preferences are

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12
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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13
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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14
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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15
Q

What is primary data?

A

Collecting new data

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16
Q

What is secondary data?

A

Data that has already been collected

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17
Q

How can you get primary data?

A
  • Focus groups
  • Observation method
  • Experiment method
18
Q

What are focus groups?

A

Interviewing / surveying groups of individuals

19
Q

What is the observation method?

A

Watching customers and how they interact with your product

20
Q

What is the experiment method?

A

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

21
Q

How can you get primary data?

A
  • Use internal data you’ve already collected
  • Access or buy external data from another organisation
22
Q

What are examples of internal secondary data?

A
  • Loyalty program data
  • Warranty claims
  • Previous market research
23
Q

What are examples of external secondary data?

A
  • ABS data
  • Buying data from social media platforms (e.g. Google, Facebook)
24
Q

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

A

Primary

25
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

26
Q

How can a business analyse its market research data?

A

Put it into tables or graphs

27
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
28
Q

What does establishing Market objectives involve?

A

Establishing marketing objectives involves setting realistic and measurable goals to be achieved through the marketing plan. These objectives should align closely with the business’s overall goals.

29
Q

What are the main marketing objectives?

A
  1. Increasing Market Share: This means increasing the portion of total industry sales made by the business.
  2. Expanding Product Range: This could involve adding new products or services to attract a broader customer base and increase profitability.
  3. Maximising Customer Service: Ensuring high levels of customer satisfaction to encourage repeat business and positive word-of-mouth.
30
Q

What is a target market?

A

The group of customers the product is aimed at

31
Q

What are the main types of target market?

A
  • Mass
  • Segment
  • Niche
32
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)

33
Q

What does developing market stategies involve?

A

Developing marketing strategies involves creating plans related to product, promotion, pricing, and distribution that reflect the individual characteristics of the business and its current resources.

Additionally, branding is a key aspect of developing marketing strategies as it helps position the brand in consumers’ minds and sustain long-term product leadership.

34
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)

35
Q

What does Developing a financial forecast involve?

A

Developing a financial forecast involves predicting future profit levels and the success of marketing strategies. It includes comparing actual sales with forecast sales to determine the effectiveness of the marketing strategy, analysing market share changes due to marketing strategies or external forces, and breaking down total marketing costs into specific activities

After conducting a financial analysis, managers assess unmet objectives and take corrective actions such as modifying products, prices, promotions, places, developing new products for long-term growth, or deleting outdated products to maintain reputation.

36
Q

What is monitoring in marketing?

A

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

37
Q

What does Comparing actual and planned results involve?

A
  1. Sales Analysis: This compares actual sales with forecast sales to determine the effectiveness of the marketing strategy.
  2. Market Share Analysis: This compares changes in total sales due to the marketing strategy or external forces such as competitors.
  3. Marketing Profitability Analysis: This breaks down total marketing costs into specific marketing activities to assess their profitability.
38
Q

What is controlling in marketing?

A

1) Comparing actual and planned results

2) Revising the marketing plan

39
Q

What does revising the market strategy involve?

A

Revising the marketing strategy involves assessing which objectives are not being met and taking corrective action if needed. Changes in the marketing mix could include product modification, price modification, promotion modification, place modification, new product development, and product deletion.

40
Q

What is the marketing mix (4P’s)

A

Product, Price, Promotion, Place

41
Q

Define SMEIDI

A

Situational analysis
Market Reseatch
Establish Marketing Objectives
Identify Traget Markets
Develop Marketing Strategies
Implement, Monitor and Control Strategies

Business Studies ANPA (16 decks)

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