Marketing Processes Flashcards
What does SMEIDI stand for
S - Situation analysis
M - Market research
E - Establish marketing objectives
I - Identify target markets
D - Develop marketing strategies I - Implementation, monitoring and controlling
What is Situation Analysis?
Situation analysis provides a business with the opportunity to examine their current position within the market.
What is a Product life cycle analysis?
The product life cycle consists of the stages a product passes through: Introduction, Growth, Maturity and Decline.
What is Market Research?
Market research is the process of systematically collecting, recording and analysing information concerning a specific marketing problem
What are the 3 steps in Market research?
Step 1: Determining information needs
Step 2: Data collection (primary and secondary)
Step 3: Data and analysis and interpretation
What is a (Establising) Market objective?
Marketing objectives are specific statements that are achievable goals, within the term of the marketing plan
What is a SMART goal
Marketing objectives must be written in a way to make them specific, measurable, achievable, realistic and timed (SMART)
What are the 3 approaches to identifying and selecting a consumer target market?
- Mass Marketing approach
- Market Segmentation Approach
- Niche Market Approach
What is a (Developing) Marketing strategy?
A marketing strategy is a plan that outlines how the business will use its resources to achieve its marketing objectives
What is Implementation in monitoring and controlling?
Implementation - enacting the planned strategies. E.g. filming then distributing the advertisement, executing the sales promotion
What is Monitoring in implementation and controlling?
Monitoring - observing the progress of the plan (Is it happening correctly?) AND gauging its effectiveness (using KPIs to judge its success).
What is Controlling in implementation and monitoring?
Controlling - using data to inform corrective action. E.g. if no-one clicks the banner ad, rer-design so they do
