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HSC Business Studies- Marketing > Marketing Processes > Flashcards

Marketing Processes Flashcards

1
Q

What are the steps involved in a marketing plan?

A
  1. situational analysis
  2. market research
  3. establishing marketing objectives
  4. identifying target markets
  5. developing market strategies
  6. implementation, monitoring and controlling
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2
Q

Situational Analysis-

What is a SWOT analysis?

A
  • is a document created by the business that assists in creating a clear understanding of both the internal and external environments.
  • it involves the analysis of internal strengths and weaknesses, as well as external threats and opportunities
  • it gives a clear indication of a business’ position compared to competitors
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3
Q

What is the second aspect of situational analysis?

A

product life cycle.
this consists of the stages that a product passes through; induction, growth, maturity and decline.
*in each stage of the product life cycle, the marketing plan must be adjusted to implement different strategies

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4
Q

Why do products decline?

A
  1. changing public perception
  2. new technologies replacing old ones
  3. reduced demand for old products
    fluctuations in economic activity
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5
Q

Define market research

A

*the process of systematically collecting, recording and analysing information that concerns a specific marketing problem.

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6
Q

Name some market research techniques

A
  1. asking suppliers about social and economic changes in the workplace
  2. monitor which products are increasing or decreasing in popularity
  3. asking for postcode to track customer location
  4. read demographics from newspapers
  5. ask customers to participate in surveys
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7
Q

What is the main purpose of market research?

A

minimising risk when releasing a new product

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8
Q

What does market research aim to identify/evaluate?

A
  1. marketing opportunities
  2. marketing problems
  3. implementation of the marketing plan
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9
Q

What are the three steps of the marketing process?

A
  1. determining information needs
  2. data collection
  3. analysing and interpreting data
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10
Q

What are the two types of data?

A
  1. Primary data- facts and figures collected from original sources. primary data can be collected by the business itself through the survey method, the observation method, and the experiment method.
  2. Secondary data- is information that has already been collected by another organisation or person. secondary data can be either internal data such as customer feedback or sales report, or external data such as data from magazines or the ABS.
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11
Q

What are the three common marketing objectives?

A
  1. Increasing market share
  2. Expanding product range
  3. Maximising customer service
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12
Q

What are some strategies to maximise customer service?

A
  1. asking customer what they want
  2. training and rewarding employees for great service
  3. conducting research to see market trends
  4. establish long-term relationships with customers
    encourage employees to focus on customer needs
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13
Q

What is product mix?

A

this is the total range of product offered by a business.
*product mix must constantly be changed to adapt to demands, therefore a business must understand customer needs to do so

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14
Q

What is market share?

A

this refers to the business’s share of total industry sales.
*many businesses develop an extensive product range and intensely protect brand names to gain extra points of market share.

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15
Q

What is a target market?

syllabus point- identifying target markets

A

a target market is a group of present and potential customers to which a business intends to sell its product.
*customers within the target market share similar characteristics such as age, income, lifestyle and location.

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16
Q

What are two types of target markets?

A
  1. primary- the market segment at which most marketing resources are directed
  2. secondary- is usually smaller and less important
17
Q

Why should a business identify and select a target market?

A

so it can direct its marketing strategies to a specific group of people, which allows the business to better satisfy the needs and wants of the targeted group.
*this occurs as a business can use its marketing resources more efficiently, create more relevant promotional material, better understand customer buying behaviour in the target market, collect data more effectively and refine strategies used to influence customer choice.

18
Q

What are the three approaches to identify and select a target market?

A
  1. Mass marketing approach- this assumes all individuals in the market have similar needs so therefore the business develops a single marketing mix and directs it at the entire market.
  2. market segmentation approach- this involves dividing the market into distinct segments of people who share characteristics. after the market is segmented, the businesses chooses one as a target market, and this enables a business to design a marketing plan that better meets the needs of a group.
  3. Niche marketing approach- this is a narrowly selected target market which is an extension of the market segmentation approach. it is further segmenting a segmented market.
19
Q

What is the marketing mix?

A

this refers to the four elements of marketing, the four p’s, that make up the marketing strategy.

20
Q

What is the first p in the marketing mix?

A

Product- this element involves determining features such as quality, packaging/labelling, brand name, guarantee and design.

21
Q

What is the second p in the marketing mix?

A

Price- involves selecting the correct price that a customer is willing to pay in exchange for a product. a business must decide whether they want to place their price above, below or equal to competitors.
the price refers not just to what the price is, but what the strategy or method the business uses to develop a price

22
Q

What is the third p in the marketing mix?

A

Promotion- is a strategy that details the methods used to inform, persuade and remind customers about its product.
forms of promotion include: advertising, personal selling, relationship marketing, sales promotion etc.

23
Q

What is the fourth p in the marketing mix?

A

Place/distribution- this deals with the ways of getting the product to the customer. this usually involves use of intermediaries such as the retailer or wholesaler.
the number of intermediaries chosen will determine how widely the product is distributed. e.g. coca cola is distributed as widely as possible

24
Q

What is implementation?

implementation, monitoring and controlling in the syllabus

A

this is the process of putting marketing strategies into operation. this involves daily, weekly and monthly decisions to ensure the plan is effective.

25
Q

What is ‘monitoring’ and ‘controlling’?

A

monitoring- is observing and checking the actual progress of the marketing plan. it is collecting information to see how well the plan is working
controlling- comparing planned performance against actual performance an taking action to make sure that objectives are met

26
Q

What two questions must the marketing manager ask to achieve objectives?

A
  1. what does the business want to achieve?

2. are objectives being achieved?

27
Q

A KPI is established in the controlling process, what is this?

A

a KPI is a key performance indicator which forecasts level of performance.
after a KPI is established, the business must compare actual performance against the forecast performance in the KPI.

28
Q

What is a financial forecast?

A

it is a businesses predictions about the future that details costs and revenue for each strategy. this allows a business to decide how to allocate it’s marketing resources.

29
Q

Whata re the two steps to developing a financial forecast?

A
  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?
30
Q

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

A
  1. Sales analysis- using data to evaluate a business’s current performance and effectiveness of the marketing strategy.
  2. Market share analysis- analysing a business’s market share against competitors can evaluate its marketing strategies.
  3. Marketing profitability analysis- analysing the marketing costs associated with each strategy involves the business breaking down total marketing costs into specific activities and comparing it to results achieved, which assesses the effectiveness of each activity
31
Q

How can a business revise its marketing strategy?

A
  1. changes in the marketing mix- revising marketing mix to suit the dynamic environment by modifying aspects of the four p’s
  2. new product development- continually introducing new products to entice customers
  3. product deletion- eliminating some product lines to maintain an effective product mix that is favourable and creates a positive business image.

HSC Business Studies- Marketing (4 decks)

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