Marketing Questions Flashcards
What are marketing objectives?
Marketing objectives are goals set by a business when promoting its products or services to potential consumers that should be achieved within a given time frame.
What three questions will a marketing plan need to answer?
Where are we now?
Where do we want to be?
How will we get there?
How is a SWOT analysis used in setting marketing objectives?
Swot analysis is used when conducting a marketing audit, or to answer the question where are we now?.
What are two advantages of setting marketing objectives?
Setting clear marketing objectives as a result of planning will motivate workers
Marketing planning helps the business to rank projects so that money can be targeted and used where it will be most effective.
A marketing plan should make it possible for the business to assess performance against expectations.
What are two disadvantages of setting objectives?
Marketing planning may look at every aspect of marketing, expect the consumer. Businesses need to remember that the consumer is vital to success in any plan.
Marketing objectives need to be specific, clear and focused rather than vague or wide-ranging.
The objectives must also take the external situations into account, a business selling luxury holidays unlikely to achieve large growth in sales in a recession.
What is market share?
The share of the total market that is owned by a particular business, product or brand.
How do you calculate market share?
Your Sales/Total Market sales
What four factors will companies take in to account when setting a marketing strategy?
Business objectives
Size of the business
Nature of the market
Management changes
Identify four different strategies a firm may choose when deciding its marketing strategy?
Competitive strategies
Market-leader strategies
Niche market strategies
Market follower strategies
Explain the meaning of a niche market.
A niche market are smaller corners of a bigger market where businesses may choose to specialise.
State two ways in which a business may measure the success of a marketing initiative.
Sales
Market Share
Number of enquiries
Satisfaction surveys
Explain the difference between market share and market growth?
Market share is the share of a total market that is owned by a particular business, where is market growth is An increase in the demand for a particular product or service over time.
Define globalisation
Globalisation is a process where an increased proportion of economic, social and cultural activity is carried out across national borders.
What is market research?
The process of gathering, analysing and interpreting information about a market, about a product or service to be offered for sale in that market.
Why is market research undertaken?
The goal of doing market research is to equip yourself with the information you need to make informed business decisions about start-up, innovation, growth and the 4 ‘Ps’: product, price, place and promotion.
