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A2 Business > Marketing Strategies > Flashcards

Marketing Strategies Flashcards

1
Q

Marketing Definition

A

The management process that allows firms to identify, anticipate and fulfil customer needs profitably.

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2
Q

Corporate Objective

A

How it affects marketing objective - Long term growth vs Short term profitability

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3
Q

Operational Issues

A

Capacity utilisation, quality targets, productivity

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4
Q

Finance Issues

A

Retained earnings, High gearing, Budgets, Investment appraisal.

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5
Q

External Constraints

A 
Growth/decline of a market
Competitors actions
Technological changes
Economic Factors
Suppliers
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6
Q

Marketing Model

A

The procedure where businesses make marketing decisions in a scientific manner. Slow/expensive potential for high reward.

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7
Q

Hunches/Guesswork

A

Actions based on previous experience and limited research.

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8
Q

Sales Forecasting

A

The target a firm expects to make in terms of volume/sales. Expensive and the potential for mistakes/changes in the external environment.

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9
Q

Ansoff’s Matrix

A

To evaluate the potential risks involved in strategic decisions.

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10
Q

Current Market/Existing Product

A

Market Penetration - Low Risk

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11
Q

New Market/Existing Product

A

Market Development - Medium Risk

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12
Q

Current Market/New Product

A

Product Development - Medium Risk

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13
Q

New Market/New Product

A

Diversification - High Risk

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14
Q

Porters 5 Forces

A

Analyse the nature of competition within an industry.

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15
Q

Threat of New Entrants

A

Barriers to entry, relative economies of scale, access to suppliers/ distribution. Removal of market share.

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16
Q

Easy to enter

A

Common Technology, Access to distribution, Low capital requirements, NO strong brands and NO customer loyalty.

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17
Q

Hard to enter

A

Established brands, restricted distribution, high capital required, economies of scale for acceptable unit costs.

18
Q

Bargaining Power of Customer

A

How much customers can exert pressure on price and quality of a product.

19
Q

Bargaining Customer Help

A

Amount of customers and the number of firms supplying,

20
Q

Bargaining Power of Suppliers

A

The degree of control of which suppliers have over the buyers.

21
Q

Bargaining Supplier Help

A

Few large suppliers, scarce resource required, high cost of switching to alternative, few substitute resources.

22
Q

Threat of Substitute Products

A

Produced in a different industry but can satisfy the customer needs.

23
Q

Threat of Substitute Depends

A

How the price/performance of substitute can match the product, willingness of customers to switch, ustomer loyalty and switching costs.

24
Q

Degree of Competitive Rivalry

A

How relatable products from different firms are in the same industry.

25
Q

Consequences of Competitive Rivalry

A

Price wars, Investment in innovation/new products, Intensive promotion.

26
Q

Advantages of a Marketing Plan

A

All employees know what the business hopes to achieve
Business can take advantage of market opportunities
Enables the business to plan for unexpected events


27
Q

3 Different Marketing Objectives

A
  • Maintain/increase market share
  • Broaden range of products to improve market standing
  • Break into a new market or market segment
28
Q

Internal Influences Marketing Plan

A
  • Corporate Objective - Achieve it
  • Size/Type of firm - Larger firms aggressive objectives, small firms less ambitious
  • Financial position - Strong cash flow/profitable
  • Possession of USP
29
Q

External Influences Marketing Plan

A
  • Current Market position - Dominant firms build on existing image in new market
  • Responses of Competitors - Rivals match actions can determine objectives
  • State of economy - Growth/Recession especially luxury items Inferior/Normal good
30
Q

Scientific Marketing

A

Gathering as much evidence as possible analyse market / influences, like actions of competitors, consumers, suppliers and governments.

31
Q

Extrapolation

A

Analyses past performance and extends trend to the future. Predict growth/decline markets. Inaccurate future may be different to past

32
Q

Correlation

A

Analyse the extent of a relationship between 2 variables. No correlation, positive/negative

33
Q

Moving Averages

A

Calculations used to identify underlying trends in data, by smoothing out fluctuations

34
Q

IT and Marketing

A

Used to collect online research like surveys, cheap data analysis

35
Q

Test Marketing

A

Trialling a product in a smaller submarket which is representative of the whole market, geographical, demographic or virtual. Estimate sales/refine product and strategy. Sample too small/rapid industry change.

36
Q

Cost Leadership

A

Operate at a low cost and offers a low cost product

37
Q

Differentiation

A

Premium product and charges a higher price

38
Q

International Markets

A

Diversification/Differentiation strategy. Direct exporting, Overseas Agent, Joint Venture, Foreign takeover

39
Q

Time Series Analysis

A

Trends - Predicting the future
Seasonality - Short term fluctuations
Cycles - Periodic changes in patterns

40
Q

Forecasting Advantages

A

Budgets - Plan productions levels
Income - Predict timing of income and expenditure cash flow can be calculated
Avoid overproduction - Avoid selling excess stock at low prices
Market Change information -from new business/product

41
Q

Marketing Plan Advantages

A

Direction to all employees
Managers compare achievements with the plan take action to be on target.
Planning encourages managers to think ahead to weigh up options to firm and to consider threats / opportunities.

42
Q

Marketing Plan Disadvantages

A

Takes time and resources. Dynamic market not beneficial, quick decisions, possibly based on hunches,
Plans might encourage inflexibility in managers not responding to changes in market. Might be easier to change targets than fail achieving them.

A2 Business (10 decks)

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