Marketing Strategies Booklet

Question 1

Corporate obj

Answer 1

Relate to the business as a whole: Growth Survival Profit

Question 2

Functional obj

Answer 2

Set for each major business function and are set to ensure corporate objectives are achieved

Question 3

The Marketing planning process

Answer 3

1. Outline aims and objectives 2. Analyse environment: Internal- SWOT External- Opportunities and threats and PESTLE. Review market data 3. Devise and appropriate marketing strategy: SMART 4. Implement and review the plan

Question 4

Marketing Obj

Answer 4

The goals a business is trying to achieve through its marketing to help achieve it corporate obj

Question 5

Key marketing obj

Answer 5

Market share- sales targets Entering new markets- new segments- higher revenue and economies of scale. Developing new products- product life cycle, boston matrix Customer Perception- quality, promotional mix Increase brand loyalty- promotional mix- raise awareness

Question 6

SMART

Answer 6

Specific Measurable Achievable Realistic Timed

Question 7

Internal influences on marketing objectives

Answer 7

Corporate obj- consistent with marketing Finance- more money available for marketing HR- motivated, efficient and productive workforce Operations- quality, efficiency/productivity cost Business culture- marketing orientated Nature of product- popularity, customer loyalty

Question 8

External influences on marketing objectives

Answer 8

PESTLE Competition Market factors Suppliers

Question 9

Market Analysis

Answer 9

is the detailed examination of a market such as market size used to predict future trends

Question 10

Value of market analysis

Answer 10

Understanding a market Forecast future sales Plan FMOP Co-ordination-efficient performance Reward staff Changing of targets/strategies Measure past performance

Question 11

Reasons for market analysis

Answer 11

Inform decision making Devising strategy Understanding the market Identify sales patterns Realistic target setting Keeping up to date with market changes Review of competitors actions Evaluation of past actions

Question 12

Benefits of market analysis

Answer 12

Measure performance Motivate staff Monitor achievements Helps FMOP

Question 13

Quantitative methods of market analysis

Answer 13

Moving averages- smothes fluctuations-pg22 Extrapolation- trends by historical data Correlation- strength of relationship-2 variables Test marketing- product dev- shown to sample of pop

Question 14

Moving averages

Answer 14

method for identifying an underlying trend- smooths fluctuations in data Benefits:

Question 15

Extrapolation benefits

Answer 15

use of trends established by historical data to make predictions about future values.

Benefits: Helps budget allocation between functional areas

Question 16

Extrapolation drawbacks

Answer 16

use of trends established by historical data to make predictions about future values.#

Assumes past trends will continue in future

need data over significant period

Some industries moving too fast Less reliable in fluctuations

Question 17

Correlation benefits

Answer 17

method of sales forecasting through looking at strengths of a relationship between 2 variables Benefits: Identify key factors the determine demand for a product/service

Question 18

Correlation Drawbacks

Answer 18

method of sales forecasting through looking at strengths of a relationship between 2 variables Drawbacks: No info about cause and effect- only suggest line Need caution- correlation may appear to show a strong relationship between variables

Question 19

Test marketing advantages

Answer 19

Happens in the product development stage of a product or service where the product and its marketing plan gets exposed to a sample of the population Benefits: Relatively accurate predictor- based on actual purchases Useful to gauge popularity- without huge expenses

Question 20

Test marketing against

Answer 20

Happens in the product development stage of a product or service where the product and its marketing plan gets exposed to a sample of the population Against: Rivals copy firm, market leader advantage may not last long Newness or extra effort with test may exaggerate popularity

Question 21

Qualitative methods of market analysis

Answer 21

Delphi- views of experts Brain storming- unstructured meeting of individuals Gut feel- senior manager

Question 22

Use of ICT in analysing markets

Answer 22

Data: Primary market research EPOS Loyalty cards Social media

Question 23

Benefits of ICT when analysing data

Answer 23

Process info quickly Efficiently compare number of strategies Build database of customer behavior Integrated IT records, one data entry Improve internal and external communication

Question 24

Drawbacks of ICT when analysing data

Answer 24

Information overload Availability of data quickly Tendancy to believe the data

Question 25

Ansoff matrix

Answer 25

Question 26

Porters Generic Strategies

Question 27

Marketing plan

Answer 27

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