Marketing Strategies Booklet Flashcards
Corporate obj
Relate to the business as a whole: Growth Survival Profit
Functional obj
Set for each major business function and are set to ensure corporate objectives are achieved
The Marketing planning process
- 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
Marketing Obj
The goals a business is trying to achieve through its marketing to help achieve it corporate obj
Key marketing obj
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
SMART
Specific Measurable Achievable Realistic Timed
Internal influences on marketing objectives
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
External influences on marketing objectives
PESTLE Competition Market factors Suppliers
Market Analysis
is the detailed examination of a market such as market size used to predict future trends
Value of market analysis
Understanding a market Forecast future sales Plan FMOP Co-ordination-efficient performance Reward staff Changing of targets/strategies Measure past performance
Reasons for market analysis
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
Benefits of market analysis
Measure performance Motivate staff Monitor achievements Helps FMOP
Quantitative methods of market analysis
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
Moving averages
method for identifying an underlying trend- smooths fluctuations in data Benefits:
Extrapolation benefits
use of trends established by historical data to make predictions about future values.
Benefits: Helps budget allocation between functional areas
Extrapolation drawbacks
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
Correlation benefits
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
Correlation Drawbacks
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
Test marketing advantages
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
Test marketing against
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
Qualitative methods of market analysis
Delphi- views of experts Brain storming- unstructured meeting of individuals Gut feel- senior manager
Use of ICT in analysing markets
Data: Primary market research EPOS Loyalty cards Social media
Benefits of ICT when analysing data
Process info quickly Efficiently compare number of strategies Build database of customer behavior Integrated IT records, one data entry Improve internal and external communication
Drawbacks of ICT when analysing data
Information overload Availability of data quickly Tendancy to believe the data
Ansoff matrix
Porters Generic Strategies
Marketing plan
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