Marketing strategy & Tactics

Question 1

When do you use segmentation in the situational analysis?

Answer 1

Target Market

Question 2

Define marketing mix

Answer 2

Blend of tools used to persuasively communicate customer value & build customer relationships (4 p’s)

Question 3

Types of advertising scheduling

Answer 3

Continuity - evenly spaced out
Flighting - Certain times in the year
Pulsing - Continuous amount of money spent

Question 4

The 4 P’s in the marketing mix

Answer 4

Product
Price
Communication/ promotion
Distribution/ place

Question 5

What do all the marketing mix objectives need to be ?

Answer 5

S.M.A.R.T

Question 6

What are the action programme & controls used for?

Answer 6

Explains the plan for the product (timeline)
e.g.
research
development
visiting potential retail stores
tease product
distribute product to stores
media ADs
Release product

Question 7

Promotional tools

Answer 7

Advertising
Public relations
Personal selling
Sales promotion
Direct marketing

Question 8

Types of advertising objectives R.I.P

Answer 8

Inform
Persuade
Remind

Question 9

Types of distribution

Answer 9

Intensive
exclusive
selective

Question 10

Define marketing skimming

Answer 10

High price to a new product to skim maximum revenue - fewer sales but sales are more profitable

Question 11

Define market penetration & stratagey example

Answer 11

How well a product/service has been recognised and bought by customers into a target market - a strat would be setting a low price to attract a large number of customers

Question 12

Cost-based pricing

Answer 12

Set price based on cost - convince buyers they should buy it

Question 13

Value added pricing

Answer 13

The overall value a product or service offers to the customer.

Question 14

Customer value-based pricing

Answer 14

Uses buyers perceived value of the product and not the cost of the product

Question 15

Competition based pricing

Answer 15

Pricing based on customers

Question 16

Two main extensions when developing a brand

Answer 16

• Line - Extending an existing brand name to new forms/colours/sizes of an exisiting product category
• Brand - Extending an exisiting brand and adding a new product category

Question 17

Target market segmentation

Answer 17

• Demographic
• Behaviour
• Psychographic
• geographic

Question 18

Am example of how would you implement customer value-based pricing?

Answer 18

Identify the target market and what they value in a product - then target those values