Marketing within a business environment (Ch 50) Flashcards
What is marketing?
The action or business of promoting and selling products or services.
What must a business consider before setting marketing objectives?
The situation within the market, consumer needs, and competition.
What does the marketing mix include?
Product, price, place, and promotion.
What are the three key aspects of a marketing plan?
- Where are we now?
- Where do we want to be?
- How will we get there?
What is a marketing audit?
An assessment that includes a SWOT analysis, PESTLE analysis, and competitor analysis.
What does SWOT stand for?
- Strengths
- Weaknesses
- Opportunities
- Threats
What is the purpose of setting marketing objectives?
To help identify the marketing strategy and guide actions.
What are SMART marketing objectives?
Objectives that are Specific, Measurable, Achievable, Relevant, and Time-bound.
What are some advantages of setting marketing objectives?
- Helps the business see what it wants to achieve
- Motivates employees
- Allows for effective use of resources
- Measures performance against expectations
What are some disadvantages of setting marketing objectives?
- May overlook consumer aspects
- Might not consider all business departments
- Can include too many goals
- Requires adaptation to market changes
How can a business measure the success of a marketing strategy?
- Sales
- Market share
- Number of enquiries/hits
- Satisfaction surveys
What is market share?
The proportion of the market that a company holds.
What must a successful marketing strategy include?
- Knowledge of the market
- Understanding competition
- Consumer insights
- SWOT analysis
What factors influence competitive strategies?
- Business objectives
- Size of the business
- Nature of the market
- Management changes
What is a market leader strategy?
Strategies used by the leading company in a market to maintain its position.
What are market-challenger strategies?
Strategies used by a business with a small market share to attack the market leader.
What are market-follower strategies?
Strategies that involve following the actions of the market leader.
What defines a niche market?
A specific segment of a larger market with unique customer needs.
What is differentiation in marketing?
Making a product or service distinct from competitors.
What is a low-cost strategy?
A strategy where businesses reduce costs by buying in bulk and passing savings to customers.
What are the four options for market growth policies?
- Market penetration
- Product development
- Market development
- Diversification
What resources are needed for marketing?
- Marketing budget
- Marketing department
- Knowledge of the market
- Set of objectives
How is a SWOT analysis typically presented?
In a grid format.
Fill in the blank: A marketing strategy must involve _______.
[collaboration with other departments]
True or False: A business must continuously monitor the market.
True
