Matketing Analysis

Question 1

New product development process

Answer 1

Idea generation
Concept testing
Business analysis
Product and process development
Test marketing
Launch of product

Question 2

Pros and cons sales forecasting

Answer 2

Simple cheap
Can be updated so flexible
Help with planning

Not accurate

Question 3

Pros and cons market strategy

Answer 3

Coordinate action between different business functions
Motivate employees by setting clear targets
Asses progress

May be fast changing conditions - Covid 19
With no plan, muddled communication and goals

Question 4

Why change market strategy

Answer 4

Changed market objectives
Market conditions can change
Competitors may adapt

Question 5

Factor to consider when moving overseas

Answer 5

Likely costs
Likely risk
Competition
Returns
Understanding of market

Question 6

Globalisation

Answer 6

Political agreements opened up by markets by removing protectionist measures
Tariffs ( tax on foreign imports)
Quotas ( limits on goods )