Module 1 Flashcards
Big Picture Concepts in Marketing
How does marketing act as a function to bring customers closer to the business?
Marketing is responsible for managing a business’s brand and reputation.
This means that marketers need to be aware of how customers perceive the brand and take steps to address any negative perceptions.
By being close to customers, marketers can identify areas where the brand may be falling short and take action to improve it.
Why is understanding customers vital to marketers?
- Understanding their needs and preferences.
- Identifying market trends and aticipating future demand.
- Making messaging more effective and relevant.
- Building stronger relationships with customers.
- Measuring the effectiveness of your marketing efforts more accurately.
What is a Target Customer?
(Also known as the target market) To define a target customer, you need to consider demographic factors such as age, gender, income, education, location, and lifestyle.
Outline the process of environmental scanning.
- Data Collection: Gather information.
- Impact Assessment: Analyze information to understand impacts on the business.
- Idea Generation: Brainstorm strategic actions based on the assessment.
Define environmental scanning:
Surveying the landscape of competitors, customers, innovations and current circumstances to determine the future direction of the organisation.
Define marketing planning:
The process of setting objectives, formulating strategies, and developing detailed action plans to achieve marketing goals. These plans serve as roadmaps that guide a company’s marketing efforts.
What makes marketing planning crucial?
- Strategic direction
- Resource alloctaion
- Market analysis
- Risk management
- Measurable objectives
- Focus and consistency
- Adaptability
- Resource attraction
What are the key elements of an effective marketing plan?
- Executive summary
- Market analysis
- SWOT analysis
- Marketing objectives
- Marketing strategies
- Budget and resource allocation
- Implementation plan
- Monitoring and evaluation
What departments ought to be included in the marketing plan?
Pretty much all.
What are the 3 growth levers?
- Expanding the market
- Capturing market share
- increasing revenues from existing customers
Define expanding the market:
Identifying untapped customer segments or unexplored geographical regions.
→ By reaching out to new demographics that have a need for your product but haven’t been targeted before, you can significantly increase your customer base.
Define capturing market share:
Gaining a larger portion of the existing market by outperforming competitors.
→ Must focus in differentiation to set their product apart from competitors and make it more attractive to customers.
Define increasing revenues from existing customers:
Maximizing the value derived from current customer relationships.
→ You can offer additional products that complement or enhance the customer’s original purchase, thereby increasing revenue per customer.
What is the best way to use the levers to drive sales growth?
To drive sales growth effectively, businesses often employ a combination of these growth levers.
What is the Ansoff Matrix?
A strategic tool used to visualize and determine growth strategies for businesses.
