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CIM Level 4 > Module 1 - Applied Marketing > Flashcards

Module 1 - Applied Marketing Flashcards

1
Q

What describes the process for collecting primary data known as the Delphi Method?

A

Gathering opinions from a panel of experts until they reach a consensus

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2
Q

What are Ansoff’s matrix includes two strategies that could be used to achieve growth in existing markets

A

Market penetration and product development

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3
Q

What will help you understand the size and location of the groups of people you could target with your products?

A

Market segmentation

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4
Q

APIC is an approach that can be used for the marketing planning cycle. What does APIC stand for?

A

Analysis
Planning
Implementation
Control

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5
Q

If products are handmade and personalised, what elements of the marketing mix are being focused on?

A

Process and product

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6
Q

What are two elements of the micro-environment

A

Customers and distribution partners

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7
Q

Give two examples of how secondary data is used

A

Reading existing reports and analysing social media feeds

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8
Q

What are two promotion elements of the marketing mix?

A

Cost per contact and media coverage

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9
Q

When analysing the macro-environment, what should you analyse?

A

Changes in government
Advances in technology
Changes in legislation

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10
Q

If services are made virtual, what elements of the marketing mix are being adjusted?

A

Product and place

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11
Q

If a salesman visits each client to discuss precise requirements before an order, what element of the marketing mix is this using?

A

Promotion

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12
Q

What does the PR Smith’s planning network SOSTAC stand for?

A

Situation
Objective
Strategy
Tactics
Action
Control

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13
Q

What are two elements of the internal environment?

A

Policies and procedures

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14
Q

What do intangible services mean?

A

Services that do not have a real physical presence that you can touch or feel

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15
Q

If you’re analysing margins, discount levels and Return On Investment, what element of the marketing mix are you addressing?

A

Price

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16
Q

If you’re looking at your manufacturing sustainability, what environment does it take place in?

A

Internal Environment

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17
Q

If you’re highlighting your working conditions in your advertising, what macro-environment factor are you addressing?

A

Ethical

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18
Q

What would a marketing oriented business consider to be the role of marketing?

A

Providing customer insights
Activities to give competitive advantage
Analysing marketing opportunities

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19
Q

What personal factors influence an individual’s behaviour?

A

Motivation and beliefs

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20
Q

What would help you stay aware of changes in the external business environment?

A

Environment scanning

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21
Q

What tactic is Buy One Get One Free?

A

Sales promotion

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22
Q

If a service is created and consumed simultaneously, like a music concert, what’s it an example of?

A

Services being inseparable

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23
Q

What are two examples of business’ internal resources?

A

Cash balances and money in the bank

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24
Q

What’s an example of a physical element of the marketing mix?

A

Cleanliness

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25
Q

What’s a good secondary source of information

A

Social media feeds

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26
Q

Why is a coordinated approach to the marketing mix important? (Three Ways)

A

Meet needs of target market
Increase visibility in a saturated market
To ensure each element compliments the others

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27
Q

What are three elements of the marketing role?

A

Monitoring the environment
Identify and act on trends
Maintain customer and brand value

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28
Q

What are activities in the macro-environment?

A

New taxes
Weather impacts
New legislation

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29
Q

What 3 metrics should you include on a report analysing the effectiveness of a campaign?

A

Customer sentiment
Cost per conversion
Bounce rates

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30
Q

What points of the purchasing journey are the same for consumers and organisation?

A

Recognition of the need
Decision making
Performed by more than once person

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31
Q

Why is it important to coordinate the marketing mix?

A

Create synergy between each element
Reach additional markets with a consistent message
Can provide competitive advantage

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32
Q

What are two examples of social and cultural influences on the consumer buying process?

A

Buying the same as parents
Religious views

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33
Q

What is marketing?

A

A management process and catalyst for change

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34
Q

Why is it important to adapt marketing mix to respond to changing environmental conditions?

A

Satisfy customer needs
Maintain competitive advantage

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35
Q

What’s the best way to measure the success of a subscription service?

A

Sales

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36
Q

By sending products via a subscription service, what elements of the marketing mix is this?

A

Place and product

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37
Q

What is cross functional working?

A

Cross functional teams are groups of people with different viewpoints and expertise who collaborate to achieve a common objective

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38
Q

What is MkIS?

A

Marketing Information System - a management information system designed to support marketing decision making

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39
Q

If you work on local issues, what promotional tactic are you using?

A

Public relations

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39
Q

If you work on local issues, what promotional tactic are you using?

A

Public relations

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40
Q

What is experimentation in terms of collecting primary data?

A

Conducting a test launch of a new product in a smaller market to assess its success

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41
Q

If you adapt meals for vegetarians, what element of the marketing mix are you focusing on?

A

Product

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42
Q

What is is the marketing business philosophy?

A

Everyone in the organisation understands the requirement to put the customer and their needs first at all times

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43
Q

What is a key role of marketing in an organisation?

A

To identify market trends to help inform business decision making

44
Q

Why is a more expensive advert more suited to a luxury brand?

A

The choice of media should be compatible with the product

45
Q

If customers are able to make transactions online, what elements of the marketing mix have been utilised?

A

Place and process

46
Q

What is the buying behaviours of early adopters?

A

They are opinion formers who will buy new products and lead other segments

47
Q

If a company offers multiple ways to contact them, what element of the marketing mix is being used here?

A

Process

48
Q

If you’re working with suppliers to negotiate discounts, what environment is this taking place in?

A

Micro-environment

49
Q

How would you measure the effectiveness of your prices?

A

Comparison with competitors

50
Q

If customers are asked how they feel when they use a product, what type of research is this?

A

Primary and qualitative

51
Q

What can you do to address negative feedback on the people element of the extended marketing mix?

A

Customer care training, skills training and minimising queues

52
Q

If a specific store sells products at a discounted price on a certain day, what elements of the marketing mix is this utilising?

A

Price, Place and Promotion

53
Q

If a product is adapted for cultural differences in an international market, what elements of the marketing mix need to be adapted?

A

Product and promotion

54
Q

If all elements of a business’ appearance are changed, what element of the extended marketing mix is this?

A

Physical evidence

55
Q

What’s an intangible resource from the internal environment?

A

Employee’s technical knowledge

56
Q

Which stage follows Information Search in the consumer buying process?

A

Evaluating the alternatives

57
Q

What ways could you measure the success of a new product?

A

Sales figures
Market share
Repeat purchases

58
Q

What factors apply to the consumer buying process but not the organisational buying process?

A

Impulse buying
Shorter process that may only involve one person
Social and culture influences

59
Q

What are social reasons for buying a product?

A

Used by celebs, family or friends

60
Q

When considering a marketing mix for a new product or service, what is key for achieving success?

A

Tailor to customer needs
Link tactics to strategy
Coordinate the elements

61
Q

If a campaign is designed to raise awareness, how would you measure its effectiveness?

A

Media coverage / sentiment
Social media shares / generated enquiries
Cost per contact / pre-orders

62
Q

What are two methods of segmenting b2b markets?

A

By geography
By approach to purchasing

63
Q

Aiming at a specific type of person is called what?

A

Targeting

64
Q

What’s a cost-effective means of gathering quantitative data?

A

Email questionnaire

65
Q

What is relationship marketing?

A

Emphasising customer retention and satisfaction over sales numbers

66
Q

What elements of the marketing mix are online classes?

A

Product and place

67
Q

What is a modified rebuy?

A

Reordering the same product but requesting a few alterations

68
Q

What is it called if you propose an attractive discount to secure an order?

A

Competitive bidding

69
Q

What is customer value?

A

A product’s capacity to satisfy customer needs

70
Q

What does PESTEL stand for?

A

Political
Economic
Sociological
Technological
Environmental
Legal

71
Q

Demographic trends relate to which element of PESTEL?

A

Sociological

72
Q

A marketing strategy that ignores market segments is called what?

A

Undifferentiated marketing

73
Q

What is the purpose of a mission statement?

A

To create a common understanding of the organisation’s purpose

74
Q

In the context of communication, what is ‘noise’?

A

Distractions or distortions during the communication process

75
Q

Offering a speedy boarding service for an airline is an example of what?

A

An augmented product

76
Q

What is inseparability of service?

A

The role that the consumer plays in co-creating the service

77
Q

What’s the difference between a pure service and a pure manufactured good?

A

Intangibility

78
Q

What is benchmarking?

A

Comparing one company’s products and prices to one of its competitors

79
Q

Why is a marketing plan important?

A

Ensured a structured approach to planning

80
Q

Why might a store switch from marketing high end brands to lower quality brands

A

Economy is entering a recession

81
Q

What is a combined push-pull strategy?

A

Coordination of communication and distribution strategies

82
Q

What is a market follower?

A

A runner-up company that is happy to hold its share of the market

83
Q

What forms the core definition of marketing

A

An exchange process which delivers customer satisfaction

84
Q

What are the five stages of the customer purchase journey?

A

Awareness
Consideration
Purchase
Retention
Advocacy

85
Q

What’s an example of an external factor in the macro-environment

A

Change in legislation

86
Q

What does SWOT stand for?

A

Strengths
Weaknesses
Opportunities
Threats

87
Q

What is diversification?

A

Launching a new product in a new market

88
Q

What is market penetration?

A

the assessment of how much a product is being sold relative to the total estimated market for that product

89
Q

Who are three stakeholders in the micro-environment?

A

Suppliers, retailers, interest groups

90
Q

What should be included in a competitive analysis?

A

Indirect competitors
Market intelligence
New entrants

91
Q

What is personal selling?

A

face-to-face selling in which one person who is the salesman tries to convince the customer in buying a product

92
Q

What is ROMI?

A

Return On Marketing Investment

93
Q

What is CLV?

A

Customer Lifetime Value

94
Q

Which element of the extended mix would include focusing on the material and hardware?

A

Physical evidence

95
Q

What is used to set both corporate and individual objectives?

A

SMART Targets

96
Q

What should an effective marketing department act as?

A

A bridge between the company and customers

97
Q

What is used to establish and understanding of the needs of b2b customers?

A

Relationship marketing

98
Q

What does APIC stand for?

A

Analysis
Planning
Implementation
Control

99
Q

Is a CRM a primary or secondary source of data?

A

Secondary

100
Q

Are focus groups primary or secondary sources of data?

A

Primary

101
Q

What are FMCGs?

A

Fast Moving Consumer Goods (sell quickly)

102
Q

What are the original 4 Ps?

A

Product
Price
Place
Promotion

103
Q

What Ps are only part of the extended marketing mix?

A

People
Process
Physical evidence

104
Q

What would help measure the effectiveness of an online pay-per-view system?

A

Cost per contact

105
Q

What are the four elements of ANSOFF’s matrix?

A

Market penetration
Product development
Market development
Diversification

106
Q

What are the four elements of the Boston Consulting Group matrix?

A

Star
Question marks
Cash cow
Dog

107
Q

What does the BCG matrix measure?

A

Market growth against market share

108
Q

What two categories do Ansoff’s strategies fit into

A

Existing or new markets

CIM Level 4 (1 decks)

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