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CIM L4 Marketing > Planning > Flashcards

Planning Flashcards

1
Q

What does PESTELE stand for?

A 
Political
Economical
Social
Technological
Environmental
Legal
Ethical
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2
Q

What is corporate governance?

A

The processes, systems and principles by which an organisation operates.

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3
Q

What is CSR?

A

Corporate social responsibility- the process by which an organisation minimises it’s negative impact and maximises it’s positive impact on society (as far as possible)

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4
Q

What constitutes the macro environment?

A

The external factors which influence a company (PESTELE)

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5
Q

What factors make up the micro environment?

A 
The immediate context of a business
Competitors
Suppliers
Customers
Stakeholders
Distributors
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6
Q

What makes up the internal environment?

A 
HR
Sales
Production 
Finance
Operations
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7
Q

For which part of the environment would a SWOT analysis be used for?

A

Internal environment

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8
Q

What is the SWOT analysis?

A

Strengths
Weaknesses
Opportunities
Threats

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9
Q

What’s the difference between a stakeholder and a shareholder?

A

A stakeholder is anyone who affects or is affected by the company. A shareholder is anyone who has shares in the company.

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10
Q

What are the 4 strategies for segmentation?

A

Geographical
Demographical
Psychographic
Behavioural

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11
Q

What is undifferentiated targeting?

A

Same message to all segments

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12
Q

What is differentiated targeting?

A

Different message for each segment

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13
Q

What is a focuses targeting strategy?

A

Single message for single small segment- niche market

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14
Q

What does SOSTAC stand for?

A 
Situational Analysis
Objectives
Strategy
Tactics 
Action
Control
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15
Q

What are the 3 levels of strategy?

A

Corporate level - for overall organisation meeting the needs of all stakeholders
Business level - how to compete successfully in different markets
Operational - how different parts of the organisation deliver the overall strategy

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16
Q

What is the difference between psychographic and behavioural segmentation?

A

Psychographic is about social class, personality and lifestyle. Whereas behavioural is based on knowledge, attitudes and responses to products.

17
Q

What is positioning?

A

The place a product occupies in a given market, as perceived by the relevant group of customers

18
Q

What are the 8 factors which determine a brand’s positioning in the market?

A 
Top of the range
Service
Value for money
Reliability
Attractiveness
Country of origin
Brand name
Selectivity
19
Q

What are the 4 Cs of successful positioning?

A

Clarity
Consistency
Competitiveness
Credibility

20
Q

What is MKIS?

A

Marketing Information System

Practices and procedures to gather, sort, store, analyse and distribute marketing information to aid the marketing decision-making process

21
Q

What is the difference between primary and secondary data?

A

Primary is new research carried out specifically for the purpose of the brief.
Secondary data already exists, gathered for another purpose.

22
Q

What is the ideal number of people for a focus group?

A

8-10 participants

23
Q

What is the difference between quantitative and qualitative research?

A

Quantitative relates to facts and figures whereas qualitative relates to personal feelings and opinions

24
Q

Why use market research?

A 
Improves chance of success
Reduces risk
Helps measure awareness
Helps measure effects of marketing
Helps measure progress of sales
25
Q

What are the limitations of marketing research?

A

Not always reliable
Not always sufficient samples
Doesn’t always measure what it was supposed to
Benefits don’t always outweigh costs

26
Q

What is desk and field research?

A

Desk is secondary research

Field is primary

27
Q

What is category management?

A

A retailing concept in which the range of products sold is broken down into discrete groups of similar or related products, also known as product categories

28
Q

What is environmental scanning?

A

Monitoring an organisations external environment in order to spot or anticipate emerging issues. This provides an early warning of changing external conditions

29
Q

What are different types of MKIS?

A

Internal reports system e.g sales, accounts
Marketing intelligence system e.g web analytics
Marketing research system e.g primary research
Analytical marketing system e.g using mathematical models to analyse data and produce insights

30
Q

What are the 5 Ms which should be considered for planning?

A 
Men/women
Money
Minutes
Materials
Machinery
31
Q

How is a B2B market segmented?

A 
Benefit sought
Purchase potential
Company demographics
Purchasing approach
Situational factors
Operating variables
Personal characteristics

CIM L4 Marketing (3 decks)

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