Section C - Planning And Developing A Marketing Campaign Flashcards
What is a SWOT analysis
A SWOT analysis looks at the relationship between a business and its marketing environment.
Strengths (internal)
Weaknesses (internal)
Opportunities (external)
Threats (external)
What is a PESTLE analysis
A useful way of analysing the external environment is by grouping external forces into 6 areas.
Political - laws made by the gov that may affect how firms operate
Economic - way in which the changes in economic indicators affects firms eg. Inflation, recession, economic growth
Social - changes in consumer tastes, fashion, and the demographics affects how businesses perform
Technological - changes in tech affects how firms both make and sell their products
Legal - business laws that can affect how they operate eg. Min wage
Environmental - firms must use more sustainable methods to make and sell their products.
What is a marketing mix
Factors that a company can control and which will persuade or influence customers to buy its products/services
What are the 4P’s
Product -what you are selling (form and function, packaging, branding)
Place - must be developed in line with how and where the product can be purchased or distributed to customers
Price - what the customers pays
Promotion - raising awareness and generating sales
What is RRP
Recommended retail price
Name different Promotion methods
Advertising, direct mail, public relations corporate image, personal selling, social media for digital marketing, guerrilla marketing, product placement, sponsorship.
What is Guerrilla marketing
A creative unconventional advertising strategy to attract customers. Could go from flash mob, to pop up stores or creative ads. Eg. Kitkat ad on bench
What are 4 pricing strategies with definitions
Penetration - when you start with a low price then penetrate the market and try it, then raise price if customers are interested
Price skimming - start with a high price because of high demand then lower eg. iPhone
Competitor based - pricing similar to competitors
Cost plus - you find the cost to make the product and add a percentage to it to gain profit
What is the extended marketing mix (7P’s)
Product
Price
Promotion
Place
+
People - the right workers either the necessary skills and training to satisfy consumers and exceed consumer needs
Process - this is the way in which customers buy a product from a firm
Physical environment- the location where customers buy the product must be comfortable and attractive
What is recession and economic growth
Recession means less revenue and profit for businesses as people are getting paid less.
Economic growth is the opposite of
What marketing model defines promotion as a four step process? What are the four steps?
THE AIDA MODEL
Awareness - attention of the customer
Interest - interest to learn more about the product
Desire - desire for the product
Action - action to purchase when the opportunity arises
What are above the line and below the line promotions
Above the line = paid for promotions eg. TV, radio, press, very expensive
Below the line = all other types of promotion eg. Email newsletters, personal selling, generally cheaper
What is viral marketing
Viral marketing means encouraging people to tell their online contacts about you product. This spreads info for free. It can be done using any type of social media, eg. Websites, that enables users to post and share info
What are the three types of distribution channels
Selling directly to consumers
Selling through retailers
Selling through wholesalers
Give pros and cons to advertising
Pros - can be seen nationally, creates awareness
Cons - expensive, lots of time, difficult to stand out
