Strategy and segementation

Question 1

What is quantitative data?

Answer 1

It involves numerical data such as numbers, statistics and percentages

Question 2

What is qualitative data?

Answer 2

Qualitative data is language based and if often obtained through open ended questions that require more than a yes or no answer

Question 3

What is primary data?

Answer 3

This is data that you have collected yourself through research or your peers to meet your specific objectives/ E.g. customer survey responses

Question 4

What is secondary data?

Answer 4

This is data that has already been researched and which is public and free to use.

Question 5

What are the four types of market segmentation?

Answer 5

1. Geographic
2. Demographic
3. Behavioural
   4 . Psychographic

Question 6

What is geographic segmentation?

Answer 6

This is separating your market by geography and helps you to refine your audience to an area which will be beneficial to your business

Question 7

What is demographic segmentation?

Answer 7

This is separating your market by a demographic e.g. age, gender, income

Question 8

What is behavioural segmentation?

Answer 8

This is separating your market based on how they perceive or use a product or service.

Question 9

What is psychographic segmentation?

Answer 9

This is separating your marketing based on their psychological attributes. e.g. interests, opinions, attitudes and values

Question 10

What are the 5 steps of the customer life cycle?

Answer 10

1. Reach
2. Acquisition
3. Conversion
4. Retention
5. Loyalty

Question 11

What are the seven parts of the marketing mix?

Answer 11

1. Product - focuses on what is being marketed
2. Price - focuses on the cost of the product or service
3. Place - refers to the place the product or service is sold
4. Promotion - concentrates on the techniques to raise awareness of products and services
5. People - focuses on the customer support and service available to customers
6. Process - this is how the product/ service is received and the journey the customer goes through
7. Physical evidence - focuses on what the customer can see or experiences and relates heavily to brand perception.

Question 12

What is a SWOT analysis

Answer 12

Strengths, weaknesses, opportunities and threats - identify these as part of your research

Question 13

what does SMART stand for?

Answer 13

Specific
Measurable
Attainable
Relevant
Time-bound

Question 14

What is channel strategy?

Answer 14

It is linked heavily to the place, process and promotion part of the digital marketing mix. It is the plan of moving a product from Place to the Promoting of the Product.