Summative marketing test Flashcards
What is pestle (external)
Political, Economic (, Social , Technological, Legal and Environmental
How can business take advantage of an opportunity (SWOT)
Low interest rates - use loan and expand business operations
How can business take advantage of a strength (SWOT)
- Location
- Good brand attracts high quality employees
How can business address a threat (SWOT)
Obtain competitive advantage via product differentiation to counter competition
What is swot analysis
Strength + Weakness (internal), Opportunity + Threats (external, pestle)
How will business be affected in growth stage of product lifestyle (business performance)
Sales grow rapidly, profits begin coming, promotion used to seek a wider audience, market share pursued
Bsiness performance improved due to increased sales, profits and market share.
What is target market
A group of customers with similar characteristics who presently or in the future may purchase the product.
Stakeholders target market will affect
Owners: wasted time and resources on ineffective marketing strategies, wasting time and revenue
Employees: reduced hours due to less demand, possibly made redundant
What is a primary source of market research
Facts and figures collected from original sources for the research problem e.g. consumer surveys, observations etc
What is a secondary source of market research
Information collected by another organisation/person, internal data like sales figures or external data such as newspapers, the ABS
what is SMART goals
Specific, measurable, attainable, relevant, time bound
What is product positioning
The development of a product image compared to competitors
