Test 3 - Marketing Flashcards
What is a market?
A location where transactions or deals take place. markets can be physical meeting places such as a livestock market, or virtual locaiton such as online websites.
What is marketing?
A process where by the pricing, promotion and distribution of products is planned and carried out, in order to meet the business goals and mission. The product being marketed might be a good a service, an idea or even a person. Simply, marketing is all the activities undergone to plan, price, promote, and distribute a product to currentand potential cutstomers
Explain, Enlarging the whole market
The business may wish to increase the overall number of consumers purchasing their goods/services, this is called enlarging the whole market.
Into what 3 categories are markets segmented?
Demographic: Income, age, gender, education, occupation, nationality, religion, ethnicity, family
Geograpphic: Country, state, town, suburb, reral,urban, or climate
PSYCHOGRAPHIC:
Lifestyle: Opinion, personality, sttitude, interests, leisre activities or beliefs
Behaivoral: (toward product): How the customers treats the product; usage, loyalty, special events, status or convenience
What are the steps of the marketing research process?
Determining Information needs:
The market researcher needs to consider first consider the information needs of the business. They want to find out information tthat allows the business to create good marketing strategies to meet sales targets and the requirements of the customer.
Colleciton of Marketing Data
This involves collecting data from various primary and decondary sources
Analysis of Marketing Data
To determine of there is a niche market for a product/service
Appeal to customers?
Provides important info about teh market ssegmennt to the business
What are some sources of primary data:
Interviews
Questionnaires
Observation
Test Marketing
What are some sources of secondary data?
Data that has already been collected by another organisation such as tha gov’t or another market researcher.
INTERNAL sources of secondary data includes reports, from areas such as operation, finance, sales and so on. Loyalty cards can be a good source of marketing data
Explain analysis of marketing data
Market analysis and interpretation is carried out in order to determine if there is a market for a particular product or service. It can assist to see fo the business has an iddea thtat will appeal to consumers. the main result of the market research process is to use market research info to determine:
- Target Mqrket
- Position
What is customer profiling
It involves collecting information about the business es customers, who are the consumers wanting to buy their product or service. Elements that ccan be included in a customer profile include:
Demographics eg, age, culture, income, occupation, marital status
Location
Lifestyle
Behaivour
Buying motives
What are some rational buying motives
Reliability, Durability, Efficiency, ease of use, Expense
What are some emotional buying motives?
Financial gain/loss, Security, To feel satisfied, Self-gratification, Comfort or convenience
That are trends?
Customers buying secisions are influenced by that range of options available and the attributes presented with these options.
What is competitor proofiling?
A competitor profile requires the business to collect information about competitors who are producing a similar good or service. A basic profile can be done through SWOT analysis.
What is SWOT analysis?
S - Strengths: Internal, What the business has over others. Internal +ve
W- Weaknesses: What other competitors have that is superior to the business. Internal -ve
O - Opportunities: What the current business can do to improve their business. External +ve factor
T - Threats: External -ve factor
What are the 7 sections of the marketing plan?
- Market Position
- Current Market
- Compeptitor Analysis
- Target Market Analysis
- Marketing goals
- Marketing mix strtegy (4p’s)
- Costing
