The Marketing Environment L2 Flashcards
What types of research do market researchers undertake?
Qualitative/quantitative
- Surveys, focus groups, product tests
- Diagnostics, comparative
- Netnography, buzz monitoring
Primary/secondary
Besides customers, who and what else do market researchers research?
> Competitors > Trends > Habits > Segments > Existing campaigns
What is the purchase funnel?
Awareness –> Familiarity –> Likeability –> Consideration –> Purchase
What is the new purchase funnel?
Jumping from awareness straight to consideration and then to conversion which is about the sale. Up-sell/cross-sell shows what other people also bought or to offer in app purchases. Advocating a brand is key as it increases the scope of the brand, more likely to repurchase.
What is qualitative longitudinal research?
- Longitudinal looks at carries out research over time e.g social mobility is a longitudinal concept
- Qualitative refers to the kind of data that is collected, cannot be quantified, data has meaning
What is big data?
Big Data is a phrase used to mean a massive volume of both structured and unstructured data that is so large it is difficult to process using traditional database and software techniques.
What is the lifecycle concept?
Each age has an attribute or a few that characterise them as buyers, this affects marketing. E.g bachelor stage = fewer financial burdens, full nest stage with young children buy baby products but have low savings
What are the three (or two) marketing environments?
- External environment
- Internal environment
- Performance environment
What is the macro environment (PESTLE)?
- Broad and all-encompassing viewpoint
- Political environment
- Environmental issues
- Socio-demographic and socio-economic trends
- Technological progress
- Environmental/cultural/attitudinal trends
- Legal and regulatory
What is a megatrend?
A pattern or a movement that impacts a business and society as a whole. They fall into either; globalisation, demographic changes, climate change and sustainability, urbanisation and technology changes. They offer opportunities and risks.
What are examples of political developments?
- Taxation differentials
- Environmental issues
- Common economic areas
- Devolution/nationalism
- Banks and others
- Potential legislation
- BREXIT
- Imperialism
What are the implications/opportunities for marketing of political developments?
- Pension and NHS crises
- Luxury goods
- Frugal purchasing, debt
- More part time jobs, debt
- More carers, mental health
What trends have been identified in the number of homes being built?
Downward trend in homes being built, upward trends in homes needed. People living longer, marrying later, using more homes. Immigration meaning more homes are needed. Provided opportunities for landscape gardeners, mortgage firms, removal vans etc
How to young people believe their lives will compare with their parents lives?
Most people think that they will be worse off than their parents.
How is urbanisation growing?
By 2030, more than half of the world will be living in towns. Dramatic shift from growing food to consuming food. By 2060, 100% of the population will be living in cities.
