Week 12

Question 1

What does the marketing cycle represent?

Answer 1

• Marketing is an ongoing and interrelated process of understanding, creating, communicating and delivering offerings.

Question 2

What are the objectives of marketing?

Answer 2

• Monetory objectives
  
  • Revenue
  • Profits
  • Return on Investments
• Market objectives
  
  • Sales Volume
  • Market Share
  • Market Share Growth
• Customer objectives
  
  • Customer relationship management
  • Customer satisfaction
  • Customer retention rate
• Societal objectives
  
  • Corporate social responsibilities

Question 3

How are marketing objectives measured?

Answer 3

• Marketing metrics → specific measures of marketing performance

Question 4

What are the characteristics of effective marketing objectives?

Answer 4

• Specific
• Measurable
• Actionable
• Realistic
• Time-bound

Question 5

What are the components of a marketing plan?

Answer 5

• Executive summary
• Introduction
• Situation analysis (micro and macro environment)
  
  • Company analysis
  • Environment analysis
  • Competitive analysis
  • Customer analysis
  • SWOT analysis
• Objectives
• Target market
• Marketing mix strategy
  
  • Product
  • Price
  • Distribution (place)
  • Promotion
• Budget
• Implementation
• Evaluation
• Conclusion