3) Marketing Decisions Flashcards
What are 5 marketing objectives
Sales volume + value
Sales growth
Market share
Market size + growth
Brand loyalty
Internal factors affecting marketing decisions
Corporate objectives
Finances
HR
External factors affecting marketing decisions include
Market
Technology
Competitors
Ethics + environment
Market analysis formula
(New size - old size/ old size) x 100
Market share formula
(Sales/ total market share) x 100
What is market mapping used for
Market analysis
Price elasticity of demand formula
% change demand / % change price
Income elasticit of demand formula
% change demand / % change income
How are markets segmented
Demographic
Geographic
Income
Behaviour
What are the 7 Ps
Product
Place
Price
Promotion
People
Process
Physical environment
What are the axis of Boston Matrix
X = Market share
Y = Market growth
What are the 4 sections of the Boston Matrix
Low, low = dogs
Low, high = ?
High, Low = cash cows
High, high = stars
What are the phases of the product life cycle
Development
Introduction
Growth
Maturity
Decline
What are 2 types of promotion
Advertising
Special offers etc
