ch 9

Question 1

what are the marketing objectives

Answer 1

1-increase market share:gain a competitive edge can benefit from economies of scale(lower average cost) this can be done by increasing advertising
2-increase revenue
3-bulid a brand :brand name get recognised usp

Question 2

SMART what does it stand for

Answer 2

Specific
Measurable
Agreed
Realistic
Time specific

Question 3

methods of portfolio analysis

Answer 3

1-product life cycle
2-boston matrix

Question 4

what is the product life cycle

Answer 4

describes the stages a product goes through from when it was first thought of till its is finally removed from the market and the sales expected to be made over this time the stages are introduction growth maturity and decline

is a method of portfolio analysis

Question 5

development

Answer 5

research and development ideas are tested using a prototype
in this stage there are high cost as money is spent but no sales are made so no revenue

Question 6

introduction

Answer 6

newly lunched limited sales are made as sales are low and its not known so informative promotion is needed

Question 7

growth

Answer 7

persuasive advertising
sales grow more
competitors lunch similar
customer base is formed

Question 8

maturity and saturation

Answer 8

sales are at there peak
market share is made
and may need to diced if they relaunch/extend product line

Question 9

decline

Answer 9

change in the taste of customers intro of new tech new products
reduce in sales

Question 10

ad of PLC

Answer 10

-help in decision-making (extension)
-help focus marketing efforts
-help decisive promotional strategies

Question 11

dis of PLC

Answer 11

-lifecycle can depend on factors like (market conditions, competition ,customer preferences)
-only for products cant work for services
-its a simplistic model, difficult to predict change in fashion

Question 12

extension strategy define

Answer 12

methods or ways of prolonging the life of a product before the decline stage by promotion or product adjustments

Question 13

product adjustments

Answer 13

freshening up how:
updating
add value/USP
extend the range
change packaging

Question 14

promotion

Answer 14

find new uses for the product
find new markets
invest in advertising
encourage more use

Question 15

product portfolio

Answer 15

isa collection/range of products of goods that are being solid or marketed at a spefic time

Question 16

when is the best time to lunch a new product

Answer 16

in the maturity stage you can use the profit to help lunch

Question 17

Boston matrix

Answer 17

is an a2*2 matrix modal that is used to analyze a product portfolio using the relative market share and growth rate

Question 18

what does boston matrix use:

Answer 18

cash cows:high market share has prrofit but low growth (H,L)
stars:high MS AND GROWTH (H,H)
question marks :low market share and high growth (L,H)
dogs:low market share withh lpw growth(L,L)

Question 19

AD of boston matrix

Answer 19

-balancing product lines
-taking appropriate decisions
-how to allocate business resources to maximize profit

PPQ
find out if they should remove dogs ( reminder just becouse it a dog dosent mean it should be removed may still make revenue)
focus promotion

Question 20

DIS of Boston matrix

Answer 20

does not take into consideration eternal factor ex; competitors or fashion changes

just becouse it a dog dosent mean it should be removed may still make revenue

Question 21

marketing mix

Answer 21

are the marketing elements that a company uses they are the 4ps and they are place price promotion and product and are used to meet the needs of customers

Question 22

product

Answer 22

meeting needs
features:
how they use product
appearance
valve of money
PLC
usp

Question 23

price

Answer 23

can represent exclusivity
high cost leads to a high price

Question 24

promotion and place

Answer 24

promotion is a way of communicating with customers to encourage buying
place location or can be online

Question 25

marketing strategies for mass markets

Answer 25

economies of scale all products are standardized (same for all)
price is low not premium
expensive promotion as there is HIGH COMPETITION
1-product need a USP TO STAND OUT
2-price low all products are controlled by the going rate
3-promotion high amounts intensive
4-place more than one channal

Question 26

niche

Answer 26

low competition so low promotion (more specific)
high prices
more selective places
unique products

Question 27

what is outbound

Answer 27

this involves directing marketing materials at potential customers whether they are expecting it ore not
this could include direct mail, emails, telemarketing, sponsorship, or targeted adverts

Question 28

dis of outbound

Answer 28

people are increasingly ignoring adverts, so they may go unnoticed
people commonly object to cold calling and mailing lists
can be seen as intrusive
persistence in directly targeting consumers can damage a brand’s reputation
Significantly more expensive than inbound strategies

Question 29

inbound

Answer 29

This invokes attracting potential customer to websites when they care looking for suppliers or solution to to problems
- this can be done through blogging, social media marketing, search engine optimisation, free e-book, video marketing and targeted email marketing

Question 30

dis of inbound

Answer 30

t requires a lot of effort and resources
It is difficult to turn visits to a website into sales
It can be hard to keep these methods up to date with dynamic trends

Question 31

hybrid

Answer 31

This involves combining both outbound and inbound marketing strategies
It is common for these methods to take at least six months to generate results
because of this, businesses will often employ outbound methods to use in the short-term to get quicker results
Once hybrid methods begin to take effect, less successful outbound marketing can be dropped
This will help to reduce costs and create sustainable growth in marketing shares

Question 32

What are different ways a business can develop customer loyalty?

Answer 32

communication
Customer service
Customer incentives
Personalisation
Preferential treatment