3.3 decision making to improve marketing performance

Question 1

marketing mix

Answer 1

product
price
place - how it’s distributed
promotion

Question 2

extended marketing mix

Answer 2

process - systems and processes that deliver a product to us
people - people who make contact with customers
physical environment - customer experiences

Question 3

marketing objectives

Answer 3

sales volume
sales revenue
sales growth
market share growth
brand loyalty

Question 4

internal influences on marketing objectives

Answer 4

corporate objectives - what the business wants
finance - resources are limited, scope and scale of marketing activity
hr- service sector, determined by hr availability
operational - efficiency/ productivity, need the capacity to increase sales

Question 5

external influences on marketing objectives

Answer 5

economic environment - income/interest rates, effects demand
competitor actions - will try and respond to your actions
market size/growth - slowly growing market, unlikely to be able to grow in it
technology - product life cycle shortened
legislation

Question 6

problem with marketing objectives

Answer 6

• legislation
• competitor
• cutting prices to increase market share effecting brand image

Question 7

correlation variables

Answer 7

independent - factor that causes the dependent to change
dependent- influenced by the independent variable

Question 8

confidence intervals

Answer 8

percentage that an estimated range of values, includes the actual value being estimated

Question 9

where are confidence intervals used

Answer 9

quality control - reliability of machines
market research - statistical estimates for sales forecasting, reliability of data from customer surveys

Question 10

how tech can help

Answer 10

analytics for website visits
dynamic pricing - adjust prices on with demand
audience reach - social media, target audiences
competitor analysis

Question 11

marketing strategies

Answer 11

segmentation -
targeting -
positioning -

Question 12

consumer goods

Answer 12

bought by consumers for personal consumption

Question 13

industrial goods

Answer 13

bought for further processing or for use in conducting a business
bought by businesses from businesses

Question 14

penetration pricing

Answer 14

low introductory price, gain market share and build loyalty

Question 15

price skimming

Answer 15

set a high price to maximise profit, sold to different segments at different times, lower the price after a certain time
product needs to be well established

Question 16

multichannel distribution

Answer 16

more than one distribution channel
sell to stores, sell to customer online, sell to other online stores

Question 17

digital marketing

Answer 17

email marketing
online advertising
search engine optimisation
influencer marketing