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As Bussines Studies > Decision Making to Improve Marketing Performance > Flashcards

Decision Making to Improve Marketing Performance Flashcards

1
Q

Marketing objectives

Smart objectives

A 
Sales volume 
Sales value
Sales growth 
Market share 
Brand loyalty
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2
Q

Internal influences on marketing objectives

A 
Finance 
Human resources
Operations
Existing position 
Overall strategy and business objectives
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3
Q

External Influences on marketing objectives

A 
Political
Economic 
Social
Technological
Competitive
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4
Q

Marketing research

A

Gathering and analysing data relevant to marketing process

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5
Q

Primary market research

A

Involves gathering data for the first time

Eg shop cctv, surveys, questionnaires

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6
Q

Secondary market research

A

Uses data that already exists

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7
Q

Quantitative data

A

Provides data in a numerical form
Often gathered though surveys.
May not explain why changes have happened

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8
Q

Qualitative data

A

Not numerical often descriptive, cam describe why things have happened . Emotions, feelings conveyed
Often gathered through interviews, open questions.
Often not statistically reliable. Open ended, not easily measurable

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9
Q

Market mapping

A

Analyses market conditions to identify the position of one product or brand relative to others in the market in terms of given criteria

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10
Q

Extrapolation

A

Look at what has happened in the past and continue into future to predict future data

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11
Q

A confidence level

A

Probability that the research findings are correct

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12
Q

A confidence interval

A

Possible range of outcomes for a given confidence level

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13
Q

Price elasticity of demand

A

Measures how responsive demand is to the changes in the price,all other factors constant

Answer usually negative

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14
Q

Influences of price elasticity of demand

A
  • how easy is it for customers to change to another product of the price of this one increases
  • the time period - customers search for alternatives eventually elastic
  • how expensive the product is
  • who is paying for the product
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15
Q

Income elasticity of demand

A

Measures how responsive demand is to changes in income, all other factors constant.

It can allow businesses to plan for changes in income if they understand income elasticity, therefore demand if certain products

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16
Q

Why can marketing research go wrong?

A
  • changes in the market - Information gathered out of date? Eg technology
  • the way the information is gathered - secondary data not in format required? Samples unrepresentative of population
  • lack of information - making decision too fast without research, think they know
17
Q

Relationship marketing

A

An approach to marketing in which a company seeks to build long term relationships with its customers by providing consistent satisfaction

18
Q

Segmentation

A

Occurs when similar customer needs and wants are grouped within a market.

19
Q

Targeting

A

Occurs when a business decides which segments it wants to operate in

20
Q

Ways of segmenting a market

A

Demographic
Geographic
Income
Behavioural

21
Q

Niche marketing

A

Focuses on a particular segment of the market
Eg clothes - goths, tall people

They have clearly identifiable needs and wants

22
Q

Mass marketing

A

Approach aims to provide products that meet some of the needs of a large proportion of the market

23
Q

Elements of the marketing mix (7 P’s)

A 
Price
Product
Place - distribution of product 
Promotion - advertising, sponsors 
People
Physical environment
Process. - how you buy the product
24
Q

The marketing mix

A

Combination of marketing choices that can be used by a business to influence consumers to buy products

25
Q

The product lifecycle

A

Shows the sales of a product over its life

26
Q

Stages of the product lifecycle

A 
Development 
Introduction 
Growth 
Maturity 
Decline
27
Q

Product portfolio analysis

A

Examines the market position of all the products of a business for example in terms of market share or market growth

28
Q

Extension strategies

A

Occurs when a business attempts to prevent sales of a product from falling and avoid or delay the decline stage of product lifecycle

Eg by increasing promotional expenditure
New packaging,flavours
New usage occasions

29
Q

The Boston matrix

A

Plots the position of each product in terms of its market share and the relative growth of the market

Problem children
Stars
Cash cows
Dogs

30
Q

Dogs

A

Low market share low market growth

31
Q

Cash cows

A

High market share , low market growth

32
Q

Stars

A

High market share , high market growth

33
Q

Problem children

A

Low market share, high market growth

As Bussines Studies (8 decks)

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