Determining a Marketing Strategy

Question 1

Requirements for meaningful market segmentation

Answer 1

1. Identifiable and measurable - must be possible to identify the segments and measure their size
2. Substantial - the segment should be big enough to make profitable exploitation possible.
3. Accessible– It should be possible for marketing management to reach its chosen segment.
4. Responsive - it must be receptive to a separate approach

Question 2

Explain the controllable variables of marketing instruments

Answer 2

1. Tradition variable - product, price, place, promotion
2. Service variables - people, processes and physical
   Above are the 7 P’s of marketing.

Question 3

Name the stages of a competitors analysis

Answer 3

1. Identify current competitir
2. Identify potential competitors
3. Understand the competitors.
4. Identify competitors strengths and weaknesses
5. Obtain specific information about competitors

Question 4

Name 3 types pf markeys

Answer 4

1. Consumer market - consist of individuals or households purchasing for their own consumption
2. The industrial market - consist of individual, groups of people or businesses purchasing materials and products that are used i n production processes
3. The government market - consist of state departments that purchase products needed to supply services to the public