Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business > Business Marketing - marketing process > Flashcards

Business Marketing - marketing process Flashcards

1
Q

what is a situational analysis

A

first part of marketing is to determine where the business and its products are atm. this is done using;

  • SWOT analysis
  • product life cycle
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

what considerations does the situational analysis take

A
  • current market share
  • future trends
  • strategies used by competitions
  • current, future, tastes and preference of consumer
  • factors affecting the current situation of the firm
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

what is a SWOT analysis (situational analysis)

A

designed to give business a quick and user friendly understanding of the current situation facing the business

  • strengths
  • opportunities
  • weakness
  • threats
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

what does the SWOT analysis reveal (situational analysis)

A

areas in which the business must continue to concentrate on and perform to a high standard, as well as identifying where to improve

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

examples of strengths (SWOT analysis)

A
  • good reputation for quality
  • motivated workforce
  • products with unique features
  • advance technology
  • good relations with suppliers
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

example of opportunities (SWOT analysis)

A
  • possibility of entering new markets
  • economic conditions favourable to the firms products
  • possibility to expand into overseas markets
  • competitors experiencing difficulties
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

examples of weakness (SWOT analysis)

A
  • poor images with customers
  • old technology
  • out-dated products
  • inefficiencies in the production process
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

example of threats (SWOT analysis)

A
  • higher taxes
  • more regulations
  • policies that reduce economic growth
  • new competitors
  • cheaper substitute products
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

what are the impacts of SWOT analysis (situational analysis)

A

helps marketers figure out which strategies are most important for the business + reveals opportunities that could be exploited and threats that could be adapted

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

what is product life cycle

A

products go through stages from the time it enters the market until it is ended. these are;

  • growth
  • maturity
  • post maturity
  • introduction
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

what is introduction (product life cycle)

A

when a product is launched. awareness of the product is a major priority

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

what is growth (product life cycle)

A

sales rise and product begins to generate profit for the firm. prices may alter to attract new different customer groups

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

what are maturity (product life cycle)

A

sales reach its best level and begins to flatten out. the product is generating the most profit in this stage
- economics of scale allows pricing to decrease further increasing sales

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

what is post-maturity (product life cycle)

A

sales begin to decrease, this leaves them with two options;

  • decline
  • extension
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

what is market research

A

the systematic collection and analysis of information about the competitive environment, including data on consumer behaviour, nature of competition + other factors that would affect success

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

what are types of market research

A
  • quantitative : concerned with statistics
  • qualitative : concerned with subjective questions
  • primary : research data that business has generated
  • secondary : research data that already exists
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

what is the impact of market research

A

helps marketers gain an understanding of their customers and business information. this will assist in determining the best market objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

establishing market objectives

A

are the goals for the marketing department that are formulated to help achieve;

  • sales
  • market share
  • expansion of the product mix
  • customer service
  • expanding existing markets
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

what are sales (market objectives)

A

are key responsibilities of marketing
refers to the amount of products sold
E.g. increase of total sales of wrist watches by 30% at the end of financial year 2014

20
Q

what are market share (market objectives)

A

refers to the business’s share of total industry sales for a particular product
E.g. increase of wrist watch shares from 15-20% at the end of financial year 2014

21
Q

what are expanding the product mix (market objectives)

A

the total range of product offered by a business
E.g. introduction of 3 new wrist watches focusing on luxury, sports and children market by the end of financial year 2014

22
Q

what are expanding existing markets (market objectives)

A

demand for products differ greatly from one geographic region to another. businesses can evaluate whether they would be able to sell a certain product to customers if they were also located in different areas

23
Q

what is maximising customer service (market objectives)

A

responding to the needs + problems of customers

establishes a sound customer base with the possibility of repeat purchases

24
Q

what are some target markets

A
  • geographic locations
  • demographic characteristics
  • psychographic characteristics
25
Q

what is a target market

A

group of present and potential customers to which a business intends to sell its product to

this done because the potential buyers are very large and therefore small segments of market makes it easier to tailor marketing strategies

26
Q

what are the impacts of target markets

A

business can direct marketing strategies to that group of consumers, allowing them to better satisfy the wants + needs of a targeted group

27
Q

what are factors to consider when selecting a target market

A
  • size of the market]
  • competition
  • if the business is well suited for this market (reputation)
28
Q

what is developing a marketing strategy

A

a plan of actions designed to achieve marketing objectives uses strategies that encompass product, price, promotion and place (marketing mix)

29
Q

what is product (marketing strategies)

A 
deciding on whether the business should offer a good or service
combination of variables;
- quality
- name
- design
- warranty
- guarantee packaging 
- labelling 
- exclusive features
30
Q

what are price (marketing strategies)

A

must take into account how much needs to be sold to breakeven and make a profit + pricing strategies competition is using

31
Q

what are promotions (marketing mix)

A 
process of informing the customer about the product
main forms include;
- selling
- advertising
- below-the-line promotions
- public relations
32
Q

what is place (marketing strategies)

A

concerned with getting the product in the right place at the right time
- no use + no profit if not easily available to market

33
Q

apple case study of product (marketing strategies)

A
  • increased quality size of iPhone screen for easier visibility
  • availability of more colours
  • differentiated product range to suit customer needs (Pro/Pro Max/SE)
  • apple care
  • larger product range (Airpods/ watches / Macs)
34
Q

apple case study for price (marketing strategies)

A
  • cheaper options available for low income (SE)
  • option to purchase phone outright or under a contract
  • price skimming is used on older generations
35
Q

apple case study of promotions (marketing strategies)

A
  • available through general retailers (vodafone/telstra)
  • tv commercials, social media, public selling
  • apple expo
36
Q

apple case study of place (marketing strategies)

A
  • pre order guarantee delivery
  • use of e-commerce
  • easily identifiable retail stores E.g. George St
  • worldwide availability of product range
37
Q

implementing, monitoring and controlling

A

uses three tools;

  • developing financial forecast
  • comparing actual and planned results
  • revising the marketing strategy
38
Q

what is developing a financial forecast (implementing, monitoring, controlling)

A

includes future estimates on key financial data such as;
- sales level
- expenses
- turnovers
it informs the marketing manager of whether the plan is financially variable, by indicating the break-even point as well as future inflows

39
Q

what would a good financial forecast include(implementing, monitoring, controlling)

A

variety of scenarios from the best (where everything goes as planned) to the worst
- needs to account for all possibilities

requires two steps;

  • cost estimate : how much the market research will be (development + promotions + distribution)
  • revenue estimate : how much revenue the marketing plan is expected to generate
40
Q

what is comparing actual and planned results (implementing, monitoring, controlling)

A

planned results (forecasted one) is compared with actual results of the business at regular intervals. the indicators include;

  • sales analysis
  • market share analysis
  • marketing profitability analysis

this allows marketers to understand the success or failure of their marketing plan + allowing them to adjust it before too much damage is done

41
Q

what is revising the marketing strategy (implementing, monitoring, controlling)

A

successful marketing plan must understand that the market is always evolving
this means they need to be dynamic + innovative + always looking for new opportunities + refining old ones

42
Q

what is the implementation of the marketing plan (implementing, monitoring, controlling)

A

process of putting marketing strategies into operations. they need to;

  • ensure that all aspects of implementation are carried out
  • communication on their views for further research
  • offer rewards + incentives to staff for a successful implementation
43
Q

what is sales analysis (comparing actual and planned result)

A

breakdown of the business’s total sales by different product market segments, individual sales representatives and individual sales

44
Q

what is market share analysis (comparing actual and planned result)

A

compares sales performance with competitors

45
Q

what is marketing profitability (comparing actual and planned result)

A

cost of the marketing program and the profitability of the products, sales territories, market segments and sales people

Business (12 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions