CH1&2 Flashcards
(28 cards)
What is marketing
Marketing is the process by which individuals and groups obtain what they need and want through creating and exchanging values with others
What is marking concept
Identification of the target market’s needs and wants and better delivery of satisfaction than competitors
Importance of marketing as business functions
- Identify the needs and wants of the target market
- Build a long term relationship with customers, suppliers, partners etc
- Develop strategies to compete with competitors
- Monitor changes in the market needs and responding to the changes
What is the marketing process
Planning, organizing, coordinating and controlling market activities
Steps of planning marketing activities
- Review current performance
- Conduct SWOT analysis
- Setting marketing objectives
- Research and select target market
- Developing marketing strategies
- Formulating marketing plan
What is SWOT analysis
Strength
Weakness
Opportunities
Threat
Steps of developing marketing strategies as different positions
Market leader
- expand total market
- increase market share: increase products
- protect current market share
Market challenger
- make quality of products better than the leaders / make it cheaper / attact weakness of leader
Market follower
- copies / accepts the leader
Market nicher
- specialized products to satisfy a small group
What is marketing plan and things to consider
Marketing plan is a written document that summerizes what the market has learnt about the market and how objectives should be achieved
- allocating budget for marketing mix
- expenditures needed to achieve the objectives
What is the marketing mix
Product, price, place, promotion
What are the steps of managing planned activities
Organizing implementing and controlling
Ways marketing department and activities can be organized
- Product organization
- Geographic organization
- Functional organization
- Market management organization
Factors affecting the implementation of the marketing activities
- The soundness and feasibility of plan
- The resources available
- The leadership skill of the marketing manager
Process that involves controlling market activities
- Monitoring marketing activities to ensure they are implemented as planned
- Taking corrective measures or actions when unacceptable performance occurs
What is marketing research
It is an objective and subjective way of obtaining information which helps make marketing decisions
Steps of conducting marketing research
- Define research objectives
- Design data collection method
- Collect data
- Analyze date
- Communicate data
objectives of conducting marketing reseach
- To do proper marketing planning
- Fine-tune marketing objectives
- Control marketing objectives properly
Importance of marketing research
- Identify strengths and weaknesses through conducting swot analysis
- Research market segment and select target market
- Fomulate marketing strategies to satisfy consumer needs
- Evaluate marketing performance
2 types of data for data collection
primary and secondary
Types of primary data collecting methods
- Survey research method
- Experimental research method
- Qualitative research method
- Observational research method
What is survey research method and the contact methods
A systematic method of collecting data through questionares
by face to face
by email
by phone
by electronic means
What is experimental research method
A qualitative research method which aims at explaining the cause and effect relationship between variables
What is qualitative research method and 2 different forms of research
Means of gaining more insight and understanding about a research issue from a relatively small number of people
- in depth interview
- focus group discussion
What is observation research method
Process of observing factual information and recording people’s behavior in natural or planned settings
What is a target population and what is a sample element
Target population is the population in which the researcher is interested in studying
Sample element is the people involved in the sample for the study
