decision making to improve marketing performance Flashcards
(18 cards)
What are common marketing objectives?
Sales volume, sales value, market size, market growth, sales growth, market share, and brand loyalty.
What is the value of setting marketing objectives?
Provides direction, allows performance evaluation, supports alignment with business strategy, and improves decision-making.
What are the types of marketing research?
Primary (first-hand data) and Secondary (existing data); includes qualitative and quantitative research.
What are the sampling methods in marketing research?
Random, stratified, and quota sampling.
How is marketing data interpreted?
By identifying trends, correlations, confidence intervals, and using extrapolation for future predictions.
What is price elasticity of demand (PED)?
Measures how demand changes with price; useful for setting pricing strategies.
What is income elasticity of demand (YED)?
Measures how demand changes with income; helps in targeting goods to income levels.
What are the benefits of using data in marketing decisions?
Supports evidence-based decisions, reduces risk, and identifies opportunities.
What is segmentation?
Dividing the market by demographic, geographic, income, or behavioural characteristics.
What is the difference between niche and mass marketing?
Niche targets a specific group; mass targets a broad market.
What is positioning and how is it done?
Placing a product in the market using market mapping to compare against competitors.
What are the 7Ps of the marketing mix?
Product, Price, Place, Promotion, People, Process, Physical Environment.
What are key product decisions?
Product portfolio analysis (Boston Matrix), product life cycle, and new product development.
What are pricing strategies?
Penetration pricing and price skimming.
What are elements of the promotional mix?
Advertising, branding, viral marketing, and social media.
What is multi-channel distribution?
Using more than one method (online, in-store, third-party) to reach customers.
What influences the marketing mix?
Product life cycle, Boston Matrix, product type, marketing objectives, target market, competition, and positioning.
What is the role of digital marketing and e-commerce?
Enhances reach, provides personalised experiences, and offers data-driven insights.
