Intro to marketing

Question 1

What is the CIM’s definition of marketing?

Answer 1

“The management process which is responsible for identifying, anticipating and satisfying consumer requirements profitably”

Question 2

What is the ultimate aim of marketing?

Answer 2

generating profits

Question 3

What is the outcome of a successful marketing campaign?

Answer 3

adequate profit levels within a specified timetable

Question 4

What are the 5 key stages to creating and implementing a marketing strategy?

Answer 4

1) identifying the product to be marketed

2) identifying the target market

3) setting the strategy’s objectives

4) devising the strategy

5) implementing and monitoring the strategy

Question 5

What are the 2 ways in which SWOT analysis help identify factors that are relevant to acheiving an objective?

Answer 5

are they helpful/unhelpful

are they internal to the business or external (e.g. political)

(helpful + internal = S, unhelpful and internal = W, helpful + external = O, unhelpful and external = T)

Question 6

How is SWOT analysis helpful to a business?

Answer 6

it helps figure out the strategic fit (to what extent the various factors favour the organisation’s success in achieving the objective)

Question 7

Exlpain the process of setting an objective (this is prior to SWOT analysis)

Answer 7

value curve analysis take factors that differentiate products within a market and use consumer research to identify common clusters of consumer demand

this may show consumer demand that is under supplied or ignored

if these opportunities are confirmed, then specific objectives can be set and the strategic fit and be SWOT analysed

Question 8

What are the key consideration for strength and weaknesses in a wine context when SWOT analysing?

Answer 8

Tools/resources
- reliable and affordable supply chain relationships
- strong financial position to enable investment
- internal expertise and experience
- wine production facilities
- vineyard locations that suit a particular style

Capabiliites
- building strong new brands or growing existing
- scaling production volumes
- developing and launching new products

Question 9

What are the key considerations for analysing opportunities and threats as part of SWOT?

Answer 9

P olitical (prohibition/taxes)
E conomic (economy and currency strength)
S ocial (incl. culture and demography)
T echnological (advancements reducing £)
E nvironmental (climate change, urbanisation)
L egal & regulatory (production regulations)

Question 10

What does good SWOT analysis depend on when considering factors that affect the external business environment?

Answer 10

that the factors are:
- real and accurately described
- everything that is most important to consider
- relevant to the objective under discussion

Question 11

How can SWOT analysis be applied?

Answer 11

shows how achievable an objective is (pursuable)

if an objective is pursued, what futher investments in resources and capabilities maximise the chance of success?

identifies factors outside the organisation that can
1) help
2) hinder (and how to mitigate these)