Marketing

Question 1

Business purpose…

Answer 1

To create a customer

Question 2

Define Marketing

Answer 2

Adjusting the whole activity of the business to the needs of the customer or potential customer. Eg; Producing what people want.

Question 3

Brand

Answer 3

A name, term, sign or symbol that differenciates you from other sellers.

Question 4

Marketing Process

Answer 4

• Situation Analysis - Marketing Strategy - Marketing Mix Decisions - Implementation and Control

Question 5

Situation Analysis

Answer 5

• USP - Why People Buy? - people don’t buy plants, they buy appearance of their property. - Features… ‘So what?’… Benefit - Market Research

SWOT ANALYSIS

Question 6

Product Lifecycle

Answer 6

Development, Introduction, Growth, Maturity, Decline “Product Extension?”

Question 7

Research

Answer 7

Primary - (Interviews, Surveys, Questionnaires) to gather data through analysing effectiveness of current practices. Competitors plan also researched, giving information about competition. Secondary - analyse data that has already been published.

Question 8

Marketing Stratagy

Answer 8

Market penetration - Increasing sales of an existing priduct in existing market

Product Development - New products to an existing market

Market development - entering new market usuing existing products

Diversification - New market with New prodects

Question 9

Market Penatration Stratagy

Answer 9

Decrease Prices - Attracts New customers

Increase Promotion and Distribution

Aquire Competitor in same marketplace

Question 10

Product Development Stratagy

Answer 10

• Invest in Research and Development, developing new products for existing market
• Aquire compoetitors product - Merge resources to create new product.
• Form Partnership to gain access to new distribution channels or brand?

Question 11

Market Development Stratagy

Answer 11

• Catering to Different customer segment
• Entering New Domestic Markets
• Entering into Foreign Market

Question 12

Diversification Stratagy

Answer 12

• Related Diversification - synergy between existing buisness and new product (leather shoe maker makes leather wallets)
• Unrelated Diversification - no existing synergy (leather shoe maker makes smart phones)

Question 13

Marketing Mix (7p’s)

Answer 13

• Product
• Place
• Price
• Promotion
• Process
• People
• Physical Evidence

Question 14

Product

Answer 14

• Design
• Quality
• Features
• Packaging
• Market Positioning

Question 15

Price

Answer 15

• Higher - impression of higher quality
• Price Average (similar to competitiors) - then draw attention to USP.
• Lower - attract value-conscoius customers
• Planned Rise - once brand is established

Question 16

Promotion

Answer 16

Advertising - television, social media, email marketing etc

Question 17

Place

Answer 17

Market research information

• Where will you sell your product?
• Where will people look?
• Your own e-commerse website? Third party?

Question 18

People

Answer 18

Anyone who comes into contact with customer, even indirectly. eg; Floor/ Sales mamager.

Question 19

Packaging

Answer 19

• Catches Attention in a crowded market.
• Design for Differentiation (brand)
• Valuable information (Product Education/Brand Enforcement)
• Added Value - eg Freebie or Free quotation

Question 20

Process

Question 21

Marketing Mix Principles

Answer 21

As Marketing Mix is Developed, Consider…

• How each element affects the rest in creating unified brand expierence.
• Product price changes promotion strategy etc.

Question 22

Implementation