marketing performance

Question 1

what is relationship marketing

Answer 1

approach to build long term relationships with customers by providing consistent satisfaction

Question 2

what is market analysis

Answer 2

examining market size and market growth

Question 3

what is the marketing process

Answer 3

set marketing objective
analyse marketing data
make marketing decisions
implement marketing decisions
review marketing decisions

Question 4

what are business ethics

Answer 4

are the actions morally right or wrong

Question 5

describe some marketing objectives

Answer 5

sales volume
sales value
sales growth
market share
brand loyalty

Question 6

internal influences on marketing decisions

Answer 6

finance
HR
operations
overall business strategy
existing market position

Question 7

external influences on marketing decisions

Answer 7

PESTLE-C

Question 8

what are the 6 W’s of marketing research

Answer 8

who buys
what product
what influences
where (distribution)
when (seasonal)
why

Question 9

why does a business do market research

Answer 9

to understand the customer

Question 10

what is primary research

Answer 10

done first hand

Question 11

what is secondary research

Answer 11

gathered from pre-existing data

Question 12

two types of data:

Answer 12

qualitative and quantitative

Question 13

what is extrapolation

Answer 13

a method of forecasting sales based on previous data

Question 14

what are confidence levels

Answer 14

probability the research is correct

Question 15

what are confidence intervals

Answer 15

possible range of outcomes for a confidence level

Question 16

what is PED

Answer 16

price elasticity of demand - the correlation between price of a product and the quantity demanded

Question 17

how to calculate PED

Answer 17

% change in quantity demanded / % change in price

Question 18

What is a price inelastic product

Answer 18

a change in price has little effect on quantity demanded e.g fuel/necessity goods

Question 19

what is a price elastic product

Answer 19

a change in price has a large effect on quantity demanded e.g luxury goods

Question 20

A product is price elastic and the price increases, what happens to the quantity demanded

Answer 20

large % decrease in quantity demanded
revenue falls

Question 21

A product is price inelastic and the price increases, what happens to the quantity demanded

Answer 21

demand stays relatively the same
rev rises

Question 22

A product is price inelastic and the price decreases, what happens to the quantity demanded

Answer 22

demand stays relatively the same
rev falls

Question 23

A product is price elastic and the price decreases, what happens to the quantity demanded

Answer 23

rev rises as quantity demanded increases

Question 24

Calculate YED

Answer 24

Income elasticity of demand:

% change in quantity demanded/
% change in income

Question 25

what does a + YED mean

Answer 25

increase in income increase in quantity demanded *normal good e.g flour sugar*

Question 26

what does a - YED mean

Answer 26

increase in income decrease in quantity demanded *inferior good e.g value beans*

Question 27

how does market research affect areas of a business

Answer 27

cashflow forecasting production levels marketing budgets staffing levels

Question 28

what is STP

Answer 28

segmentation targeting positioning

Question 29

how can a market be segmented

Answer 29

demographic geographic income behavioural

Question 30

what is targeting

Answer 30

choosing which markets to focus on

Question 31

niche vs mass marketing

Answer 31

focused on a specific market smaller market but more specific needs broader market less specialised/individual

Question 32

define market positioning

Answer 32

identifies the benefit and price combination of a product in relation to competitors

Question 33

7 p's of the marketing mix

Answer 33

price product promotion physical evidence process people place

Question 34

what are the elements of the promotional mix

Answer 34

advertising PR sales promotion sponsorship branding

Question 35

what does the product life cycle do

Answer 35

shows the stages of sales of a product over its life

Question 36

what are the stages in the product life cycle

Answer 36

R&D growth maturity stagnation decline/extension strategies

Question 37

how to analyse a product portfolio

Answer 37

with the Boston Matrix

Question 38

what are the axis of the boston matrix

Answer 38

market growth and market share

Question 39

elements of the boston matrix

Answer 39

cash cow dog star ?

Question 40

6 influences on pricing

Answer 40

costs stage of the products life cycle PED positioning elements of the marketing mix competitiveness of the market

Question 41

types of pricing decisions

Answer 41

price skimming penetration pricing dynamic pricing

Question 42

define price skimming

Answer 42

starting at a high price and skimming off money as new products are released

Question 43

define penetration pricing

Answer 43

starting cheap and increasing prices as popularity grows

Question 44

define dynamic pricing

Answer 44

when pricing changes in relation to quantity demanded

Question 45

what is e-commerce

Answer 45

the buying and selling of products through an electronic medium such as the internet