Marketing process -> smeidi Flashcards
What does the acronym SMEIDI mean?
Situational analysis
Market research
Establishing market objectives
Identifying target markets
Developing marketing strategies
Implementation, monitoring & controlling
what is situational analysis? what does it include?
used to asses the state of a business
- SWOT - strengths, weaknesses, opportunities, threats
- product lifestyle: introduction, growth, maturity, decline
what is meant by market research?
the action of gathering informations about consumer needs & preferences to increase the success rate of market strategies (7 P’s) to make a product better suited to its target market
what is involved in market research?
collecting data from primary & secondary sources
primary data: facts/figures collected from origional sources
eg. Surveys and focus groups, interviews, questionaries, observations, experiments
secondary data:
1.Internal secondary data: statistics e.g. Sales reports, feedback surveys
2. external secondary data: published data from sources
what is the point of establishing market objectives
to find realistic and measurable goals to be achieved through the market
what is the product mix?
- Increase market share
- the share of the total industry sales for a particular product or brand - Expand the product range
- the total range of products offered by a business, expansion will increase product revenue overall - Maximise customer service
- responding to the needs and problems of customers
-improved customer satisfaction + positive reaction.
what is a target market?
a group of potential;/current customers
what are the 3 approaches to identifying & selecting a market?
mass marketing
market segmentation
niche market
what are primary & secondary markets?
Primary target market:
The market segment at which most of the market resources are directed
Secondary target market:
Smaller/less important market segment
what is the mass market approach?
when a business develops a single product and utilises the marketing mix to direct it across its entire market
what is the niche marketing approach?
a segment within a segment called a “micro-market”
includes a demographic with needs that are commonly neglected by large business
what is the segmentation marketing approach?
when total market is subdivided into groups of people who share one or more common characteristics
what does developing marketing strategies mean?
strategies used to achieve marketing objectives
what are the 7 p’s of marketing strategies
Product, place, price, promotion
people, process, physical evidence
what is implementation?
the process of putting marketing strategies into motion
ie. how, when & where
