marketing processes

Question 1

situational analysis

Answer 1

1. SWOT analysis
2. Product Life cycle

Question 2

SWOT Analysis

Answer 2

1. Strengths
2. Weaknesses
3. Opportunities
4. Threats

Question 3

Product Life Cycle

Answer 3

1. Introduction stage: business tries to increase customer awareness and build a market share for the new product
2. Growth stage: brand acceptance and market share are actively pursued by the producers of the product
3. Maturity stage: Sales plateau as the market becomes saturated
4. Decline Stage: sales begin to decline as the business faces several options

Question 4

why might a product decline

Answer 4

• changing public perception
• new tech
• fluctuations in economic activity

Question 5

market research

Answer 5

1. determining information needs
2. data collection
3. data analysis and interpretation

Question 6

determining information needs

Answer 6

• results in marketing strategies that meets business target markets
• assists the business to achieve its marketing objectives
• may be used to increase sales and profits

Question 7

primary data

Answer 7

collected through surveys, interviews, questionnaires

the main adv is that their collection is directed at solving a specific marketing problem

Question 8

secondary data

Answer 8

1. internal data: inside the bus
2. external data: outside the bus

Question 9

establishing market objectives

Answer 9

1. increasing market share
2. expanding the product range
3. maximising customer service

Question 10

3 approaches to selecting a target market

Answer 10

mass marketing approach: single marketing mix and directs it at the entire market for the product

marketing segmentation: when the total market is subdivided into groups of people who share one or more common characteristics

Question 11

niche marketing approach

Answer 11

Narrowly selected target market with a segment within a segment

Question 12

Developing marketing strategies

Answer 12

4P’s

1. products
2. price
3. promotion
4. place (distribution)

Question 13

Product

Answer 13

Determining features such as product quality, packaging & labelling, design, brand name and guarantee

Question 14

Price

Answer 14

price does not just refer to what the price is but rather the method or strategy the business uses to decide its prices

Question 15

promotion

Answer 15

details the methods to be used by a business to inform, persuade and remind customers about its products e.g advertising, personal selling and relationship marketing, sales promotion, publicity and public relation

Question 16

Place (distribution)

Answer 16

the number of intermediaries chosen will determine how widely the product will be distributed

Question 17

Implementation, monitoring and control : process of putting marketing strategies into ops

Answer 17

1. financial forecast: cost estimate + revenue estimate
2. comparing actual and planned results using:

• sales analysis
• market share analysis
• marketing return on investment