marketing processes Flashcards
(31 cards)
What does SMEIDI stand for in marketing processes?
Situational analysis, Market research, Establishing market objectives, Developing marketing strategies, Implementation, monitoring and controlling
SMEIDI is a framework used for understanding and implementing effective marketing strategies.
What is SWOT analysis?
Identification and analysis of internal strengths and weaknesses, and external opportunities and threats
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.
What are internal strengths in a SWOT analysis?
What the business does better than competitors
What are internal weaknesses in a SWOT analysis?
What competitors do better
What are opportunities in a SWOT analysis?
Changes in the external environment that can be exploited to achieve objectives
What are threats in a SWOT analysis?
Changes in the external environment that make it difficult to achieve objectives
What are the stages of the product life cycle?
Introduction, Growth, Maturity, Decline, Renewal
Each stage represents a different phase of a product’s market presence.
What characterizes the introduction stage of the product life cycle?
Slow sales, low profit, requires promotion/cost leadership
What happens during the growth stage of the product life cycle?
Sales increase, profits rise, high promotion, competition grows
What defines the maturity stage of the product life cycle?
Steady profits and sales, continue advertising to differentiate
What occurs in the decline stage of the product life cycle?
Sales fall, negative profit, reduced promotion efforts, narrow distribution
What is market research?
Process of systematically collecting, recording, and analyzing information concerning a specific marketing problem
What are the three steps of market research?
- Determining information needs
- Data collection from primary/secondary sources
- Data analysis and interpretation
What does SMART stand for in establishing market objectives?
Specific, Measurable, Achievable, Relevant, Time-bound
What is the main objective of increasing market share?
Business’s share of the total industry sales for a product
What does expanding product range mean?
Total mix and range of products a business offers
What is meant by maximizing customer service?
Responding to needs and problems of customers to increase satisfaction
What is a target market?
A group of customers with similar characteristics who the product is aimed at
What are the two main types of target markets?
- Primary
- Secondary
What are the three main target market approaches?
- Mass market
- Market segmentation approach
- Niche market approach
What elements are included in the marketing mix (4P’s)?
- Product
- Place
- Price
- Promotion
What is the purpose of implementation in marketing strategies?
Putting strategies into operation
How is monitoring defined in marketing?
Measuring actual performance against planned performance
What does controlling involve in marketing?
Assessing KPIs against predetermined targets and taking corrective action
