Marketing Processes

Question 1

What are the two types of situational analysis?

Answer 1

1. Product life cycle
2. SWOT

Question 2

What is product life cycle?

Answer 2

Analysis of a product’s life cycle through 4 stages:
Introduction
Growth
Maturity
Decline

Question 3

What is SWOT analysis?

Answer 3

Strengths, Weaknesses, Opportunities, Threats

Question 4

What are the three steps of market research?

Answer 4

1. Identify information needs
2. Collect data
3. Analyse the data

Question 5

What is market research?

Answer 5

Understanding your market to best meet their preferences

Question 6

What is establishing market objectives?

Answer 6

Common marketing objectives that businesses focus on are:

• Expanding the product range
• Improving customer service
• Increasing brand awareness
• Increasing market ahare

Question 7

What is identifying the target market?

Answer 7

Businesses need to know who they are selling to, and can choose from 3 types of target market:

• Mass (larger range of customers, one product that reaches all)
• Segment
• Niche (increases loyalty and allows higher prices, and reduces marketing and distribution costs)

Question 8

Why do businesses develop market strategies?

Answer 8

Marketing strategies help to achieve marketing objectives by improving the business’ reputation and the appeal of the product to increase sales.

Question 9

What are the market strategies? (4)

Answer 9

Product, Price, Place, Promotion

Question 10

What is implementing, monitoring and controlling?

Answer 10

Implementation: put the marketing strategies into practice (marketing plan)

Monitoring: gathering information, checking and observing actual progress of the marketing plan

Controlling: comparing planned against actual performance and taking corrective action

Step 1: develop a financial forecast

Step 2: compare actual and planned results
Sales analysis
Market share analysis

Step 3: revise the marketing strategy
Change the marketing strategies
Delete or change the product