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Flashcards in Marketing Strategies Deck (15)
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1

Competitive advantage?

Ways in which a firm appeals to its consumers through adding value that makes the firm unique in some way

2

What are external factors effecting. Marketing objectives?(3)
Internal factors?(4)

Competitions actions
Market factors
Technological change

Finance
HR
Operations
Corporate objectives

3

What is market analysis?

Process whereby a business seeks to find out and understand the market it operates in

4

What two reasons are there for market analysis?

Gather evidence to devise a new strategy
Identify a significant pattern in sales

5

What is the Delphi method?

Expertise and insights of a panel of experts
Answer questionnaires

6

What is crm?

Customer relations management
Use of it to analyse and monitor the market and communicate with customers

7

What's affiliate marketing?

Key words trigger ads

8

Neuromarketing?

Studying brain activity

9

Difficulty with market analysis?

Human beings not predictable
Data complex and accuruacy
Whole business has to understand

10

What's differentiation?

Process of making product or service appear different to that of competitors

11

Diversification?

Strategy of offering new products in new market

12

Market penetration?

Strategy of attempting to expand sales in an existing market

13

Product development?

New product to existing customers

14

What's a marketing plan?
What are the components of a marketing plan?(7)

A document that sets out strategies to tackle changes in the market

Mission statement
Marketing objectives
Swot analysis
Key budgets
Sales forecasts
Market strategies
Implementation and time lines

15

Marketing objectives?

Set of targets or statements that a business intends to achieve in the short term to support corporate objectives