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CIM Level 4 > Module 1 - Applied Marketing > Flashcards

Module 1 - Applied Marketing Flashcards

(109 cards)

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1
Q

What describes the process for collecting primary data known as the Delphi Method?

A

Gathering opinions from a panel of experts until they reach a consensus

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2
Q

What are Ansoff’s matrix includes two strategies that could be used to achieve growth in existing markets

A

Market penetration and product development

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3
Q

What will help you understand the size and location of the groups of people you could target with your products?

A

Market segmentation

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4
Q

APIC is an approach that can be used for the marketing planning cycle. What does APIC stand for?

A

Analysis
Planning
Implementation
Control

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5
Q

If products are handmade and personalised, what elements of the marketing mix are being focused on?

A

Process and product

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6
Q

What are two elements of the micro-environment

A

Customers and distribution partners

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7
Q

Give two examples of how secondary data is used

A

Reading existing reports and analysing social media feeds

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8
Q

What are two promotion elements of the marketing mix?

A

Cost per contact and media coverage

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9
Q

When analysing the macro-environment, what should you analyse?

A

Changes in government
Advances in technology
Changes in legislation

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10
Q

If services are made virtual, what elements of the marketing mix are being adjusted?

A

Product and place

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11
Q

If a salesman visits each client to discuss precise requirements before an order, what element of the marketing mix is this using?

A

Promotion

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12
Q

What does the PR Smith’s planning network SOSTAC stand for?

A

Situation
Objective
Strategy
Tactics
Action
Control

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13
Q

What are two elements of the internal environment?

A

Policies and procedures

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14
Q

What do intangible services mean?

A

Services that do not have a real physical presence that you can touch or feel

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15
Q

If you’re analysing margins, discount levels and Return On Investment, what element of the marketing mix are you addressing?

A

Price

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16
Q

If you’re looking at your manufacturing sustainability, what environment does it take place in?

A

Internal Environment

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17
Q

If you’re highlighting your working conditions in your advertising, what macro-environment factor are you addressing?

A

Ethical

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18
Q

What would a marketing oriented business consider to be the role of marketing?

A

Providing customer insights
Activities to give competitive advantage
Analysing marketing opportunities

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19
Q

What personal factors influence an individual’s behaviour?

A

Motivation and beliefs

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20
Q

What would help you stay aware of changes in the external business environment?

A

Environment scanning

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21
Q

What tactic is Buy One Get One Free?

A

Sales promotion

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22
Q

If a service is created and consumed simultaneously, like a music concert, what’s it an example of?

A

Services being inseparable

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23
Q

What are two examples of business’ internal resources?

A

Cash balances and money in the bank

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24
Q

What’s an example of a physical element of the marketing mix?

A

Cleanliness

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25
What's a good secondary source of information
Social media feeds
26
Why is a coordinated approach to the marketing mix important? (Three Ways)
Meet needs of target market Increase visibility in a saturated market To ensure each element compliments the others
27
What are three elements of the marketing role?
Monitoring the environment Identify and act on trends Maintain customer and brand value
28
What are activities in the macro-environment?
New taxes Weather impacts New legislation
29
What 3 metrics should you include on a report analysing the effectiveness of a campaign?
Customer sentiment Cost per conversion Bounce rates
30
What points of the purchasing journey are the same for consumers and organisation?
Recognition of the need Decision making Performed by more than once person
31
Why is it important to coordinate the marketing mix?
Create synergy between each element Reach additional markets with a consistent message Can provide competitive advantage
32
What are two examples of social and cultural influences on the consumer buying process?
Buying the same as parents Religious views
33
What is marketing?
A management process and catalyst for change
34
Why is it important to adapt marketing mix to respond to changing environmental conditions?
Satisfy customer needs Maintain competitive advantage
35
What's the best way to measure the success of a subscription service?
Sales
36
By sending products via a subscription service, what elements of the marketing mix is this?
Place and product
37
What is cross functional working?
Cross functional teams are groups of people with different viewpoints and expertise who collaborate to achieve a common objective
38
What is MkIS?
Marketing Information System - a management information system designed to support marketing decision making
39
If you work on local issues, what promotional tactic are you using?
Public relations
39
If you work on local issues, what promotional tactic are you using?
Public relations
40
What is experimentation in terms of collecting primary data?
Conducting a test launch of a new product in a smaller market to assess its success
41
If you adapt meals for vegetarians, what element of the marketing mix are you focusing on?
Product
42
What is is the marketing business philosophy?
Everyone in the organisation understands the requirement to put the customer and their needs first at all times
43
What is a key role of marketing in an organisation?
To identify market trends to help inform business decision making
44
Why is a more expensive advert more suited to a luxury brand?
The choice of media should be compatible with the product
45
If customers are able to make transactions online, what elements of the marketing mix have been utilised?
Place and process
46
What is the buying behaviours of early adopters?
They are opinion formers who will buy new products and lead other segments
47
If a company offers multiple ways to contact them, what element of the marketing mix is being used here?
Process
48
If you're working with suppliers to negotiate discounts, what environment is this taking place in?
Micro-environment
49
How would you measure the effectiveness of your prices?
Comparison with competitors
50
If customers are asked how they feel when they use a product, what type of research is this?
Primary and qualitative
51
What can you do to address negative feedback on the people element of the extended marketing mix?
Customer care training, skills training and minimising queues
52
If a specific store sells products at a discounted price on a certain day, what elements of the marketing mix is this utilising?
Price, Place and Promotion
53
If a product is adapted for cultural differences in an international market, what elements of the marketing mix need to be adapted?
Product and promotion
54
If all elements of a business' appearance are changed, what element of the extended marketing mix is this?
Physical evidence
55
What's an intangible resource from the internal environment?
Employee's technical knowledge
56
Which stage follows Information Search in the consumer buying process?
Evaluating the alternatives
57
What ways could you measure the success of a new product?
Sales figures Market share Repeat purchases
58
What factors apply to the consumer buying process but not the organisational buying process?
Impulse buying Shorter process that may only involve one person Social and culture influences
59
What are social reasons for buying a product?
Used by celebs, family or friends
60
When considering a marketing mix for a new product or service, what is key for achieving success?
Tailor to customer needs Link tactics to strategy Coordinate the elements
61
If a campaign is designed to raise awareness, how would you measure its effectiveness?
Media coverage / sentiment Social media shares / generated enquiries Cost per contact / pre-orders
62
What are two methods of segmenting b2b markets?
By geography By approach to purchasing
63
Aiming at a specific type of person is called what?
Targeting
64
What's a cost-effective means of gathering quantitative data?
Email questionnaire
65
What is relationship marketing?
Emphasising customer retention and satisfaction over sales numbers
66
What elements of the marketing mix are online classes?
Product and place
67
What is a modified rebuy?
Reordering the same product but requesting a few alterations
68
What is it called if you propose an attractive discount to secure an order?
Competitive bidding
69
What is customer value?
A product's capacity to satisfy customer needs
70
What does PESTEL stand for?
Political Economic Sociological Technological Environmental Legal
71
Demographic trends relate to which element of PESTEL?
Sociological
72
A marketing strategy that ignores market segments is called what?
Undifferentiated marketing
73
What is the purpose of a mission statement?
To create a common understanding of the organisation’s purpose
74
In the context of communication, what is 'noise'?
Distractions or distortions during the communication process
75
Offering a speedy boarding service for an airline is an example of what?
An augmented product
76
What is inseparability of service?
The role that the consumer plays in co-creating the service
77
What's the difference between a pure service and a pure manufactured good?
Intangibility
78
What is benchmarking?
Comparing one company's products and prices to one of its competitors
79
Why is a marketing plan important?
Ensured a structured approach to planning
80
Why might a store switch from marketing high end brands to lower quality brands
Economy is entering a recession
81
What is a combined push-pull strategy?
Coordination of communication and distribution strategies
82
What is a market follower?
A runner-up company that is happy to hold its share of the market
83
What forms the core definition of marketing
An exchange process which delivers customer satisfaction
84
What are the five stages of the customer purchase journey?
Awareness Consideration Purchase Retention Advocacy
85
What's an example of an external factor in the macro-environment
Change in legislation
86
What does SWOT stand for?
Strengths Weaknesses Opportunities Threats
87
What is diversification?
Launching a new product in a new market
88
What is market penetration?
the assessment of how much a product is being sold relative to the total estimated market for that product
89
Who are three stakeholders in the micro-environment?
Suppliers, retailers, interest groups
90
What should be included in a competitive analysis?
Indirect competitors Market intelligence New entrants
91
What is personal selling?
face-to-face selling in which one person who is the salesman tries to convince the customer in buying a product
92
What is ROMI?
Return On Marketing Investment
93
What is CLV?
Customer Lifetime Value
94
Which element of the extended mix would include focusing on the material and hardware?
Physical evidence
95
What is used to set both corporate and individual objectives?
SMART Targets
96
What should an effective marketing department act as?
A bridge between the company and customers
97
What is used to establish and understanding of the needs of b2b customers?
Relationship marketing
98
What does APIC stand for?
Analysis Planning Implementation Control
99
Is a CRM a primary or secondary source of data?
Secondary
100
Are focus groups primary or secondary sources of data?
Primary
101
What are FMCGs?
Fast Moving Consumer Goods (sell quickly)
102
What are the original 4 Ps?
Product Price Place Promotion
103
What Ps are only part of the extended marketing mix?
People Process Physical evidence
104
What would help measure the effectiveness of an online pay-per-view system?
Cost per contact
105
What are the four elements of ANSOFF's matrix?
Market penetration Product development Market development Diversification
106
What are the four elements of the Boston Consulting Group matrix?
Star Question marks Cash cow Dog
107
What does the BCG matrix measure?
Market growth against market share
108
What two categories do Ansoff's strategies fit into
Existing or new markets

CIM Level 4 (1 decks)

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