Planning Flashcards
(31 cards)
What does PESTELE stand for?
Political Economical Social Technological Environmental Legal Ethical
What is corporate governance?
The processes, systems and principles by which an organisation operates.
What is CSR?
Corporate social responsibility- the process by which an organisation minimises it’s negative impact and maximises it’s positive impact on society (as far as possible)
What constitutes the macro environment?
The external factors which influence a company (PESTELE)
What factors make up the micro environment?
The immediate context of a business Competitors Suppliers Customers Stakeholders Distributors
What makes up the internal environment?
HR Sales Production Finance Operations
For which part of the environment would a SWOT analysis be used for?
Internal environment
What is the SWOT analysis?
Strengths
Weaknesses
Opportunities
Threats
What’s the difference between a stakeholder and a shareholder?
A stakeholder is anyone who affects or is affected by the company. A shareholder is anyone who has shares in the company.
What are the 4 strategies for segmentation?
Geographical
Demographical
Psychographic
Behavioural
What is undifferentiated targeting?
Same message to all segments
What is differentiated targeting?
Different message for each segment
What is a focuses targeting strategy?
Single message for single small segment- niche market
What does SOSTAC stand for?
Situational Analysis Objectives Strategy Tactics Action Control
What are the 3 levels of strategy?
Corporate level - for overall organisation meeting the needs of all stakeholders
Business level - how to compete successfully in different markets
Operational - how different parts of the organisation deliver the overall strategy
What is the difference between psychographic and behavioural segmentation?
Psychographic is about social class, personality and lifestyle. Whereas behavioural is based on knowledge, attitudes and responses to products.
What is positioning?
The place a product occupies in a given market, as perceived by the relevant group of customers
What are the 8 factors which determine a brand’s positioning in the market?
Top of the range Service Value for money Reliability Attractiveness Country of origin Brand name Selectivity
What are the 4 Cs of successful positioning?
Clarity
Consistency
Competitiveness
Credibility
What is MKIS?
Marketing Information System
Practices and procedures to gather, sort, store, analyse and distribute marketing information to aid the marketing decision-making process
What is the difference between primary and secondary data?
Primary is new research carried out specifically for the purpose of the brief.
Secondary data already exists, gathered for another purpose.
What is the ideal number of people for a focus group?
8-10 participants
What is the difference between quantitative and qualitative research?
Quantitative relates to facts and figures whereas qualitative relates to personal feelings and opinions
Why use market research?
Improves chance of success Reduces risk Helps measure awareness Helps measure effects of marketing Helps measure progress of sales
