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Flashcards in Marketing Process Deck (19)
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1
Q

Why is Situational analysis important?

A

The first stage in developing a markting plan is to research and analyse the businesses current position and any new directions it may want to follow

2
Q

What does situational analysis include?

A

SWOT

Consideration of the product life cycle

market analysis

Competitor analysis

3
Q

What does SWOT stand for?

A

Strengths Weaknesses, Opportunities and threats

4
Q

What part of SWOT is internal?

A

Strength and weaknesses

5
Q

What part of SWOT is external?

A

Opportunities and threats

6
Q

What is the product life cycle?

A

Introduction

Growth

Maturity

Post-maturity

7
Q

What are the stages post-maturity?

A

Renewal

steady-state

Decline

8
Q

What is market research?

A

Market research is the collection and analysis of information to identify what the customers want and to make marketing decisions based on those wants.

9
Q

What is involved in primary data collection?

A

Observation

Focus groups-ask specific questions to target market

Surveys

Experiments

10
Q

What is involved in Secondary data collection?

A

Internal- sales

External -reports published

11
Q

How can consumers be grouped?

A

Demographics- Age, gender

Sociocultral factors- religion

Geographical factors

Pschographics- lifesyle

12
Q

What are the fours P’s

A

Product

price

promotion

place

13
Q

What must be ensured for effective implementation of the marketing plan?

A

Marketing managers must ensure that they have clearly communicated the marketing objectives and strategies to all employees and allocated the correct resources for the strategies

14
Q

What does monitoring and controlling involve?

A

Using financial forecast tools to compare actual and planned results

15
Q

What is a financial forecast?

A

A budget of expected revenues and costs over a set period of time. Managers will use the forecast marketing budgets to help compare actual and planned results

16
Q

What does forecast revenue depend on?

A

Quantity

price

timing

17
Q

What are forecasts based upon?

A

Pat sales figures

estimates made by sale staff

18
Q

What do forecasts include?

A

Directs costs

indirect costs- administrative and financial

19
Q
A