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HSC Business
Marketing Process
| Question | Answer |
|---|---|
| What are the six steps of the marketing process? SMEIDI | Situational analysis, Market research, establish market objectives, Identify target markets, develop marketing strategies, implementation, monitoring and controlling |
| What is SWOT? | Strengths, Weaknesses, Opportunities and Threats |
| What is a SWOT used for? | Identification and analysis of internal strengths and weaknesses and opportunities and threats from external environment |
| Product Life Cycle | Stages of a product as it passes through introduction, growth, maturity and decline |
| What is the marketing strategy for the Introduction stage of PLC? | Increase consumer awareness and build market share for the new product |
| What is the marketing strategy for the Growth stage of PLC? | Brand acceptance and market share are actively pursued |
| What is the marketing strategy for Maturity stage of PLC? | Sales plateau as the market becomes saturated - differentiation is implemented |
| What is the marketing strategy for Decline stage of PLC? | Sales begin to decline and options such as rejuvenation or discontinuation are explored |
| What is market research? | Process of collecting, recording and analysing information concerning a specific marketing problem |
| What are the three steps of the market research process? | DCA - Determine information needs, Collect primary and secondary data, Analyse and interpret data |
| What is marketing data? | Information relevant to the defined marketing problem |
| Primary data | Facts and figures collected from original sources |
| Survey | Gathering data by asking or interviewing people |
| Secondary data | Information that has already been collected by another person or organisation (ABS) |
| Internal data | Information already collected from inside the business |
| External data | Published data from outside the business |
| Statistical interpretation analysis | Process of focusing on data that represents average, typical or deviations from typical patterns |
| Marketing objectives | Realistic and measurable goals to be achieved through the marketing plan |
| Market share | Business's share of the total industry sales for a particular product |
| Product mix | Total range of products offered by a business |
| Customer service | Responding to needs and problems of customers |
| Target market | Group of present and potential cusotmers to which a business intends to sell its product |
| Primary target market | Market segment at which most of the marketing resources are directed eg. Lorna Jane women under 30 |
| Secondary target market | Usually a smaller and less important market segment |
| Mass marketing approach | Seeks a large range of customers |
| Market segmentation approach | Occurs when total market is subdivided into groups of people who share one or more common characteristics |
| Niche market approach | An extension of market segmentation but targets a narrowly selected group of customers |
| Marketing strategies | Actions undertaken to achieve the business's marketing objectives through the marketing mix |
| Marketing mix | Refers to the combination of the 4 Ps - product, place, promotion and price - that makes up the marketing strategy |
| Implementation | Process of putting the marketing strategies into operation. |
| Monitoring | checking and observing the actual progress of the marketing plan |
| Place | Element of marketing mix that deals with channels of distribution - ways of getting product to the customer |
| Controlling | Involves comparison of forecast against actual performance and taking corrective action to make sure objectives are attained |
| Sales analysis | Comparing actual sales with forecast sales to determine effectiveness of marketing strategy |
| Marketing profitability analysis | Method where business breaks down total marketing costs into specific marketing activities |
| Product deletion | The elimination of some lines of products |
Created by:
CHSD12
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