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HSC Business

Marketing Process

QuestionAnswer
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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