Decision-Making to improve marketing performance

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  • Unit 3 - Decision-Making to improve marketing performance
    • Setting marketing objectives
      • Marketing objectives - The targets that the marketing function of a business wants to achieve in a given time period
      • Focus is on
        • Sales volume and value
          • Sales volume - how many units a business sells
          • Sales Value - the total revenue brought in through sales
        • Market size
          • Price X Quantity
        • Market sales growth
          • Change / Original X 100
        • Market share
          • Sales / Total market size X 100
        • Brand loyalty
    • Market Research
      • Primary
        • Advantages
          • Reliable
          • Up to date
          • Specific
        • Disadvantages
          • Time cosuming
          • Biased
          • Expensive
      • Secondary
        • Advantages
          • Cheaper
          • Quicker process
          • Easy access
        • Disadvantages
          • Not specific to business
          • Out of date?
      • Sampling
        • Types of Sampling
          • Quota
            • Advantages
              • Ensures some degree of representativeness of all the strata in the population
            • Disadvantages
              • Degree of generalising is questionable
          • Random
            • Advantages
              • Represent target population
              • Eliminate sampling bias
            • Disadvantages
              • Difficult to achieve (time, effort, money)
          • Statified
            • Advantages
              • Sample should be highly representative
              • Generalise from results
            • Disadvantages
              • Time consuming
              • Difficult to do
        • Value of sampling will depend on
          • Technique used
          • How the sample was carried out
          • The size of the sample
        • The size of the sample will depend on
          • Budget available
          • Importance of accuracy
          • Degree of confidence in results
      • Interpreting market data
        • Correlation
        • Confidence intervals
        • Extrapolation
    • Market
      • Types
        • Niche
          • A small, specialised market for a particular product/service with specific needs
        • Mass
      • Market segmentation
        • Improves sales volume
        • Increased prices
        • Increased diversification
      • The marketing mix
        • People
        • Price
        • Product
        • Place
        • Promotion
        • Physical evidence
        • Process
      • Pricing
        • Premium
          • High price reflects quality
        • Skimming/ creaming
          • High prices to start with
        • Penetration
          • Low price to start with
        • Cost plus
          • Cover your costs
      • PED & YED
        • PED
          • Price elasticity of demand
            • % change in demand/% change in price
          • Factors that affect PED
            • The availability of substitutes
            • The price of competitors goods
            • Time
            • Branding
            • Income
            • Nature of goods
        • YED
          • Income elasticity of demand
            • % change in demand/% change in income
      • Product
        • The Product Life cycle
          • Extension strategies
        • The Boston Matrix
          • Cash Cows
          • Stars
          • Dogs
          • Problem Childs
        • Product Portfolio
          • Building, Holding, Milking, Divesting

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