Decision-Making to improve marketing performance
- Created by: Jodie_charnock
- Created on: 18-01-18 11:18
View mindmap
- 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
- Sales volume and value
- Market Research
- Primary
- Advantages
- Reliable
- Up to date
- Specific
- Disadvantages
- Time cosuming
- Biased
- Expensive
- Advantages
- Secondary
- Advantages
- Cheaper
- Quicker process
- Easy access
- Disadvantages
- Not specific to business
- Out of date?
- Advantages
- Sampling
- Types of Sampling
- Quota
- Advantages
- Ensures some degree of representativeness of all the strata in the population
- Disadvantages
- Degree of generalising is questionable
- Advantages
- Random
- Advantages
- Represent target population
- Eliminate sampling bias
- Disadvantages
- Difficult to achieve (time, effort, money)
- Advantages
- Statified
- Advantages
- Sample should be highly representative
- Generalise from results
- Disadvantages
- Time consuming
- Difficult to do
- Advantages
- Quota
- 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
- Types of Sampling
- Interpreting market data
- Correlation
- Confidence intervals
- Extrapolation
- Primary
- Market
- Types
- Niche
- A small, specialised market for a particular product/service with specific needs
- Mass
- Niche
- 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
- Premium
- 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
- Price elasticity of demand
- YED
- Income elasticity of demand
- % change in demand/% change in income
- Income elasticity of demand
- PED
- Product
- The Product Life cycle
- Extension strategies
- The Boston Matrix
- Cash Cows
- Stars
- Dogs
- Problem Childs
- Product Portfolio
- Building, Holding, Milking, Divesting
- The Product Life cycle
- Types
- Setting marketing objectives
Similar Business Studies resources:
Teacher recommended
Comments
No comments have yet been made