Marketing Processes and Marketing Strategies 0.0 / 5 ? Business StudiesMarketingAll LevelsAll boards Created by: zoep.s123Created on: 23-11-16 06:59 SWOT analysis Present state of a business 1 of 31 Product Life Cycle the stages a product passes through 2 of 31 Market research Process of systematically, collecting, recording and analysing information concerning a specific marketing problem 3 of 31 Primary research Primary: collecting form original sources by business (survey, observation method, experiment method) 4 of 31 Secondary research Secondary: uses info already collected by others (internal – feedback, external – universities, government websites) 5 of 31 Marketing objectives realistic and measurable goals to be achieved through the marketing plan 6 of 31 Target market a group of present and potential customers to which a business sells its product 7 of 31 Primary target market the market segment at which most of the marketing resources are directed 8 of 31 Secondary target market a small less important segment 9 of 31 Mass marketing a product used by everyone on a large scale with similar needs 10 of 31 Market segmentation a product used by everyone on a large scale with similar needs 11 of 31 Niche marketing specific, small targeted type of marketing 12 of 31 Marketing strategies are actions undertaken to achieve the business’s marketing objectives through the marketing mix – 4 P’s 13 of 31 Implementation putting the marketing strategies into operation: - plan must be integrated 14 of 31 Monitoring Checking and observing the plan 15 of 31 Controlling Comparison of planned performance against actual performance + taking corrective action 16 of 31 Financial forecast the business’s predictions about the future: a cost and revenue estimate 17 of 31 Product the goods or service that can be touched and owned by customers 18 of 31 Branding • A brands symbol or logo is a graphic representation that identifies a business or product 19 of 31 Packaging • Involves the development of a container and the graphic design for a product 20 of 31 Price refers to the amount of money a customer is prepared to offer in exchange for a product 21 of 31 Cost-based pricing siness determines total cost then adds amount to cover additional costs, then adds profit margin 22 of 31 Market – based pricing price based on demand and supply 23 of 31 Competition-based pricing price covers cost and is comparable to the competitors’ price 24 of 31 Price skimming business charges highest possible price during introduction stage to give status 25 of 31 Price penetration business charges the lowest price possible to quickly achieve market share 26 of 31 Loss leading product sold at or below cost price, to attract customers 27 of 31 Price points selling products at certain set prices 28 of 31 Promotion attempts to attract new customers by heightening awareness of a product 29 of 31 Advertising paid, non-personal message communicated through a mass medium 30 of 31 Place A business must decide a place to get to the customer hands and therefore an efficient distribution system is required 31 of 31
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