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What is Marketing?
The process of identifying a target market, defining what that target market needs & wants & organising the firm to meet those needs & wants
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What does the marketing mix consist of?
Physical Evidence, People, Process, Product, Price, Placement, Promotion
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Define the term 'marketing strategy'
A series of integrated actions leading to a sustainable, competitive advantage
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What is the importance of marketing?
Higher levels of competition, innovation, awareness of ethical issues, more range of products, indisposable income
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What is market orientation?
an outward looking approach, focusing on the needs & wants of consumers
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What is product orientation?
An inward looking approach, focusing on innovation & product development
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What are the types of sales forecasting?
Seasonal variation, cyclical, variation and random variation
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What are the benefits of sales forecasting?
Aids stock control, supports operational planning, helps budgeting, accurate in short term, enables efficiency of the use of resources
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What are the limitations of sales forecasting?
Predictions are potentially flawed, doesn't include external factors, new business don't have enough data, results are only as good as data used
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How do you find the 3 point moving average?
The sales in 3 years (e.g. 2003 sales + 2004 sales + 2005 sales) all divided by 3, (that would be your 2004 3 point moving average)
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How do you find the variation of the sales and the average variation
Variation: actual sales - trend (3 point moving average), and brackets if it is a negative number. Average variation= all variations added together/number of variations
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How do you find the 4 year moving total?
past 4 years of sales added up (e.g 2006 sales + 2007 sales + 2008 sales + 2009 sales) (would be put in between 2007 & 2008 sales)
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How do you find the 8 year moving total?
two 4 year moving totals added (e.g. 2006-2009 4y + 2007-2010 4y)
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How do you find an accurate trend line?
8 year total divided by 8
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Define the term; extrapolationg
Basing future predictions on past results
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What can aid profit maximisation in Marketing and HR?
Marketing; improving brand image, improving customer base, improving product portfolio, raise market share. HR: increasing productivity, reduced labour turnover, reduced absenteeism
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Define the terms; (a) qualitative data and (b) quantitative data
(a) Data from pre-set questions, produced in statistical terms, usually obtained vis surveys or secondary data. (b) data that considers motivations, attitudes & perceptions, considered 'soft information' (e.g. interviews, focus groups, etc.)
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Define Primary and secondary research
Primary research; New researchers carried out in response to a specific issue that has arisen. Secondary data; research to obtain data that already exists
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Name at least 5 ways in which you can obtain primary data
Face to face survey, postal survey, online survey, focus groups, personal interviews, telephone survey, observation
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What is the difference between internal and external data?
External; data that already exists but not within the organisation itself. Internal; data that already exists within the organisation
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What is sampling? and what is a sampling frame?
Sampling is deciding on who to include in your research, representative of the sampling frame; contains all the people relevant to the survey.
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What is the difference between random sampling and simple random sampling?
Random sampling; where every member of the sample frame has a known probability of selection. Simple random sampling; random choice of a certain number of individuals, 'names out of a hat'.
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Define; Stratified random sampling, Cluster sampling and Non-random sampling
Stratifies; Takes account different characteristics or their importance. Cluster; sampling frame is divide into geographical clusters and a sample is drawn at random. Non- random; not everybody has equal chance of selection
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Name of at least 2 more types of sampling and their uses
Convenience; anybody willing to be included, Quota; sampling frame is divided into strata (e.g. according to age). Snowballing; specialised, starting with an individual and then uses their contacts, snowball effect.
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Define the term; Market segmentation
The process of dividing the market up into different groups of buyers with similar characteristics, assuming they have similar needs and wants.
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Name at least 7 ways a market can be divided according to (consumer profile)
Gender, Age, Social Demographic, Location, Nationality, Income, Level of Education, Interests and Religion
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Define the term; Market Planning
The process of formulating appropriate strategies & preparing marketing activities to meet marketing objectives.
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Define; Niche Marketing & Mass marketing
Niche; a strategy whereby a firm targets its products at a small, specific segment (exclusive). Mass; Where a firm target a large market with a standardised product, (with differentiation); large market is targeted by altering the marketing mix
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Define; product positioning & perception map
Product positioning; a business needs to analyse how and where a product can be put into a market. Perception map; marketing model attempting to show the perception of customers to a type of product in a graph using the 2 most important variables
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Define the terms; Continuous primary research, Ad-hoc primary research & Omnibus primary research
Continuous; carried out on an ongoing basis. Ad-hoc; carried out on a one-off basis. Omnibus; involves several businesses contributing their own questions to a multi-part survey
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Card 2


What does the marketing mix consist of?


Physical Evidence, People, Process, Product, Price, Placement, Promotion

Card 3


Define the term 'marketing strategy'


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Card 4


What is the importance of marketing?


Preview of the front of card 4

Card 5


What is market orientation?


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