marketing

    Cards (71)

    • S-strengths
      W-weakness
      O-opportunities
      T-threats
    • 7Ps
      product
      place
      price
      promotion
      people
      process
      physical environment
    • pestle
      political
      economic
      social
      technology
      environmental
      legal
    • market share
      the percentage of total share in an industry generated by a particular company
    • aims and objectives
      aims- to create an overall intention
      objective- aims to be broken down into specific target
    • justification
      an acceptable reason for doing anything
    • S-specific
      M-measurable
      A-achievable
      R-realistic
      T-time bound
    • during the exam
      Write 2-3 marketing objectives that will help the business achieve its overall aim.
      Specific to the business.
      SMART if possible.
      Justify each objective by saying WHY it will help achieve the business aims
    • In the exam remember
      WHAT - is the objective trying to be achieved?
      HOW - will each objective support the aim?
      HOW - will each objective be carried out?
    • What is the purpose of market research?
      To gather information about markets
    • What is the difference between primary and secondary research?
      Primary research collects new data; secondary uses existing data
    • What are the disadvantages of primary research?
      It can be time-consuming and expensive
    • How do mass markets differ from niche markets?
      Mass markets target a broad audience; niche markets target specific segments
    • How can markets be further segmented?
      By demographics, psychographics, and behavior
    • What is the importance of identifying target markets?
      It helps businesses understand customer needs and wants
    • What are market trends?
      Patterns or changes in consumer behavior over time
    • What internal influences can affect markets?
      SWOT analysis identifies strengths, weaknesses, opportunities, threats
    • What external influences can affect markets?
      PESTLE analysis examines political, economic, social, technological, legal, environmental factors
    • Why is validity important in research?
      It ensures the research measures what it claims to
    • Why is reliability important in research?
      It ensures consistent results across studies
    • What should you focus on when writing about research findings for the exam?
      • Key findings or themes
      • Write in depth about 2 to 3 themes
      • Explain significance to the case study business
      • Link back to aims and objectives
    • What should you identify about your findings in the exam?
      What you found out, the theme or trend
    • How will your findings impact the case study business?
      They will inform strategic decisions and actions
    • How do your findings help achieve aims and objectives?
      They provide insights to guide business strategies
    • What does SWOT stand for in SWOT analysis?
      Strengths, Weaknesses, Opportunities, Threats
    • What is the purpose of a SWOT analysis?
      To evaluate internal and external factors
    • What does PESTLE stand for in PESTLE analysis?
      Political, Economic, Social, Technological, Legal, Environmental
    • What is the purpose of a PESTLE analysis?
      To assess external factors affecting a business
    • What is the Product Life Cycle?
      A model describing a product's stages
    • Why is it important to use analysis tools for the exam?
      They help structure and support arguments
    • What should you focus on when using analysis tools in the exam?
      Factors specific to the business
    • What is the purpose of a marketing message?
      To communicate with target customers
    • How should you link analysis tools back to the case study business?
      By relating factors to business aims and objectives
    • What are the main components of the Marketing Mix?
      The 4P's: Product, Price, Place, Promotion
    • Why is it important to justify each factor in your analysis?
      To explain its impact on business success
    • What are the additional 3P's in the Marketing Mix?
      People, Physical, Process
    • What two questions should you answer regarding influences on the business?
      WHAT and HOW regarding influences
    • What should be included in a marketing message for the exam?
      • What to communicate to target customers
      • The strapline
      • Reason for choosing the strapline
      • Why customers should choose you over competitors
      • Link to business aims and objectives
    • How can influences affect the business?
      They can have positive or negative effects
    • How long should you spend writing about each 'P' in the Marketing Mix for the exam?
      6 to 7 minutes
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