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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
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What is the difference between primary and secondary research?
Primary research collects new
data
; secondary uses existing data
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What are the disadvantages of primary research?
It can be
time-consuming
and
expensive
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How do mass markets differ from niche markets?
Mass markets target a broad audience; niche markets target specific
segments
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How can markets be further segmented?
By
demographics
,
psychographics
, and
behavior
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What is the importance of identifying target markets?
It helps businesses understand
customer needs
and wants
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What are market trends?
Patterns
or changes in
consumer behavior
over time
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What internal influences can affect markets?
SWOT analysis
identifies
strengths
,
weaknesses
,
opportunities
, threats
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What external influences can affect markets?
PESTLE
analysis examines
political
, economic, social,
technological
, legal,
environmental
factors
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Why is validity important in research?
It ensures the research
measures
what it
claims
to
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Why is reliability important in research?
It ensures
consistent
results across studies
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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
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What should you identify about your findings in the exam?
What you found out, the
theme
or
trend
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How will your findings impact the case study business?
They will inform
strategic
decisions and actions
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How do your findings help achieve aims and objectives?
They provide insights to guide business
strategies
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What does SWOT stand for in SWOT analysis?
Strengths
,
Weaknesses
,
Opportunities
, Threats
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What is the purpose of a SWOT analysis?
To evaluate
internal
and
external
factors
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What does PESTLE stand for in PESTLE analysis?
Political
, Economic, Social,
Technological
,
Legal
, Environmental
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What is the purpose of a PESTLE analysis?
To assess
external
factors affecting a business
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What is the Product Life Cycle?
A model describing a product's
stages
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Why is it important to use analysis tools for the exam?
They help structure and support
arguments
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What should you focus on when using analysis tools in the exam?
Factors specific to the
business
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What is the purpose of a marketing message?
To communicate with
target customers
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How should you link analysis tools back to the case study business?
By relating factors to business
aims and objectives
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What are the main components of the Marketing Mix?
The
4P's
:
Product
,
Price
,
Place
,
Promotion
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Why is it important to justify each factor in your analysis?
To explain its impact on
business success
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What are the additional 3P's in the Marketing Mix?
People
,
Physical
,
Process
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What two questions should you answer regarding influences on the business?
WHAT
and
HOW
regarding influences
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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
View source
How can influences affect the business?
They can have positive or negative
effects
View source
How long should you spend writing about each 'P' in the Marketing Mix for the exam?
6 to 7
minutes
View source
See all 71 cards
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