Marketing Management

• What are common marketing objectives?

  Sales volume, Sales value, Market size, Market growth, Market share, Brand loyalty
• What is sampling?

  The opinions of a cross section of people who represent the views of the market
• What are the advantages of of sampling?

  Aids decisions, competitive advantages, broad range of opinions
• What are the disadvantages of sampling?

  depends on sample size, accurate representation
• What are the 3 kinds of sampling?

  random - useful for mass marketing, quota - sample that represents overall population, stratified - specific sub groups
• What is extrapolation?

  using past trends to predict future trends
• What is price elasticity of demand?

  Quantity of product demand is affected by change in price
• What factors effect PED?

  habits, time, brand strength, necessity or luxury
• What is income elasticity of demand?

  measure the extent to which a product demand increases due to income
• What is the calculation for price elasticity of demand?

  Percentage change in quantity demanded divided by the percentage change in price.
• What is the calculation for income elasticity of demand?

  Percentage change in quantity demanded divided by percentage change in income.
• What is the STP model?

  market Segmentation, market targeting, market positioning
• What are the 7Ps in the extended marketing mix?

  Product, Price, Place, Promotion, People, Process, Physical evidence.
• What does CRM stand for?

  Customer Relationship Management
• What is remuneration?

  Payment or compensation for work or services rendered.
• What are industrial goods?

  Goods that are used in the production of other goods or services.
• What is the product portfolio?

  The collection of products or services offered by a company.
• What are some key features of a product?

  Reliability, quality, packaging, price, and durability.
• What are some developing factors?

  Market research and environmental awareness
• What is the Boston Matrix?

  A tool used for portfolio analysis.
• What are the axis on the boston matrix?

  The axis on the Boston Matrix are market growth and market share.
• What are the 4 positions on the Boston Matrix?

  Stars, Cash Cows, Question Marks, and Dogs.
• Stars- high market share & growth cash flow is positive it is strong
• Question Mark - Low market share, High market growth, potential to be a star
• Cash Cow - High market share, low market growth, mature stage, positive cash flow, little potential for growth
• Dog - Low market share and growth, no potential, products failed/decline
• What are the advantages of the Boston Matrix?

  Strategic planning, Review existing products, identify cash cows for money, balanced portfolio
• Disadvantages of the Boston Matrix?

  Medium product, oversimplification, high market share does not always lead to an increase in profit
• What is the product life cycle?

  Research and development, introduction, growth, maturity, decline - if needed to be prolonged uses extensions
• What can be used as an extension?

  advertising, price reduction, adding value, new packaging
• What is product development?

  When a firm creates a new or improved good/service
• What is an advantage of product portfolio?

  Recognise certain areas to advance into new markets and identify cash flow
• Influences on product development - marketing, technology, competition, customers, suppliers, finance
• What are the two main forms of promotion?

  Informative - B2B

  Persuasive - B2C
• What categories are there?

  Above the line - Advertising through media

  Below the line - All other types (PR, Sales promotion)
• What is viral marketing?

  Viral marketing is a marketing strategy that relies on individuals to spread a marketing message to others, typically through social media or word of mouth, creating a viral effect.
• What is branding and its benefits?

  Branding: - Branding is the process of creating a unique name, design, symbol, or image that identifies and differentiates a product or service from others. Benefits: - Builds brand recognition, customer loyalty, and price inelastic
• What is AIDA?


  AIDA is an acronym that stands for Attention, Interest, Desire, Action - a model used in marketing and advertising to guide the stages a consumer goes through before making a purchase.
• What is a multichannel chain of distribution?

  Multiple intermediaries involved in getting a product from the manufacturer to the consumer.
• What factors influence distribution methods?

  size of business, type of business, target market, competition, type of product, technology, geography, complexity, control