marketing flashcards
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- Created by: ManuSB
- Created on: 18-03-24 15:56
Marketing Objectives
the process of identifying, anticipating (predicting), and satisfying customer needs profitably
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Marketing Objectives examples
Ensure functional activities consistent with corporate objectives
Provide a focus for marketing decision-making and effort
Provide a focus for marketing decision-making and effort
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types of marketing objectives
- Sales volume
- Sales value (revenue)
- Market growth (%)
- Market share (%)
- Brand loyalty/awareness
- Sales value (revenue)
- Market growth (%)
- Market share (%)
- Brand loyalty/awareness
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External influences on marketing objectives and decisions:
-Economic environment
- Competitor actions
- Market dynamics
- Technological change
- Social and political change
- Competitor actions
- Market dynamics
- Technological change
- Social and political change
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Economic environment
Key determinant of demand; e.g., recession can alter marketing objectives. Exchange rates impact international marketing objectives
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Competitor actions
Marketing objectives must consider likely competitor responses. Increasing market share implies effective competition management
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Market dynamics
Influenced by market size, growth, and segmentation. Changes affect marketing objectives; e.g., slow growth may hinder revenue growth objectives.
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Technological change
Rapid tech changes affect consumer markets, shorten product life cycles, and foster innovation opportunities.
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Social and political change
Legislative changes create or hinder marketing opportunities. Societal structural and attitudinal shifts impact various markets
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Internal influences on marketing objectives and decisions
Corporate objectives
Finance
Human resources
Operational issues
Business culture
Finance
Human resources
Operational issues
Business culture
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Corporate objectives
Must align with marketing objectives to avoid conflict.
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Finance:
Business financial position impacts marketing scope and scale
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Human resources
Workforce quality and capacity affect marketing objectives, influencing customer service and productivity
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Operational issues
Operations impact cost competitiveness and quality, capacity management influences revenue objectives
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Business culture
Marketing-oriented culture focuses on meeting customer needs; production-oriented culture may lead to unrealistic marketing objectives.
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Market Research
the systematic and objective collation, analysis, and evaluation of information that is intended to
assist in the marketing process
assist in the marketing process
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Primary Market Research
involves the collection of first hand data that did not exist before and therefore it is original data. It fills gaps that secondary research cannot
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Examples of primary research:
- Focus groups
- Interviews (online & in-person)
- Surveys & questionnaires
- Interviews (online & in-person)
- Surveys & questionnaires
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Advantages of primary research:
- Directly focused on research objectives = fit for purpose
- Tends to be more up-to-date than secondary research
- Provides more detailed insights – particularly into customer views
- Tends to be more up-to-date than secondary research
- Provides more detailed insights – particularly into customer views
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Disadvantages of primary research:
- Time-consuming and often costly to obtain
- Risk of survey bias – research samples may not be representative of the population
- Risk of survey bias – research samples may not be representative of the population
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Secondary Market Research
research that has already been undertaken by another organisation and
therefore already exists
therefore already exists
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Sources of secondary research:
- Government publications
- Newspapers
- Magazines
- Company records
- Newspapers
- Magazines
- Company records
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Advantages of secondary research:
- Already gathered so may be quicker to collect
- May be gathered on a much larger scale than possible for the firm
- In some cases it can be very cheap or free to access
- May be gathered on a much larger scale than possible for the firm
- In some cases it can be very cheap or free to access
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Disadvantages of secondary research:
- Information may be outdated, therefore inaccurate
- The data may be biased and it is hard to know if the information was collected is accurate
- The data may be biased and it is hard to know if the information was collected is accurate
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Market Mapping
a framework for analysing market positioning is a ‘market (positioning) map’. A market map
illustrates the range of positions that a product can take in a market based on two dimensions that are important to customers
illustrates the range of positions that a product can take in a market based on two dimensions that are important to customers
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Advantages of positioning maps:
- Help spot gaps in the market
- Useful for analysing competitors – where are their products positioned?
- Encourages use of market research
- Useful for analysing competitors – where are their products positioned?
- Encourages use of market research
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Disadvantages of positioning maps:
- Just because there is a gap in the market doesn’t mean there is demand for the product
- Not a guarantee of success
- Not a guarantee of success
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Sampling
involves gathering data from respondents whose views or behaviours are representative of the target market as a whole
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Random sampling
member of target population has an equal chance of being chosen
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Quota/Stratified
based on obtaining a sample that reflects the types of consumers from whom the business
wished to gain information (e.g. gender, age)
wished to gain information (e.g. gender, age)
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Advantages of sampling:
- Provides a good indication
- Helps avoid expensive errors
- Helps avoid expensive errors
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Disadvantages of sampling:
- May be unrepresentative
- Bias
- Difficult to locate suitable correspondents
- Bias
- Difficult to locate suitable correspondents
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Extrapolation
it is like an educated guess or a hypothesis
- When you make an extrapolation, you take facts and observations about a present or known situation and
use them to make a prediction about what might eventually happen
- When you make an extrapolation, you take facts and observations about a present or known situation and
use them to make a prediction about what might eventually happen
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Disadvantages of extrapolation:
- Less reliable if fluctuations occur (e.g. weather is unpredictable)
- Assumes past changes will continue
- Assumes past changes will continue
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Correlations
another method of sales forecasting that looks at the strength of a relationship between two variables
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define Positive correlations
Positive correlations means the two sets of data are connected in some way (e.g the closer it gets to Christmas, the more Christmas trees that are sold)
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define Negative correlations
Negative correlations also means the two sets of data are related but as x increases, y decreases
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define big data
the process of collecting and analysing large data sets from traditional and digital sources to identify
trends and patterns that can be used in decision-making
trends and patterns that can be used in decision-making
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How the data is generated:
- Retail e-commerce databases
- User-interactions with websites and mobile apps
- Usage of logistics, transportation systems, financial and health care
- Social media data
- User-interactions with websites and mobile apps
- Usage of logistics, transportation systems, financial and health care
- Social media data
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How technology enables more effective marketing decisions:
help to better understand their customers, optimize pricing strategies, reach target audiences more effectively, streamline customer interactions, refine marketing campaigns, and stay competitive within their industries.
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Other cards in this set
Card 2
Front
Marketing Objectives examples
Back
Ensure functional activities consistent with corporate objectives
Provide a focus for marketing decision-making and effort
Provide a focus for marketing decision-making and effort
Card 3
Front
types of marketing objectives
Back
Card 4
Front
External influences on marketing objectives and decisions:
Back
Card 5
Front
Economic environment
Back
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