Marketing

SWOT

Strengths, weaknesses, opportunities and threats

Product life cycle

Introduction, growth, maturity, decline

Purpose of situational analysis

To identify the position of the business in the market before making decisions

Market research

The process of collecting, analysing and interpreting information or data about customers, target market, competitors and market trends

Purpose of market research

To help businesses understand customer needs and if there are any market opportunities the business needs to explore

Steps of market research

Determine information needs, data collection (primary and secondary sources), analyse and interpret data

Marketing objectives

Increase market share, expand product range, maximise customer service

Primary market

The market segment at which most marketing resources are directed

Secondary market

A smaller and less important market segment

Mass marketing

Targets the entire market with one product and strategy e.g. coca cola markets the same drink to everyone

Market segmentation

Dividing the total market into smaller groups with similar needs e.g. demographic, geographic, psychographic, behavioural

Niche marketing

Targets the specific needs of the target market e.g. vegan bakery targeting plant-based consumers

Product

Branding, packaging

Pricing methods

Cost based, market based, competitor based

Pricing strategies

Price skimming, penetration, loss leader, price points

Place

Intensive, selective, exclusive

Promotion

Relationship marketing, advertising, public relations, opinion leaders

Implementation

Putting marketing strategies into action

Monitoring

Comparing actual and planned results

Controlling

Adjusting/revising marketing strategies