Buisness

What does SMEIDI stand for?

What does SMEIDI stand for?

S ituational Analysis

M arket Research

E stablishing Marketing Objectives

I dentifying Target Markets

D eveloping Marketing Strategies

I mplementation, Monitoring, Controlling

What does a situational analyses do

management has a precise understanding of the business’s current position and a clear picture of where it is heading.

What are the 3 steps of marketing resarch? Give charecteristics to each

1. Determining Information Needs

Businesses must determine its information needs

2. Collecting Data

Survey method – asking / interviewing people

Observation method - recording customer behaviours

Experiment method – altering factors under controlled conditions to evaluate cause and effect

3. Data Analysis and Interpretation

Once data is collect, conclusions need to be drawn

Interpretation is largely based on marketing manager’s judgement, experience and intuition

What does SMART stand for when establishing marketing objectives

Specific

Measurable

Achievable

Realistic

Time-Specific

What are some general marketing objectives?

Increase market share

Expand the product range

Maximising Customer Service

Expand into new geographic markets

What are the 4 Ps

Product

Price

Promotion

Place

What are Segment Variables

Demographic

Geographic

Psychographic

Behavioural

What is postioning

Refers to the development of a product image compared with the image of competing products

List Benefits of Branding for the consumer

Identify specific products they like

Evaluate quality of products

Reduce level of perceived risk

Gain psychological reward

List Benefits of Branding for the buisness

Gain repeat sales

Help introduce new products

Helps with promotional activities

Encourages customer loyalty

What are the 3 factors that price is based off

Cost-Based Pricing

Market-Based Pricing

Competition-Based Pricing

What are the diffrent forms of advertising

Mass Marketing

Telemarketing

E-Marketing

Social media marketing

Billboards

Methods for sales promotion

Coupons

Premiums

Refunds

Samples

List the physical distribution issues

Transport

Warehousing

Inventory

Difference between Multinational and Transnational

M= Companies in more than one country and operate based on one system

T= Companies that are in multiple countries but dont have a central system

Define standardisation

Glodal marketing stratgy that assumes the way the product is used and the needs it satifies are the same over the world.

How to overcome completive positioning

To differentiate successfully + avoid competing on price strive to develop product leadership, positive customer relationships and operational excellence