Marketing & Market Research
What is market research?
Market research is the process of collecting and analysing information about customers, competitors and the market to assist business decision-making.
Which P refers to how much customers pay?
Price.
What are the four main stages of the product life cycle?
Introduction, growth, maturity and decline.
What does SEO stand for?
Search Engine Optimisation.
What does PR stand for?
Public Relations.
What is primary data?
Which P refers to employees and their interaction with customers?
People.
Name 4 examples of pricing strategies
Recommended retail price; Percentage mark-ups; Price leadership; What the market will bear; Quote; Skimming; Penetration; Premium; Bundle; Psychological
What is data analytics?
Analysing data to identify patterns and draw conclusions.
What does SMART stand for?
Specific, Measurable, Attainable, Relevant and Time-bound.
What is secondary data?
Existing information collected by another person or organisation.
What does the P in the 7Ps stand for?
Product, Price, Place, Promotion, People, Physical Evidence and Process.
What is a percentage mark-up?
Increasing the cost price by a fixed percentage to determine the selling price.
What is a customer loyalty program?
A rewards-based program encouraging repeat purchases.
What is green marketing?
Promoting and selling products based on their real or perceived environmental benefits.
What are the market segment and the target market?
A market segment is a group of customers with similar characteristics
The target market is the segment the business chooses to focus on.
What is physical evidence? Example
The tangible aspects that help customers judge a business or service, such as appearance, layout, packaging or facilities.
What is penetration pricing?
Setting a low initial price to attract customers and gain market share.
Name three technological developments used in marketing.
Any three: social media, email marketing, SEO, AI, data analytics or data management.
Name two Corporate social responsibility (CSR) considerations when establishing a customer base.
Community sponsorship/Green marketing/Protection of consumer policy
Name the four market dimensions.
Demographic, geographic, psychographic and behavioural.
Why should the 7Ps be integrated?
Because the elements should work together to meet customer needs, establish a customer base and achieve business objectives.
What is an extension strategy?
A strategy used to extend a product's life and delay decline, such as modifying the product, finding new markets or increasing promotion.
What is one advantage and one disadvantage of using a customer loyalty program?
Advantage: Encourages repeat purchases and builds customer loyalty.
Disadvantage: It can be costly to operate and maintain./Customers may only purchase for rewards
Name 5 stages of public relations (PR)
Stage1. Establish public relations objectives. 2. Identify the intended publics. Develop specific public relations strategies & tactics. 4. Implement the public relations campaign. 5. Evaluate the results