Vocabulary
A study undertaken by an organization to identify its internal strengths and weaknesses, as well as its external opportunities and threats.
What is a SWOT analysis?
What are the 4 P's of the Marketing Mix?
Product, Price, Place, Promotion
What are the external factors of a SWOT analysis?
What are opportunities and threats?
Market Research is the process of gathering information about your ___________________
What is a Target Market?
What are the internal factors of a SWOT analysis?
What are Strengths and Weaknesses?
Your ideal customer's age, family size, budget, job title, the challenges they face at work, and similar aspects of their lifestyle.
What is a Buyer Persona?
Which of the following marketing mix activities is most closely associated with newsletters, catalogs and invitations to organization-sponsored events?
What is promotion?
What aspect(s) of the SWOT analysis would be the location of your business be?
What is strength or weakness?
Is the associations your audience members make when they think about your business and what they believe you're all about.
What is Brand Awareness?
_____________ research gives you a look into how you can get current customers to return for more business and what will motivate them to do so.
What is customer satisfaction and loyalty?
______________ research allows you to sit back and watch the ways in which your target audience members go about using your product or service, what works well, what roadblocks they’ve hit, and which aspects of it could be easier for them to use and apply.
What is Observation Based?
Management of a company is trying to make the decision on the innovation of their service and have decided to introduce a new range of athletic equipment. What element of the marketing mix are they using?
What is a product?
Who usually conducts a SWOT analysis for a business?
What are managers?
_______________research allows you to categorize your target audience into different groups based on specific and defining characteristics.
What is market segmentation?
What type of research is especially useful when analyzing your competitors?
What is secondary research?
A ____________________ specifies a target market and a related marketing mix.
What is marketing strategy?
Name 3 elements of Place from the marketing mix.
Retail Location
Downloads
Delivery
Distribution
Name three potential threats.
Emerging competitors
Changing regulatory environment
Negative press/media coverage
Changing customer attitudes toward your company
Market trends we are unprepared for
Economic or political issues that could negatively impact the company
What type of research uses public data and records?
What is secondary research?
What type of research is especially useful when creating your buyer personas?
What is Primary Research?
_____________ research offers insight into how and why your audience uses your product or service, and specific features of that item.
What is product/service use?
Name 3 things that will help you define your pricing strategy.
What similar products or services in your market sell for
What's a fair price for you to list your product or service at
What your target audience expects to pay — and is willing to pay
What time period should the SWOT analysis focus on?
(past, current, future)
What is the future?
Name two of the three purposes for market research.
(there are more than three reasons, but I am referring to the definition we reviewed in class)
Verify the success of a new product
Help your team iterate on an existing product
Understand brand perception
List three elements of the promotional aspect of the marketing mix.
Advertising, Sales Promotion, Publicity, Public Relations, Direct Marketing and Personal Selling