Roles of Marketing
_______ is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.
Marketing
What analytical tool helps to inform future marketing strategies (4 letters)?
SWOT analysis
1. Customer Criteria
2. Rank yourself and competitors
3. Identify where you are in scale
4. USP statement
What does SWOT stand for?
Strengths, Weaknesses, Opportunities & Threats
Identify 2 main reasons why researching a market is important
>Help firms make marketing decisions
>Reduce risk
What is the most recent Era of Marketing called?
Social/Mobile
Observation, Survey and experiment are all types of _____ data?
Primary
Headings, title, word limit (500-600), professional language, paragraphs, references to source
What are the 2 of the 4 business evaluation criteria?
Competitiveness, efficiency, effectiveness & stakeholder satisfaction
What is the definition of a primary market research?
New data collected from original sources
What is the type of market that focuses on a micro segment of consumers within the market?
Niche Market
The use of social media to create brand awareness comes under which of the 4 P’s?
Promotion
What are 2 analytical tools studied this semester?
SWOT and USP
USP analysis involves creating a list of criteria and a list of , before ranking them.
Competitors
What is the definition of a secondary research marketing?
-Data already exists as it has been collected by other people or organisations.
Name two psychological factors that affect consumer buying behaviour.
Motivation/Perception/Learning/Attitudes/Personality and self-concept.
is a key factor that differentiates one product from another.
USP (Unique Selling Proposition)
Name 3 internal environmental factors
Employees | Organisational culture | Organisational structure | Owners/management
Evaluation requires you to use criteria, justify your decision and give a .
Recommendation
What is an example of an internal data research source
1.customer feedback,
2.internal database,
3.previous sales data,
4.financial statements.
The ACCC is a government body that checks for _____ or _____ conduct in company advertisement.
Misleading or Deceptive
The target market focused on consumers lifestyle, values, and personality is known as __________ segmentation.
Psychographic
Name 3 External environmental factors
Customers | Interest groups | Competitors | Suppliers
List one internal, one external operating, and one external macro factor.
Int: org cult, org struc, owners, employees
Ext: supp, compet, custom, int groups
Macro: STEEPLE
What is an example of an external data research source
1.census,
2.government data,
3.paid marketing research,
4. competitor information.