Business Basics
What are the 4 internal operating factors
Employees, Owners/managers, Culture, Structure
What are the 2 types of market research?
Primary and secondary
What are the three marketing objectives of the growth stage?
Sales, Market Share, Brand Awareness.
Which factor:
Class, family and reference groups
Socio-cultural
External operating factors
Customers, suppliers, competitors, interest groups
The percentage of the market a brand holds, often expressed as a percentage
Market share
Which P
Distribution, channels, non-store and multichannel
Place
Which factor:
Peaks and prosperity
Recession and troughs
Economic
What factor is this:
Inflation rate affects cost of goods
Economic factor
Logos, branding, uniforms all sending the same message and consistency to the consumer
Brand awareness
Market skimming, dynamic, premium.
Price
Which factor:
Economic policies and regulation
Government
What factor is this:
36% of shoppers will spend more on sustainable businesses
Socio-cultural
Asking for a post code at the end of a transaction is what kind of market research?
Primary
Which P?
Features, benefits, packaging, branding
Product
Which factor:
Motivation and perception
Psychological
What are the four business functions?
Marketing, Human Resources, Operations and Finance
Data that has been collected by other organisations.
Secondary research
Which P?
Digital, emerging, word of mouth, social media
Promotion
Which factor?
Attitudes and learning
Psychological