Chapter 7-Marketing Strategies

SMEIDI
the steps involved in developing a marketing plan. Situational analysis, Market research, Establishing marketing objectives, Identify target markets, Develop marketing strategies, Implementation, monitoring and controlling
SWOT Analysis
involves the identification and analysis of the internal strengths and weaknesses of the business, and the opportunities in, and threats from the external environment
Product Life Cycle
consists of the stages a product passes through, introduction, growth, maturity and decline
Market Research
is the process of systematically collecting, recording and analysing information concerning a specific marketing problem
Marketing Data
refers to the information relevant to the defined marketing problem
Primary Data
are the facts and figures collected form original sources for the purpose of the specific research problem
Survey
gathering data by asking or interviewing people
Secondary Data
is information that has already been collected by some other person or organisation
Internal Data
refers to information that has already been collected from inside the business
External Data
refers to published data from outside the business
Market Objectives
are the realistic and measurable goals to be achieved through the marketing plan
Market Share
refers to the business’s share of the total industry sales for a particular product
Product Mix
is the total range of products offered by a business
Customer Service
responding to the needs and problems of the customer
Target Market
is a group of present and potential customers to which a business intends to sell its product
Primary Target Market
is the market segment at which most of the marketing resources are directed
Secondary Target Market
is usually a smaller and less important market segment
Market Segmentation
occurs when the total market is subdivided into groups of people who share one or more common characteristics
Marketing Strategies
actions undertaken to achieve the business’s marketing objectives through the marketing mix
Marketing Mix
refers to the combination of the four elements of marketing, the four Ps — product, price, promotion and place — that make up the marketing strategy
Implementation
the process of putting the marketing strategies into operation
Monitoring
means checking and observing the actual progress of the marketing plan
Sales Analysis
is the comparing of actual sales with forecast sales to determine the effectiveness of the marketing strategy
Marketing Profitability Analysis
is a method in which the business breaks down the total marketing costs into specific marketing activities
Product Deletion
is the elimination of some lines of products