Marketing Process pri

What is the business life cycle ?
Marketing process
Product analysis examines the current position of the goods &services that a business produces in the marketplace.Changing trends, innovation, product, prices, sales &profit margins will impact on the success of a product in the marketplace &it’s something all businesses experience
When looking at the business cycle what is important to remember ?
Marketing process
The business life cycle can apply to a particular product that the business provides and not the business itself, as some businesses sell more than one product or brand
Not all business experience all stages of the cycle establishment, growth, maturity, post maturity
What is the establishment stage ?
Marketing process
Of the product life cycle is when the new product is first launched. Sales growth may be slow as the business is beginning to establish awareness of the product in the market&needs time to develop a loyal customer base. Profits are limited because of the lack of revenue while expenses are high
What is the growth stage ?
Marketing process
If a new product begins to attract a core group of customers who display loyalty&satisfaction with the product by making repeated purchases then the business enters growth stage.Business may choose different marketing strategies .Expected promotional costs will increase during this stage
What is the maturity stage ?
Marketing process
Is the period of the product life cycle where sales begin to slow.Business faced with a steady income stream with limited growth prospects.Business must modify its marketing strategies to ensure continued success.Important the business establishes a competitive advantage
What is the post-maturity stage ?
Marketing process
Is the final phase of the business life cycle. During this stage key decisions will be made that will affect the long term survival of the business. Now the business is an established organization within the marketing. Business future has 4 paths; decline, renewal, steady state, cessation
What is the decline stage ?
Marketing process
During this stage the business faces a marketplace where there is increased competition and changes in the business environment. It’s product no longer meets needs of consumers&is considered to be outdated. Marketing strategies implemented by the business aim at revitalizing the product
What is the renewal stage ?
Marketing process
To restrict the impact of increased competition & re-establish itself with a competitive edge, the business may look to revitalize its product.May alter products features or packaging &relaunch the product as it seeks to invigorate the image & perception of the product in the marketplace
What is market research ?
Marketing process
When conducting market research, its important that the business first determines its information needs; that is the business should have some idea about type of information it’s looking for.It could vary from customer profiles or brand awareness through to attitudes towards certain new products
What is primary and secondary data ?
Marketing process
Primary is information collected for specific purpose it’s used for eg Myer conducted research to determine age bracket of customers visiting a specific store.Secondary is information that already exists eg Myer use information collected from earlier research to make comparisons with current data
What are sources of secondary data ?
Marketing process
Internal source are in the business itself. EG annual &financial reports, prior research.May use internal sourced data to make comparisons.
External exist outside the business data has been collected by other organisations.If they want this data may have to pay, EG magazines & internet
What is data analysis and interpretation ?
Marketing process
After a business has gathered information it needs it must then make meaning of it.Business attempt to analyse&interpret the data so management can gain a better understanding the impact of the data on operations.After this management is able to determine the most appropriate course of action.
What is establishing market objectives ?
Marketing process
Objectives of a business provide framework for the business to develop a series of activities& operations that aim to achieve the objectives. The objectives or goals guide the activities of the business.Important that goals be flexible so they can be adapt to the changing nature of business
What are general market objectives ?
Marketing process
Are three general market objectives that most businesses may adopt; increase market share, expand into new geographic markets & expand the product range. An effective business is one that develops goals that relate to the specific needs of its organisation
What is increase market share ?
Marketing process
Refers to percentage of total sales a business has compared with competitors in a particular market. Purpose of attempting increase market share of a business is increase business sales &profitability. Achieving this allows the business to become stronger & more dominant in the market place
What is expand into new geographic markets ?
Businesses may decide to expand the areas where goods & services are distributed.This allows a business to increase its sales but more importantly, allows brand of product to achieve a higher increased number of customersEG Spanish fashion brand Zara recently open up in Sydney
What is expand the product range ?
Marketing process
Providing a wider range of products may allow the business to target new markets in order to attract consumers who have not previously purchased its brand. New products may not be substantially different from existing brands but are promoted &distributed in a way that reaches new markets
What is sales analysis ?
Marketing process
An examination of the sales of a particular product among different customer groups by sales representatives and during various times of the year
What is market share analysis ?
Marketing process
An examination of the sales performance of a business and its comparison with that of its direct competitors. Allows management to determine whether the marketing strategies implanted by the business have increased the number of customers
What is marketing profitability analysis ?
Marketing process
The process of evaluating the financial such as profit and sales and non financial such as brand awareness and customer satisfaction benefits that have been achieved by a specific marketing plan against the costs of implementing the plan
What is revising the marketing strategy ?
Marketing process
While monitoring &controlling the marketing plan is essential, the business must also adopt revised strategies when necessary to ensure its continued success.Extent to which marketing strategies are altered depend on whether the business achieved its objectives