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TOPIC 3: MARKETING - Coggle Diagram
TOPIC 3: MARKETING
3.4
product: design, quality, lifecycle, USP
price: skimming, penetration,
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promotion: advertising, sales promo, public relations
people: customer service, employee/customer interaction
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3.2
importance of market research: primary/secondary research, qualitative/quantitative data
secondary: collection of data that already exists:
- published reports
- government
- internet
qualitative: attitudes/opinions of consumers:products, pricing, packaging, branding
primary: collection of info first time directly by/for a business
- surveys
- observation
- focus groups
- test marketing
quantitative: analysed statistically, easy to read & charts/graphs. sales/potential sales, size of market, prices consumers are prepared to pay
market mapping: identify the position of its product in market relative to others - then placed on a grid according to features used.
sampling value: representative of the market
- random: equal chance of being picked, select people randomly
- stratified: separates pop. into segments, select randomly
- quota: split pop. into no. of groups sharing common characteristics
factors influencing sampling method:
- pricing policies
- product design
- promotion types
- target customers
interpreting data
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extrapolation: predict future data, extending a trend line
3.1
marketing objectives: sales vol/sales value, market size/share, brand loyalty
value of marketing objectives: target setting, motivation, evaluation of performance SMART
external factors influencing marketing objectives&decisions:
- market competition
- economic factors
- social factors
- ethics
- technology
internal factors influencing marketing objectives&decisions:
- finance
- production capacity
- human resources
- nature of product
3.3
market segmentation: dividing market into groups, by characteristics
market targeting: target a specific segment
market positioning: consumer views on individual brand
influence of choosing target market:
- nature of product
- competition
- consumer
making marketing decisions:
- new product development
- pricing strategies
- promotional campaigns
- distribution channels