Marketing

Marketing

Market Analysis
1. Once a firm has identified what market they are operating in, they then analyse the market
2. Quantitative and qualititative Ads +Disads
  1. Quantitative
    1. Quick to Obtain and analyse
    2. Reliable and objective
    3. Data may not be current especially in a fast changing market
    4. May be too much data and this causes problems in analysing
  2. Qualititative
    1. Needs of customers
    2. Why the trends have happened. Helps to target market more effectively
    3. Time Consuming
    4. Subjective human judgement, unreliable
3. Graphs+Analysis
  1. Time Series Analysis- Shows fluctuations in data
  2. Correlation
  3. Moving averages- Smooths out data that is seansonal or is erratic
4. ICT
  1. Reduces errors made by humans
  2. Can compare moving average trend easily
  3. is able to process much more data than humans
  4. Can gather data at the point of sale to suit individual customers
Marketing Strategies
International Markets
1. Benefits of trading internationally
  1. Firms can increase their market size- More revenue
  2. They can extend the life cycle of their products
  3. Can cut costs on importing raw materials
2. Issues trading internationally
  1. Transport costs can be expensive
  2. Firms must keep up to date with laws
  3. Higher business travel costs due to employees being transported to various locations
  4. Language barrier
  5. Exchange rates
Market plans
1. Definition- The written details of the activities to be used to carry out the marketing strategy
2. Purpose- It helps to ensure that the marketing activity is focussed and integrated.
3. Components
  1. Objectives
  2. Budgets
  3. Strategy
  4. Action
4. Influences
  1. Internal
    1. Amount of Finance
    2. Results of SWOT
    3. HR
    4. Operational issues
    5. Existing Marketing Mix
  2. External
    1. Competitors actions
    2. Market conditions
    3. Technological change
Marketing Budgets
Objectives and tactics
1. Marketing Objectives are set out by the marking department and sets out what they hope to achieve
2. Objectives can be qualitative- product quality, development or quantitative form- Set figures on market share
3. Influences on marketing objectives
  1. Internal
    1. Corporate objectives- The marking department must make sure their objective fits into the businesses overall objective
    2. Finance- This depends on how much money has been allocated
    3. HR- Workforce capability
    4. Operations- capacity
  2. External
    1. Market environment
    2. Technology
    3. Competitors
    4. Legislation

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	Created by Will Lowe over 8 years ago