Marketing Concepts and Strategies

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Questions and Answers

Market Intelligence involves collecting and analyzing external data about a specific ______.

market

The starting point of Market Intelligence is primarily through ______ sources of information.

secondary

Secondary Research, also known as ______, is quick, easy, and cheap to collect.

desk research

Primary Research is research that you ______ and analyze on a specific topic.

perform Signup and view all the answers

The Analysis of the ______ involves understanding factors that directly influence a company's operational environment.

microenvironment Signup and view all the answers

Market research requires understanding the psychological aspects of ______ decisions.

consumer Signup and view all the answers

Qualitative research methods include techniques such as interviews and ______.

focus groups Signup and view all the answers

The role of the interviewer in qualitative research is to guide the ______ and extract meaningful information.

discussion Signup and view all the answers

Distributors are essential because they get products to the final ______.

consumers Signup and view all the answers

Actual demand is composed of existing customers, while potential demand includes relative non-______ that need to be persuaded.

consumers Signup and view all the answers

An individual can play different roles in a buying situation, including decider, buyer, end-user, and ______.

influencer Signup and view all the answers

Influencers are people who can recommend a company or product based on their reputation, image, or ______.

social status Signup and view all the answers

Influencers develop content on social media to create ______ with consumers.

proximity Signup and view all the answers

Qualitative research methods include interviews, focus groups, and ______.

observations Signup and view all the answers

The role of the interviewer in qualitative research is to facilitate discussion and ______ responses.

gather Signup and view all the answers

Analyzing qualitative data helps obtain themes, patterns, and ______.

insights Signup and view all the answers

In a rapidly changing environment, companies must always evolve, innovate, and ______ to survive.

differentiate Signup and view all the answers

Marketing is the science & art of exploring, creating, and delivering value to satisfy the needs of a target ______.

market Signup and view all the answers

A Situation Analysis is often called a '______' analysis.

SWOT Signup and view all the answers

The marketing process moves from Analysis to corporate/company strategy to marketing strategy & mix and finally to ______ of execution of strategy.

evaluation Signup and view all the answers

PESTEL is a tool used to conduct a macro analysis of external ______ factors.

uncontrollable Signup and view all the answers

An essential step of the PESTEL analysis is the ______, where each external force is evaluated as an opportunity or threat.

diagnosis Signup and view all the answers

One of the key pitfalls of a macro analysis is staying at the ______ level, avoiding confusion with micro analysis.

macro Signup and view all the answers

To satisfy the needs of consumers, marketing must identify, satisfy, and ______ customers.

retain Signup and view all the answers

Study Notes

8 Key Questions_Pods 1 & 2

Companies must evolve, innovate, and differentiate to survive in a rapidly changing environment
Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit
Situation Analysis examines external factors affecting a business's macro environment (e.g., political, economic, social, technological, ecological, legal factors) and internal capabilities.
The Marketing process moves from analysis (current state) to corporate strategy (desired future state) to marketing strategy and mix (implementation) to evaluation (success measurement)

8 Key Q&A_Pod 1

Companies must always evolve, innovate, and differentiate to survive in a rapidly changing environment
Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit
Situation Analysis examines external factors affecting a business's macro environment and internal capabilities.
A Situation Analysis is often called a "SWOT" analysis (Strengths, Weaknesses, Opportunities, Threats)

8 Key Q&A Pod 2

PESTEL analysis is a tool for macro analysis, examining external uncontrollable factors (political, economic, social, technological, ecological, legal) affecting an industry/sector.
Diagnosis in PESTEL involves identifying external forces as either opportunities or threats for the future development of an industry.
Macro analysis should focus on the big picture without delving into micro-level details.
Use reliable information sources, official facts and figures, not assumptions, for accurate analysis.

8 Key Questions_Pods 5 & 6

Market Intelligence is the practice of collecting and analyzing external data about a specific market that a company wishes to enter.
Secondary Research uses existing information from organizations, governments, and consulting companies.
Advantages of Secondary Research: Quick, easy, cheap, accessible.
Primary Research involves original research conducted by the company or contracted experts; it is slower and more expensive.
Analysis of Microenvironment studies the market itself, supply, and demand factors.
Market Structure analysis needs information about the level and form of competition, types of businesses (B2B, B2C, etc.), size and scope, dispersion of consumers, and distribution channels.
Quantitative indicators include sales volume, growth, trends, product categories, market share, competitor performance, and potential/actual demand.
If market data is unavailable, make predictions by combining multiple data sources and perspectives.

8 Key Q & A_Pod 5

Market Intelligence is collecting and analyzing external market data.
Market Intelligence research begins with secondary sources (existing published data).
Secondary Research is quick, easy, and cheap but relies on publicly available data.
Primary Research is original, slower, and more expensive but provides specific information unique to the company.

8 Key Q & A_Pod 6

Microenvironment analysis examines the market, supply, and demand actors.
Gathering information on market structure involves collecting data about competition levels, entry barriers, business types, consumer demographics, and distribution channels.
Quantitative indicators for the market include sales volume/value, growth trends, product categories, and market share.
If data isn't available, make predictions by combining information from various data sets and different viewpoints.

8 Key Q & A_Pod 7

Competition is a normal component of markets, potentially driving improvements but requiring preparedness.
Direct competitors serve similar needs; indirect competitors serve the same need in different ways.
Competitor analysis involves examining their strengths, weaknesses, market share, resources, geographical reach, market positioning, and marketing mix.
Distributors bring products to consumers, thus their understanding is crucial for efficient product delivery.

8 Key Q & A_Pod 8

Demand encompasses both current and potential customers.
Individual roles (e.g., deciders, buyers, end-users, influencers) and their effect on purchasing decisions need proper identification.
Influencers recommend brands and products based on their reputation, image, and lifestyle.
Influencers disseminate this information through social media content.

8 Key Q & A_Pods 9 & 10

Market research encompasses primary (original research) and secondary (existing data) methods.
The typical market research process involves defining the problem, setting objectives, developing a plan, gathering data, analyzing it, presenting results, and making decisions.
Quantitative research utilizes numerical data (e.g., questionnaires, polls) to quantify and generalize findings.
Quantitative questionnaires employ different question types (multiple-choice, Likert scales).
Qualitative research explores meanings, ideas, and attitudes using words and observations.
Qualitative research methods involve interviews (in-depth), group discussions (focus groups), case studies and observations, to understand in-depth customer behaviors.
Analyzing data involves searching for recurrent themes, words, and direct quotes.

8 Key Q & A_Pods 11 & 12

Consumer behavior is a multidisciplinary field influenced by psychology, sociology, anthropology, marketing, and behavioral economics.
Understanding consumer behavior enables brands to anticipate, explain, and predict consumer actions.
An understanding of external (social factors, situational factors) and internal (personal factors, personality, psychological factors) factors influences marketing activities.
Forming attitudes includes the cognitive, affective, and conative components.

8 Key Q & A_Pods 13 & 14

A need is a basic deficiency requiring fulfillment; a want is a specific fulfillment method.
Maslow's hierarchy of needs classifies needs with a fundamental requirement, followed by social needs, then esteem and finally self-actualisation.
Marketers define products by understanding needs and turning needs into problems to be solved.
Different purchase types (low and high involvement, impulse) have corresponding characteristics.
The consumer decision-making process involves need recognition, information gathering, alternative assessment, purchase decision, and post-purchase behavior.
Knowing both the knowledge and consideration sets enables brand awareness and recognition.

8 Key Q & A_Pods 15 & 16

Market segmentation is the process of dividing a large homogenous market into smaller groups sharing similar needs and characteristics.
Segmentation is necessary because it allows tailoring marketing strategies and creating target consumer groups.
The Segmentation variables (or segmentation criteria) encompass geographic, demographic, socio-economic, psychographic, and behavioral factors to define consumer groups.
A segmentation table comprehensively summarizes the profiles of market segments and highlights their needs and characteristics.
Targeting is choosing a consumer group to focus marketing efforts.
Understanding the link between segmentation, positioning, and a persona will increase the effectiveness of marketing efforts.
Targeting strategies can be undifferentiated (mass marketing), differentiated (multi-segment), concentrated (niche), or micro (personalization) using mass-customization marketing.

8 Key Q & A_Pods 17 & 18

Positioning involves creating a distinctive and memorable image of a company's offering in consumers' minds.
A positioning statement concisely defines the target market, differentiating factors, and the value proposition of a company's offering.
Positioning significantly impacts the marketing mix, influencing factors such as product, pricing, distribution, and promotion.
Steps to determine positioning involve analyzing competitors' positions, establishing a unique value proposition, and articulating a compelling positioning statement.
Value propositions include price, usage value, image value, and service value.
Perceptual maps graphically represent the competitive landscape and aid in identifying market gaps.
Me-too strategies involve replicating features of successful competitors’ products and/or pricing schemes.

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Description

Explore key questions about marketing fundamentals, including the importance of evolution, innovation, and differentiation for companies in a changing environment. Dive into concepts like situation analysis and the marketing process, covering both external and internal factors affecting business strategy. This quiz will test your understanding of essential marketing principles.