The Marketing game! (1 Viewer)

[Examine]

So basically what you have to do is answer the question given by the previous poster, then post a question for the next poster. I'll start:

What is the difference between a niche and mass market?

 

[mike12345678]

a niche market is a segmentmented part of the market that isnt very big but is specific also it may target just one demographic


a mass market targets a wider variety of demographics and is a large market



my Question: what is a situational analysis

 

[findx]

a niche market is a segmentmented part of the market that isnt very big but is specific also it may target just one demographic


a mass market targets a wider variety of demographics and is a large market



my Question: what is a situational analysis

A situational analysis provides the business with an opportunity to analyse its current position in the market/industry. Two elements of a situational analysis are SWOT and product life cycle.

My question: Describe some factors that affect/influence customer choice.

 

[Examine]

A situational analysis provides the business with an opportunity to analyse its current position in the market/industry. Two elements of a situational analysis are SWOT and product life cycle.

My question: Describe some factors that affect/influence customer choice.

There are four main factors that influence consumer choice:

-Psychological influences - Characteristics of a person that influences their buying behaviour. This factor is relatively internal, though can be influenced by sociocultural means. Includes perceptions (opinion on a certain product), motives (reasoning to purchase product), attitudes and beliefs (person's decision of choice regarding their environment and life experiences such as what race and religion), Personality and self image (Their behaviour and characteristics and how they view themselves, Learning (changes in behaviour due to experience).

Sociocultural - Forces from other individuals or groups that affect consumer choice. Includes Social class (occupation, income, status, etc), Culture (Religious beliefs and ethnicity), Family and roles (role of the family), Peer groups (people you hang out with which influence buying behaviour)

Economic - The economy influences a business' capacity and a consumers willingness to spend. There are two phases, boom (where there is low unemployment rates, customers more willing to spend, high job security.) and recession/bust (increased employment rates, variable income tends to decrease, consumers are more cautious on what they purchase)

Government - The government introduces policies that influence the level of economic activity through the implementation of fiscal and monetary policies. Also play social role by implementing laws regarding age restriction (on casinos, smokes, alcohol)

This answer was kinda informal, though if that was really a question you can build it up on the information.


My question: Describe some examples of pricing strategies.

 

[findx]

There are four main factors that influence consumer choice:

-Psychological influences - Characteristics of a person that influences their buying behaviour. This factor is relatively internal, though can be influenced by sociocultural means. Includes perceptions (opinion on a certain product), motives (reasoning to purchase product), attitudes and beliefs (person's decision of choice regarding their environment and life experiences such as what race and religion), Personality and self image (Their behaviour and characteristics and how they view themselves, Learning (changes in behaviour due to experience).

Sociocultural - Forces from other individuals or groups that affect consumer choice. Includes Social class (occupation, income, status, etc), Culture (Religious beliefs and ethnicity), Family and roles (role of the family), Peer groups (people you hang out with which influence buying behaviour)

Economic - The economy influences a business' capacity and a consumers willingness to spend. There are two phases, boom (where there is low unemployment rates, customers more willing to spend, high job security.) and recession/bust (increased employment rates, variable income tends to decrease, consumers are more cautious on what they purchase)

Government - The government introduces policies that influence the level of economic activity through the implementation of fiscal and monetary policies. Also play social role by implementing laws regarding age restriction (on casinos, smokes, alcohol)

This answer was kinda informal, though if that was really a question you can build it up on the information.


My question: Describe some examples of pricing strategies.

Let's revive this thread

Pricing Strategies:
- Price skimming: when a business charges the highest possible price during the introductory stages
- Price penetration: when a business charges the lowest possible price to gain market share
- Loss leader: when a business sells a product at or below cost price
- Price points: when a business sells a product at certain predetermined prices

Next Question: Describe why marketing is a strategic role in business

 

[Examine]

The role of marketing is to develop business goals ,such as profit maximisation, into reality. This is achieved through the development and implementation of a marketing plan. This plan sets out a series of strategies used by the business to link the buyer and seller together and satisfy customer wants. This leads to repeat sales, and the creation and maintenance of a consumer base.

Describe the interdependence of marketing with the operations department.

 

[Gotei]

The role of marketing is to develop business goals ,such as profit maximisation, into reality. This is achieved through the development and implementation of a marketing plan. This plan sets out a series of strategies used by the business to link the buyer and seller together and satisfy customer wants. This leads to repeat sales, and the creation and maintenance of a consumer base.

Describe the interdependence of marketing with the operations department.

Marketing allows the operations department to become informed with beneficial information or data that will help assist overall effectiveness of the business practices. For example, through market research the Business is able to identity consumer tastes and demands.. This will then help operations to develop products or services that will aim to satisfy customer needs.


Why is it important to Monitor and control the marketing plan?

 

[king chopper]

Monitoring and controlling the marketing plan will allow you to compare previous and anticipated results with current results. This will allow the business to analyse their performance and they can interpret their data as to why losses were greater or worse than previous years and take corrective action.

Explain how different promotional methods may acheive the strategic role of marketing