Marketing Strategy (A Level) (Cambridge (CIE) A Level Business): Flashcards
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- FrontThe Marketing Plan
Define marketing plan.
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Define marketing plan.
A marketing plan is a written document that outlines a business's marketing goals and how they will be achieved.
What is the purpose of a marketing plan?
A marketing plan guides marketing efforts towards the business's overall objectives and helps allocate resources effectively.
What does SMART stand for when setting marketing objectives?
SMART stands for Specific, Measurable, Achievable, Realistic and Time-bound.
The marketing budget section of a marketing plan ensures that spending is controlled and _________ according to objectives.
The marketing budget section of a marketing plan ensures that spending is controlled and prioritised according to objectives.
What does the market research section of a marketing plan give insight into?
It gives insight into customer needs and behaviour, competitors' strengths and weaknesses and market trends.
True or False?
The market research in a marketing plan only uses primary research.
False.
It includes both primary research, such as surveys and focus groups, and secondary research, such as government and industry reports.
What are the four elements of the marketing mix set out in a marketing plan?
The four elements are product, price, place and promotion (the 4Ps).
What does the place section of a marketing plan set out?
It sets out where and how the product will be distributed, such as online or through retail outlets.
True or False?
A marketing plan can improve coordination between departments such as sales, finance and production.
True.
A marketing plan encourages teamwork between departments, because everyone works towards the same marketing objectives.
How does a marketing plan help with performance monitoring?
It makes it easier to track success against objectives and make adjustments if needed.
Why can uncertainty limit the usefulness of a marketing plan?
Market conditions can change, making parts of the plan less useful or outdated.
How can a marketing plan lead to a lack of flexibility?
A business may stick to the plan too strictly and miss new opportunities.
True or False?
Marketing planning is cheap, so cost is not a limitation for small firms.
False.
Good market research and planning can be expensive, especially for small firms with limited budgets.
What does consistency mean in a marketing strategy?
Consistency means that messages, branding, pricing and customer experience feel the same across all platforms and over time.
Why is consistency important in a marketing strategy?
Consistency builds trust, strengthens the brand and avoids confusion among customers.
A strong ____________ uses the same logos, colours, tone of voice and design across all marketing materials.
A strong brand identity uses the same logos, colours, tone of voice and design across all marketing materials.
Define coordinated marketing strategy.
A coordinated marketing strategy is one where all parts of the marketing plan work together smoothly and every department is aligned with the overall marketing goals.
True or False?
Coordinating a marketing strategy across departments reduces efficiency.
False.
Good coordination avoids mixed messages and improves efficiency, because all departments pull in the same direction.
What methods can businesses use to coordinate a marketing strategy?
Methods include shared objectives, cross-department teamwork, regular planning meetings and a consistent marketing mix.
How do businesses track whether a marketing strategy is meeting its objectives?
They regularly check progress using sales data, customer feedback and market research.
True or False?
A marketing strategy should be adapted when marketing objectives change.
True.
Strategies must stay focused on specific marketing objectives, so they should be adapted when objectives change and regularly reviewed.
How can social media support market research?
Customer comments and reviews on social media can be used as a source of market research.
How do businesses use email in marketing?
They build databases of customers who opt in and send news of new products, offers and events quickly and cheaply.
In stores, _____________ promotes offers and ranges while enhancing the store's ambience.
In stores, digital signage promotes offers and ranges while enhancing the store's ambience.
How can AI provide real-time product suggestions?
While a customer shops online, AI can recommend products based on their past or current activity.
True or False?
AI systems can run marketing activities without any human supervision.
False.
AI needs close human supervision to correct programming errors, and it lacks human creativity. Judging whether activity is focused on objectives is best done by a person.
Why might the high capital investment needed for AI reduce competition?
High costs raise barriers to entry for small firms and strengthen already-powerful firms, which may reduce competition and choice for customers.
Define globalisation.
Globalisation is the increasing connection and interdependence of countries through trade, communication, transport and technology.
Define economic collaboration.
Economic collaboration is when countries or regions work together to support trade and economic growth, for example through trade agreements and shared markets.
Developing global brands with local appeal is called ___________.
Developing global brands with local appeal is called glocalisation.
How does international marketing help a business spread risk?
Selling in several countries means that if sales fall in one country, sales in other regions may still grow.
What factors does a business consider when selecting an international market?
Key factors are market size and growth, customer needs and preferences, the level of competition, the legal and political environment and costs and infrastructure.
Define pan-global strategy.
A pan-global strategy is where a business uses the same product and marketing approach in all countries.
True or False?
A local marketing strategy usually costs less than using the same approach in every country.
False.
A local strategy has higher costs because adverts, packaging or products must be adapted for each country, and it is more complex to manage.
When is a local strategy most suitable for entering an international market?
It is most suitable when markets are culturally, legally or economically different, such as in food, healthcare or personal care.
How might a business enter a higher-risk international market?
It may enter through partnerships with local businesses rather than full ownership, to reduce its exposure to risk.
What is essential for success in a highly competitive global market?
Differentiation and strong branding are essential in highly competitive markets.
Define licensing.
Licensing is when a local business is allowed to produce and sell the product under the brand name.
What is the main disadvantage of exporting as a method of entry?
The business has less control over how the product is marketed or sold in the foreign country.
True or False?
In a joint venture, profits must be shared with a local partner.
True.
A joint venture combines the business's resources with a local partner's expertise, so profits are shared and disagreements can arise.
What is the main advantage of foreign direct investment (FDI) as a method of entry?
FDI gives the business full control over operations, branding and quality, which is good for long-term growth.
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