← Lessons 07-Marketing Strategies and Principles
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1. INTRODUCTION 2. SWOT ANALYSIS 3. THE MARKETING MIX 4. PRODUCT LIFE CYCLES 5. MARKET SEGMENTATION 6. MARKETING RESEARCH – INTRODUCTION 7. SECONDARY DATA 8. PRIMARY DATA 9. PUBLIC RELATIONS 10. SALES 11. CONCLUSION 12. QUICK EXAM FACTS – MEMORISE THESE 13. FINAL MEMORY CHECKLIST

12. QUICK EXAM FACTS – MEMORISE THESE

  • SWOT = Strengths, Weaknesses, Opportunities, Threats.
  • 4 Ps = Product, Price, Place, Promotion.
  • 7 Ps = Product, Price, Place, Promotion, People, Process, Physical Evidence.
  • Product life cycle = Development → Growth → Maturity → Saturation → Decline.
  • Market segmentation = dividing the overall market into smaller groups with similar characteristics/service requirements.
  • Secondary data = information that already exists.
  • Secondary research = often called desk research or a non-reactive survey.
  • Primary data = information specifically gathered because existing information does not answer the question.
  • Primary survey methods = personal interviews, telephone interviews, postal questionnaires.
  • Pilot study = small-scale test before the main survey.
  • Market share = the business’s percentage of the total market for a particular product/service.
  • PR = presenting the business favourably to customers, media and the public.
  • Key sales methods = face-to-face, direct mail, telephone, internet, advertising, trade fairs/exhibitions.