1.3.5 Marketing Strategies 🏪

Question 1

What is the product life cycle ?

Answer 1

A graph that shows how the amount of sales and demand progress throughout its life cycle

Question 2

What are the 5 (6 if your persistent 😜) five stages of the product cycle ?

Answer 2

Research and development - products are not available to buy high costs - business is spending is designing and developing the product and manufacturing

Eg - Driveless cars

Introduction- products are launched or released - begin to see an increase in sales - high costs for promotion and continued to R and D

Growth- significant increase in sales costs stabilise , begin to see compitition

Maturity - high sales stabile costs see a growth in compition
May need or increase promotion to maintain market share

Decline - sales begin to decrease due to lack of demand or product/service becoming obsolete- could carry out product extension strategy or discontinue product

Product extension

Question 3

What is a extension strategy?

Answer 3

Something used by a business to extend the life cycle of an existing products/services

Question 4

How can we extend the life of a product ?

Answer 4

We can innovate products

Reduce price

Change packaging

Change usage of product - multiple usages like sauces or toothpaste

Enter new market - geographical or change target audience

Increase available option of product - new colour

Question 5

What is the Boston matrix ?

MG- market growth

Answer 5

High MG ✨Stars✨ | Question marks
|
Low MG Cash cows 🐄 Dogs 🐕

            Relative market share 

Method used to analyse product portfolio of the business

Question 6

What do Star products at have in what kind of market growth?

Answer 6

High market share in market with high market growth

Question 7

What are star products ?

Answer 7

The greatest potential for businesses

Question 8

What do star products allow businesses to have ?

Answer 8

Fist mover advantage- first business within the market to gain demand and establish customer base first

Question 9

What kind of face within the product life cycle would cash cows have ?

Answer 9

Maturity !

Question 10

What kind of market share does cash cows have in what kind of growing market ?

Answer 10

High market share in low growth market

Question 11

What kind of part do cash cows have ?

Answer 11

Consistent part of the portfolio

Question 12

What do cash cows not require ?

Answer 12

Investment

Question 13

What do cash cows make ?

Answer 13

Large profits

Question 14

What is another name for question marks ?

Answer 14

Problem children

Question 15

What kind of market share do question marks have in what kind of market?

Answer 15

Low market share in a high growth market

Question 16

What do question marks present an issue towards businesses?

Answer 16

Have potential to be successful but are not

Question 17

What kind of investment does question mark products need ?

Answer 17

Significant amount- product might have just been launched

Question 18

What kind of market share do dogs have and who is the growth of its market ?

Answer 18

Low market share in low growth market

Question 19

What kind of part would a dog product have ?

Answer 19

Important part

Question 20

Why may dogs be an important parts of the Portfolio?

Answer 20

Are cash neutral - bring in cash with little cost

Question 21

What happens to dog products if market declines ?

Answer 21

May need to be removed - discontinued

Question 22

What is important within the Boston matrix?

Answer 22

Balancing product lines - don’t want too many stars in the first few stages of your product cycle because it will drain resources

Question 23

What should businesses take looking at the Boston matrix? 

Answer 23

Appropriate decisions - stars are good because they will build the brand image

Dogs can be can be divested 

Question 24

What are the two kinds of marketing strategies B2B and B2C markets can do?

Answer 24

B2C- Focuses on selling product/services directly to customers

Outbound marketing strategies- Directing marketing material directly to potential customers Whether they expect it or not

Inbound marketing strategies- B2B Attracting customers to company website and they’re trying to find solution or suppliers

Question 25

Give examples of outbound marketing strategies

Answer 25

Mail email sponsorship

Question 26

Give examples of inbound marketing strategies

Answer 26

Social media marketing - develop a following on social media search engine optimisation increase the website traffic by get higher ranked response targeted email marketing

Question 27

What are the drawbacks of using outbound marketing strategies? 3)

Answer 27

High cost due to large amount of resources continuous persistence to persuade customers can damage brand reputation and image Ad fatigue- ignore

Question 28

What are the three negatives of inbound marketing strategies?

Answer 28

effort needed to build useful information for websites to turn visitors into leads Recruitment for inbound marketing strategy website may be difficult as it’s hard to keep up-to-date with emerging trends

Question 29

What a hybrid strategies?

Answer 29

Combination of both outbound and inbound methods inbound strategies take a while to generate results employed in a short-term once they start to generate meaningful leads some of the outbound methods that are less affective Are dropped it will help reduce cost and creat sustainable growth

Question 30

What are the five ways in developing customer loyalty?

Answer 30

Communication customer service Customer incentives personalisation Preferential treatment

Question 31

How many communication develop a customer loyalty?

Answer 31

Increase in national advertising reassuring advertising and ensuring that they’re making the right purchase and keep up-to-date with company events regular communication helps build relationships between business and consumer

Question 32

How many customer service develop a customer loyalty?

Answer 32

If customers have a pleasant experience that these will be satisfied better reputation

Question 33

How many customer incentives develop customer loyalty?

Answer 33

Custom incentives businesses reward customers if they keep returning through loyalty cards meet customer needs of price and are cheaper than rivals 

Question 34

How many personalisation develop customer loyalty?

Answer 34

Having to deal with a customer on a personal level for remembering name a few more value and remembered however may be harder on a multinational business

Question 35

Help may traetment preferatrial treatment dev loyalty?

Answer 35

People may return for more such as of the VIP areas

Question 36

What is B2B marketing ?

Answer 36

Business trade with other businesses to promote their operations

Question 37

What is customer loyalty ?

Answer 37

Preferences - emotional attachment - repeat purchase

Question 38

What do marketing efforts for star products build ?

Answer 38

brand recognition, increasing market share, and maintaining profitability Stars are valuable assets and the business should focus on maximising their potential

Question 39

What do star products generate ?

Answer 39

They generate significant positive cash flow and have the potential for continued growth

Question 40

What are the marketing efforts focus on maintaining for cash cows?

Answer 40

their market share and profitability

Question 41

What cash cows be used to fund?

Answer 41

the development of new products

Question 42

How much revenue do dogs generate?

Answer 42

Little to no - No marketing efforts