1.3.5 Marketing strategies Flashcards
What is mass marketing?
the process of selling products to all consumers regardless of age, gender etc
can market products all over the world in the same way- generic products
What is the benefit to mass marketing?
Large quantities are produced which means lower costs- benefit from economies of scale
What sort of pricing do mass marketers use?
Competitive pricing on social media as they’re widely viewed- globally
What is niche marketing?
the process of selling products to a small subset of a segment that will target customers in a very specific way
products designed for specific purposes
What is the benefit to niche marketing?
Inelastic demand means higher prices can be charged
(when price goes up or down consumer’s buying habits stay the same)
What sort of advertising to niche marketers use?
specialist magazines, leaflets etc
What is business to business marketing?
When businesses focus on selling products to another business rather than consumers
eg- Software companies selling to other businesses
What does advertising need to be like in B2B marketing?
Advertising needs to be informative to show the value the product has and how it can help the business not persuasive.
What is the emphasis on in B2B marketing?
Emphasis needs to be on building relationships with other businesses
What is a strength and limitation of B2B
What is business to consumer marketing?
Where a business focuses on selling products/services directly to consumers
-heavily product related
eg-clothes retailers
What does advertising need to be like in B2C marketing?
Needs to be persuasive and appeal to the emotions of consumers to focus on the lifestyle benefits of prod/serv
May use social media ads or influencer marketing campaigns
What is the emphasis on in B2C marketing?
Emphasis is on building brand loyalty and creating a positive customer experience
Give a strength and limitation to B2C
S-Can build brand loyalty and customers are normally persuaded to buy products through emotional branding
L-expensive as have to pay for advertising and physical store
What is inbound marketing?
any technique that attracts potential customers to a website when they are looking for a particular service or product
methods inc- blogging and social media
What is outbound marketing?
includes any strategy that includes pushing a message out to customers
(above the line-spenny, advery
and below the line-cheaper, leaflet)
What are hybrid strategies?
involve a combination of both outbound and inbound strategies
outbound- fast eg fb post
inbound-take a while
define customer loyalty
The likelihood of previous customers returning to buy goods/services from a business
How does customer loyalty benefit a business?
It helps a business grow and be successful in the long term as it drives repeat purchases which helps the firm reduce marketing costs when launching new products
What are 3 commonly used methods of building customer loyalty?
-customer service
-loyalty cards
-saver schemes
how will customer service increase customer loyalty?
Customers are more likely to return and recommend to others if they have has positive customer service
eg- free shipping and return
how will loyalty cards increase customer loyalty?
By offering rewards and discounts for frequent purchases to encourage repeat customers
eg- earning points on purchase (boots)
how will saver schemes increase customer loyalty?
By offering discounts or special pricing for customers to help them gradually save money
eg-xmas savers scheme
