1.3.5 Marketing Strategy

Question 1

Product lifecycle

Answer 1

Describes the stages a product goes through from when it was first thought of until it finally is removed from the market

Question 2

Product development

Answer 2

Products researched, designed and tested, if worthwhile then will be manufactured

Question 3

Introduction

Answer 3

Researching, developing and then launching the product prices set high to cover costs

Question 4

Growth

Answer 4

Sales increase at their fastest rate, customers make repeat purchases, profitable, competitors increase, consider price and promotion

Question 5

Maturity and saturation

Answer 5

Sales are near to their highest but rate of growth is slowing down, business decides to key products die or extend

Question 6

Decline

Answer 6

Sales begun to fall due to: changing consumer trends, new technology, little spent on promotion

Question 7

Extension strategies

Answer 7

Extend the life of the product before decline

Question 8

5 extension strategies

Answer 8

Advertising, price reduction, adding value, exploring new markets, new packaging

Question 9

Advertising

Answer 9

Try to gain new audience or remind

Question 10

Price reduction

Answer 10

More attractive

Question 11

Adding value

Answer 11

Add new features to current product

Question 12

Explore new markets

Answer 12

New geographical areas or version are different markets

Question 13

New packaging

Answer 13

Brighten up with subtle changes

Question 14

Boston matrix

Answer 14

Model which helps businesses analyse their portfolio of businesses ans brands. If categories products based on market share and market growth

Question 15

Name 4 categories

Answer 15

Stars, question marks, cash cows, dogs

Question 16

High market growth rate and high relative market share

Answer 16

Stars

Question 17

High market growth rate and low relative market share

Answer 17

Question marks

Question 18

Low market growth rate and higher relative market share

Answer 18

Cash cows

Question 19

Low market growth share and low relative market share

Answer 19

Dogs

Question 20

Stars

Answer 20

Heavy investment needed to sustain growth, strong compared to competition

Question 21

Cash cow

Answer 21

Mature, successful products with little need for investment

Question 22

Question marks

Answer 22

Have potential but need substantial investment

Question 23

Dogs

Answer 23

Not worth investing in, usually sold or closed

Question 24

Strength of Boston matrix

Answer 24

Useful for analysing portfolio decisions

Question 25

Weaknesses of Boston matrix

Answer 25

Little or no predictive value, there are flaws which flow from the assumptions on which the matrix is based

Question 26

Marketing strategies

Answer 26

Set of plans that aim to achieve specific marketing objectives

Question 27

B2B outbound

Answer 27

Directing marketing material at potential customers whether they were expecting it or not

Question 28

B2B inbound

Answer 28

Involved attracting potential customers to websites when they are looking for suppliers or solutions to problems

Question 29

Common inbound marketing techniques

Answer 29

Blogging, social media marketing, search engine optimism, free ebooks, video marketing, targeted email marketing

Question 30

Ways to develop customer loyalty

Answer 30

Communication, customer service, customer incentive, personalisation, preferential treatment

Question 31

Mass/niche markets feature

Answer 31

Very competitive markets because rhe rewards for success can be significant eg product, price, place, promotion