1.3.5 Marketing Strategy 📊

Question 1

What are Marketing Strategies?

Answer 1

Set of plans made to achieve a specific marketing objective

Question 2

What are the 4 marketing strategies for mass markets ?

Answer 2

1. Products - need to be differentiated through USP as products are homogenous - and highly competitive
2. Price- low due to competitiveness - ones with lowest unit cost - become price leader - followed to avoid price war
3. Promotion - heavy and non-price way

4.place - mass products use multiple channels to distribute goods

Fast moving ? - less

Online

Question 3

What are the market strategies for niche markets ?

Answer 3

1. Product - key part of marketing mix - niche products- significantly different to competes as every business meets a specify need
2. Price - more flexibility with prices as there are less competitors and you can only satisfy that specific need
3. Promotion - more targeted as markets are smaller identify customer base more accurately - placed in specialist magazines
4. Place - more likely to use exclusive distribution channels