1.3.5 Marketing strategy Flashcards
definition marketing startegy
carefully evaluated plan for future marketing activitx
what is product life cylce
shows sales of product over time
stages product life cycle
introduction - sales slow, costs per unit high, prodzct basic, promotion to raise awareness, distribution limited, price skimming or penetration
growth - saes increasing, costs per unit falling, product may modify, building loyality, distribution increasing, price startegy appropriate
maturity - growth slwoing, costs per unit falling, may focus on differentiation, focus on high profitability channels, drop competitiveness
decline - sales falling, costs per uniz low, fpcus more on profitable items, no spending on promotion, lower budget, price low
definition extension strategy
process to prevent decline in products sales in medium to long termn
done by altering product (innovate) or promotion (other promotinal startegy)
xtension strategies
advertising, price reduction, changing target market, adding more or diffrent features, udpating packaging, laylty schemses
what is production portfolio
analysis examines the existing position of firms product
method for product portfolio
boston matrix
boston matrix diagram
market growth quesiton mark stars
dogs cash cow
market share
boston matrix 4 categories
stars - high market share in high growth market –>leaders in market require significant investment maintain position
cash cow - high market share in low-growth market –> genrarte consistent revenue little need for investment
question mark - low market share in high growth market –> have potential require significant investment to increae market share
dogs - low markeet share in low growth market –> generate minimal profit and may loss may consider phasing out
purpose of product portfolio
biulding - investment in promotion to boost sales (question marks)
holding - marketing spending to maintain sales (star)
Milking - taking whatever profitd (cash cow)
divesitng - slling off product (dog)
diffrent marketing startegys
branding, pricing, promotion, distribution
marketing startegies for niche market
Targeted Advertising – Use highly specific online ads (e.g., Facebook, Instagram) to reach the niche audience based on interests and behaviors.
Influencer Partnerships – Collaborate with influencers or experts within the niche to build trust and credibility.
Premium Pricing & Quality Focus – Emphasize exclusivity, high quality, and specialist features to justify higher prices.
Community Engagement – Build a strong online community (forums, social media groups) to foster brand loyalty and word-of-mouth marketing.
Personalized Marketing – Use customer data to offer tailored recommendations, exclusive deals, and personalized content.
marketing startegies for mass market
Brand Consistency – Maintain a strong, recognizable identity.
Discounts & Promotions – Drive sales with limited-time offers.
Wide Distribution: Available in supermarkets, online, etc.
Low Pricing: Achieved through economies of scale.
Heavy Promotion: TV ads, social media, and sponsorships.
Standardized Products: Appeals to general needs (e.g., toothpaste, smartphones).
B2B marketing
selling products to other businesses
Thought Leadership – Publish whitepapers and case studies.
Account-Based Marketing (ABM) – Target key businesses directly.
Networking & Events – Attend trade shows and industry conferences.
LinkedIn & Email Outreach – Nurture leads professionally.
Product Demos & Free Trials – Showcase value with hands-on experiences.
B2C marketing
Social Media & Influencers – Leverage platforms like TikTok and Instagram.
Storytelling & Emotional Branding – Create strong connections.
User-Generated Content – Encourage reviews and testimonials.
Loyalty & Referral Programs – Reward repeat customers.
E-commerce & Mobile Optimization – Ensure smooth online shopping.
how businesses develop customer loyalty
customer service, loyalty cards, saver schemes
helps businesses grow, drives reeat purchases and reduce marketing costs
