1.3.5 Marketing strategy

Question 1

What does a marketing strategy do?

2

Answer 1

• Helps company obj

- Finds best fit between company obj, available resources

Question 2

What are the benefits of a successful mass marketing strategy?
2

Answer 2

• ^Distribution levels

- Influence over pricing in market

Question 3

What are the benefits of a successful niche marketing strategy?
3

Answer 3

• Meet consumer needs precisely
• Charge ^price
• > Direct comp

Question 4

What balancing act does successful mass marketing rely on?

1

Answer 4

• Need to differentiate product without making it >appealing to particular group of consumers

Question 5

What is the key to successful niche marketing and what is a drawback of this approach?
2

Answer 5

• Depth of understanding of product and consumer tastes

- Takes many years

Question 6

What is vital in business to consumer marketing?

1

Answer 6

• Revise marketing mix to ensure consumers get product they want

Question 7

What are the main aims of B2C marketing?

3

Answer 7

• Customer loyalty
• Strong brand image
• Mass distribution

Question 8

What are the main aims of B2B marketing?

3

Answer 8

• Customer loyalty
• Personal service (tailored)
• Reliability

Question 9

What is missing in business to business transactions?

1

Answer 9

• Emotion (plays key role in B2C marketing)

Question 10

What is the shared end goal of B2C and B2B marketing?

1

Answer 10

• Customer loyalty

Question 11

What is a homogenous good?

1

Answer 11

• No point of differentiation (comp = focus on price)