15: Marketing Strategy Flashcards
Successful marketing strategy must… (3)
- Look to the future
- Contribute to achieving company objectives
- Be realistic
Marketing strategy (3)
- The medium-to-long-term plan
- For meeting marketing objectives
- Delivered through the marketing mix.
How to achieve actual product differentiation (3)
- Unique product function
- Unique taste
- Ergonomic factors (Ease of use)
- Aesthetic factors
- Superior peformance (E.g. Dyson)
Product differentiation is an example of a _____________. Another example is _____
- Competitive advantage
- Cost
How to achieve percieved product differentiation (3)
- Persuasive advertising
- Celebrity endorsment
- Sponsorship
Benefits of product differentiation (2)
- Control of market position
- Lower price elasticity
Product differentiation (2)
- The extent to which consumers perceive your brand
- As being different from others
Mass Marketing (3)
- Creating products/services with universal appeal
- That is, aiming a product at the whole market
- E.g. Coca-Cola
Niche Marketing (3)
- Creating products/services that target a very small segment
- Of a much larger market
- Usually: specialised products, lower volume, higher prices
Niche Marketing Strategy (2)
Product
Price
Place
Promotion
- Market orientation
- Focus on function/aesthetic of design mix
Niche Marketing Strategy (3)
Product
Price
Place
Promotion
- Cost-plus
- Skimming
- Focus on high margins rather than sales volume
Niche Marketing Strategy (1)
Product
Price
Place
Promotion
- Selective / Exclusive distribution
Niche Marketing Strategy (3)
Product
Price
Place
Promotion
- Innovative campaigns
- Specialist magazines
- Specific websites
Mass Marketing Strategy (2)
Product
Price
Place
Promotion
- Product orientation
- Function / economic manufacture
Mass Marketing Strategy (3)
Product
Price
Place
Promotion
- Penetration
- Competitive
- Focus on sales volume rather than high margins
Mass Marketing Strategy (1)
Product
Price
Place
Promotion
- Intensive / possibly selective distribution
Mass Marketing Strategy (3)
Product
Price
Place
Promotion
- As much as possible
- On different mediums
- E.g. billboards, TV, social media, celeb endorsement etc…
Homogenous Goods (3)
- Undifferentiated products
- Each one is the same (or very similar) to each other
- So competitive advantage is cost
B2B Marketing Strategy (3)
- Focus on economic manufacture/function
- Less importance of brand image
- More importance of competitive price and reliable service
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