chapter 17

Question 1

what is marketing strategy

Answer 1

plan to combine the right combination of the four elements of the marketing mix for a product to achieve it’s marketing objectives

Question 2

what does a marketing strategy depend on

Answer 2

1.size of market
2.number and size of competitor
3.marketing objectives
4.target market
5.market budget

Question 3

legal controls on marketing

Answer 3

1.weights and measures:when retailers or producers sell underweight goods
2.trade descriptions:when the consumer is given a misleading impression about a product:(false advertising)
3.sale of goods:illegal to sell products that have serious flaws or problems
4.misleading price

Question 4

opportunities of entering new market abroad

Answer 4

1.home markets may be saturated, new markets give the chance for higher sales as there is more access to potential customers
2.businesses choose to produce in low cost countries
3.trade barriers have been lowered, making it more easier and profitable

Question 5

problems of entering a new market abroad

Answer 5

1.lack of knowledge about competitors, and suppliers
2.cultural difference
3.exchange rate changes
4.tarrifs and quotas
5.increased transport cost

Question 6

methods to overcome the problems of entering a new market

Answer 6

1.joint venture