Chapter 22 - Marketing Strategy

Question 1

Marketing Plan

Answer 1

A detailed and fully researched written report on the marketing objectives and the marketing strategy to be used to achieve them.

Question 2

Contents of marketing plan

Answer 2

1) Purpose and mission
2) Situational analysis and market research
3) Marketing objectives
4) Marketing strategy
5) Marketing mix
6) Marketing budget
7) Executive summer and timescale
8) Reviewing marketing plan

Question 3

Approaches to marketing strategy

Answer 3

1) Consistency - Business - Product - Market
2) Coordination - Mix - Tactics
3) Focused

Question 4

IT in marketing

Answer 4

1) Internet
2) Email
3) Mobile
4) In Store
5) Social Media

Question 5

International Marketing Importance

Answer 5

1) Saturated Home Markets
2) Profit Opportunities
3) Spreading Risks
4) Poor trading conditions at home
5) Legal differences creating opportunities abroad

Question 6

Identification, selection, and entry into international markets

Answer 6

1) Identify potential suitable markets
2) Screen potential markets
3) Select the market to enter
4) Enter the market

Question 7

Economic Collaboration

Answer 7

Countries working together to achieve common aims, such as free international trade.

Question 8

Free trade agreements

Answer 8

Agreements made between countries ( or trade blocs of countries _ to reduce or eliminate trade barriers between them such as import tariffs and qoutas.

Question 9

International Marketing

Answer 9

Selling products in markets other than the original domestic market.

Question 10

Pan Global Marketing

Answer 10

Marketing a standardized product across the globe, as if the entire world were a single market, selling the same product in the same way everywhere.

Question 11

Global Localisation

Answer 11

Adapting the marketing mix. Including differentiated products and adjusting for national and regional tastes and cultures, in order to maintain local differences.

Question 12

Strategies to develop a global market

Answer 12

1) Economic and social differences
2) Legal differences
3) Cultural differences
4) Differences in business practices

Question 13

Selecting the method of entry into international markets

Answer 13

1) Exporting products
2) International Franchising
3) Joint Ventures
4) Licensing
5) Direct investment in foreign subsidiaries