M1-Topic 3 part 3: developing market strategies, implementation, monitoring and controlling Flashcards
what are marketing strategies
actions undertaken business achieve marketing objectives through marketing mix
what does the marketing mix refer to
the four P’s – product, price, promotion, place
what does creating a product entail (4)
Considering:
- quality
- packaging
- design
- brand
why is the product important
Customers will buy products that satisfies their needs/wants + provides intangible benefits
what does pricing entail
considering the amount, customers will pay for the product
why is pricing important (3)
Effects:
- Market Positioning
- Production cost
- Demand
what does promotion entail (7)
Using methods
- Advertising
- Personal selling
- Relationship Marketing
- Sales promotion
- Publicity
- Public relations
why are promotion strategies important
inform, persuade and remind the target market about the products
what does place entail (2)
Organising:
- Distribution Channels
- intermediaries
why is considering place important (2)
it decides:
- how the product will get to the consumer
- the availability of the product
what are the phases of the marketing plan (3)
Implementation
Monitoring
Controlling
what happens during the implementation phase
the market plan is put into action
what happens during the monitoring phase (2)
The observing marketing plan progress
Problems and opportunities are reported
what happens during the controlling phase (2)
- Planned performance compared against actual
performance by using key performance indicators (KPI) - Corrective action is taken when required to ensure
objectives attained
what is a financial forecast
The addition of a business’s predicted future costs and revenue, to calculate projected profits
