Marketing

Question 1

Explain market strategy

Answer 1

It is a plan to combine the right combination of the four element of the marketing mix for a product to achieve its marketing objectives

Question 2

Explain the factor that affect market strategy

Answer 2

(i)Law that protect consumers from being sold faulty and dangerous good
(ii)Law that protect consumers from being exploited
(iii)Law that prevent firms from using misleading information in advertising

Question 3

Explain the problem of entering foreign market

Answer 3

(i)Difference between language and culture
(ii)Lack of market knowledge
(iii)Economic differences

Question 4

Explain how to overcome these problem

Answer 4

1. joint venture

Question 5

Explain the advantage of joint venture

Answer 5

(i)Reduce risk and cut costs
(ii)Each business bring different expertise
(iii)The market potential for all business is increased

Question 6

Explain the disadvantage of joint venture

Answer 6

(i)Any mistakes made will reflect on all parties which may damage their reputation
(ii)ineffective decision making