MARKETING - 3.4 (MARKETING STRATEGY)

Question 1

What is marketing strategy

Answer 1

Is a plan to combine the 4P’s to achieve marketing objective (e.g. increase sales)

Question 2

What are some examples of legal controls on marketing?

Answer 2

• weights and measures must be correct
• No misleading promotion
• must be satisfactory quality

Question 3

Opportunities for entering new markets

Answer 3

• Growth potential
• Chance of higher sales
• Low trade barriers - easier to enter new market
• Access to more customers
• Spread risk
• Greater recognition

Question 4

Problems with entering new markets

Answer 4

• lack of knowledge
• different culture
• high transport costs
• communication issues (language barriers)

Question 5

How to overcome the problems of entering new markets?

Answer 5

• Joint ventures
• Licensing
• International franchising