Marketing Strategies

Question 1

Marketing Strategies

Answer 1

activities undertaken to achieve objectives through the marketing mix (product, price, promotion, place)

Question 2

Product

Answer 2

Main objective is positioning in the market, where the business intends to place itself in the market

Question 3

Price

Answer 3

The method or strategy a business uses to price their products/services

Question 4

Competition Pricing

Answer 4

Prices matched to the main competition

Question 5

Cost Plus Pricing

Answer 5

Margins are added to cost price to determine retail price

Question 6

Marketing Pricing

Answer 6

Based on market conditions (supply and demand)

Question 7

Promotion

Answer 7

refers to methods a business will take to inform, persuade and remind customers about its product (through sales, advertising, etc.)

Question 8

Place/Distribution

Answer 8

refers to how the business intends to distribute their product to their customers
- e.g: directly or intermediaries