Marketing Strategies

Question 1

strategic planning importance

Answer 1

must have an in-depth knowledge of their MARKET, ITS COMPETITION AND ITS CONSUMERS

market planning is first in the marketing strategy

1) perform a swot
2) look at the budget available
3) look at the productive capacity

Question 2

factors to consider with the marketing strategy:

Answer 2

• Buisness objectives
• Size of the business - small vs. big with their budgets
• Nature of the market - tech markets are constantly changing + responding to threats
• Management changes - new management mean new marketing ideas so will take risks

Question 3

competitive strategies

Answer 3

identify competition and investigate all aspects of competing businesses

easy to identify competitors in the same line of bsuiness and many businesses face competition even outside of their own specific market segment

after investigating competition, business can then start to develop strategies for competing within a market

Question 4

strategies

Answer 4

market leader

market follower

market challenger

low cost strategies

niche market strategies

differentiation

Question 5

market leader

Answer 5

one dominant business who has the largest share of the market

= they decide the product and how it tastes and smells
= they set the standards
= set the price
= who’s to copy

Question 6

market challenger

Answer 6

buisness with a smaller market share trying to attack the marker dominance leader

= developing a better product
= trying to get first place
= outplacing the dom. leader where they are weak

Question 7

market follower

Answer 7

market leaders responding to the market challenger strategies to throw them off

i.e. price war where no one wins just profits are reduced

market followers may introduce new products or services to match those of the market leader

= low risk
= going rate prices
= copying whats been done before
= low cost
= profitable

Question 8

niche market

Answer 8

small market segments in a big market - they choose to specialise
( old car niche markets in the big car markets )

customers with specific demands

= one monopoly

Question 9

differentiation

Answer 9

will try differentiate to their competitors to try attract business

= slightly different by not following the crowd

Question 10

low cost

Answer 10

large firms trying to maintain their dominance

because they can buy in bulk from suppliers at a lower cost per unit

for large businesses - reduces production costs pass savings onto the customer

smaller businesses unable to match these prices as they cant demand them from their supplier

= Aldi
= Lidl

Question 11

market growth strategies

Answer 11

ANSOFF