Marketing Strategy

Question 1

Marketing strategies

Answer 1

Mass market strategies
Niche market strategies
Business to consumer strategies
Business to business strategies

Question 2

Mass market strategies

Answer 2

Attempting to sell a standard product to almost all consumers in a market

Question 3

Benefits of mass market strategies (3)

Answer 3

High distribution levels
Greater control over advertising and promotion
A degree of influence over pricing within the market

Question 4

What is the balancing act that mass market strategies rely on?

Answer 4

They need to differentiate the product from all rivals without making jt less appealing to any particular group of consumers.

Question 5

Why is finding this balance hard?

Answer 5

Many methods of product differentiation will reduce the appeal of the product to some groups of consumers e.g. quality differentiation, customers unwilling to pay the associated higher price will be excluded

Question 6

Niche market strategies

Answer 6

Selling specialised products to smaller subsections of the market, good for small businesses to achieve success

Question 7

Key to successful niche marketing

Answer 7

Depth of understanding of the product and consumer tastes that takes years to build up. Cannot be rushed- a patient approach is needed to ensure that customers’ needs are met appropriately

Question 8

Benefits of niche market strategy

Answer 8

Able to meet consumer needs more precisely
Able to charge a higher price than mass market products
Less direct competition

Question 9

Business to consumer (B2C) strategies

Answer 9

Ensuring consumers are getting the overall product they want by constantly revisiting the marketing mix. Main goal is to develop customer loyalty

Question 10

Business to business (B2B) strategies

Answer 10

What matters most is price and reliability, less emotion. Aim for customer loyalty aswell

Question 11

B2B

Answer 11

Tailoring to customer
Personal service
Reliability

Overall customer loyalty

Question 12

B2C

Answer 12

Establishing a strong image
Branding
Mass distribution

Overall- customer loyalty

Question 13

Building customer loyalty

Answer 13

Building some kind of emotional attachment between consumers and the brand.
Ensuring that the different aspects of the marketing mix genuinely combine to create a clear image for the product.
Emotional bond created that sees an almost religious devotion to products e.g. Apple