marketing strategy Flashcards
marketing strategy
is the plan to combine the right combination of the four elements of the marketing mic for a product or service to achieve a particular marketing objective
objectives
increasing sales of an existing product or service by selling to new markets or selling more to the existing market
increasing sales in niche market
maintaining market share if competition is increasing
increasing sales of new products or services by improving an existing products
legal controls on marketing
laws that protect consumers from being sold faulty and dangerous products
weights and measurements
retailers and producers commit an offence if they sell underweight goods or if the weighing equipment is inaccurate
trade descriptions
it is illegal to give the consumer a deliberately misleading impression about a product
saying a pair of pants is made of wool and its not
sales of goods
it is illegal to sell products which have serious flaws and problems that is they are not satisfactory quality, selling of products that don’t fit the needs of the consumer
supply of goods and services
a service has got to be provided with reasonable skill and care
lack of knowladge
the business may not be aware of competitors or the habits of consumers in these markets like where the consumer do shopping
cultural differences
religion or culture may mean that some products wont sell in another market for example alcohol wont be sold in Muslim countries
important restrictions
if there are tariffs or quotas on imported products then the prices of these products may be higher than domestically produced goods
increased risk of non payment
methods of payment may be different in these new markets and it may be more difficult to be certain that payment for imported goods will be made
increase transport costs
as products have to be transported over a long distance then the costs of getting products to the market will increase
