Marketing strategy

Question 1

Marketing Strategy

Answer 1

is a plan to combine the right combination of the four elements of the marketing mix for a product or service to achieve a particular marketing objective(s)

Question 2

Possible marketing objectives

Answer 2

• Increasing sales of a existing product/service
• Increasing sales by improving a product
• Achieving a target market
• Increase market share
• Maintaining market share if competition increases
• Increasing sells is niche market

Question 3

Justify marketing strategy for a business

Answer 3

• Marketing objective, is it to increase sales or launch new product?
• Marketing budget, Can TV advertising be affordable or will social media be more effective
• Target market, high income consumers or families with young children?
• Balanced market mx, do all the elements fit together.