Marketing strategy

Question 1

what is marketing strategy

Answer 1

a plan to combine the right combination of the 4 marketing mix for a product or service to achieve a particular marketing objectives

Question 2

what are some 6 marketing objectives

Answer 2

increase sale of an existing product/service by selling into a new market or selling more to existing market
increasing sales of a product or service by improving it
achieving a target market share with a newly launched product
increasing market share
maintaining market share if competition is increasing
increasing sales in niche market

Question 3

what are 6 legal controls on marketing

Answer 3

make sure you know what each of them do/ mean
weights & measures, trade description, sale of goods, supply of good and service act , no misleading pricing claims , customer contracts regulation

Question 4

what are the 4 opportunities of a business entering new markets in other countries

Answer 4

may hv greater potential in countries abroad
home market may be saturated and these markets can give potential for higher sales
wider choice of location to make and sell products
trade barriers have been lowered making it easier and more profitable

Question 5

what are the 6 problems entering a foreign market

Answer 5

lack of knowledge
cultural differences 
exchange rates 
import restrictions
increased risk of non payments  
increased transport cost

Question 6

what are the 4 ways to overcomes problems entering a new market abroad

Answer 6

join ventures, products under licence, international franchising and localising existing brands

Question 7

what are the benefits and limitations of using joint ventures to over comes the problems of entering foreign markets

Answer 7

gain more local knowledge

management conflict and profit is shared

Question 8

what are the meaning, benefits and limitations of having products under license to over comes the problems of entering foreign markets

Answer 8

business gives permission for another company in new market to product branded products under licence
save time and transportation cost, get round trade restriction
quality may be low due to inexperience and cld destroy brand reputation
licensee has access to info abt product and cld make a better product and become competitor

Question 9

what are the benefits and limitations of using international franchising to over comes the problems of entering foreign markets

Answer 9

local knowledge available

quality problems or poor service, training and support supplied by franchisor

Question 10

what is the meaning, benefits and limitations of using localising existing brands to over comes the problems of entering foreign markets

Answer 10

common brand buy has adapted to local taste and culture
no benefits oops
expensive to change packaging and promotion
may be less successful than a new product made to meet local cultures and market conditions