Marketing strategy 3.4

Question 1

What are the different elements in the marketing mix

Answer 1

Product
Place
Price
Promotion

Question 2

What are some legal controls on marketing

Answer 2

Misleading promotion – Falsely advertise a product.
Weights & measures – Businesses can’t sell underweight goods than what they are advertising
Sale of goods – Businesses can’t sell products that are faulty or doesn’t work like it is advertised.

Question 3

Why do businesses enter markets abroad

Answer 3

Demand for product is no longer growing in country

Other countries are starting to develop

Question 4

What are the problems when entering a foreign market

Answer 4

Lack of knowledge - May not know customer habits in country

High transport costs - Shipping products may increase costs

Question 5

What are some ways to overcome problems with entering a new market

Answer 5

Joint ventures - If you have a joint venture with a company who knows the market well then you are able to gain knowledge from that company

International franchising - Countries can sell franchise to different country where they have more local knowledge