Marketing Strategy Flashcards
What is the first step of a marketing strategy?
Analysing where the business is using a SWOT
What takes place before a marketing strategy is built?
Market research to see what direction the business wants to take
What does a marketing strategy aim to do?
Provide direction for the future, ensure product price promotion and placement all correpsond with one another
What tools can be used for a marketing strategy?
Boston Matrix, Ansoffs Matric, Porter’s 5 Forces, Porter’s Generic Strategies
What must a firm consider when building a marketing strategy?
The other departments and their needs, the overall strategic objectives and SLEPTEE
What does differentiating from the competition involve?
It is a low cost strategy and involves drawing away fro the competition
What is a market follower strategy?
Going rate pricing, standardised product, same as everyone else
What are market growth strategies?
- Niche strategy - few businesses adopt this - market to few customers
- Market challengers - try to become the leader
- Generally high cost
What is a market leader strategy?
Where a monopoly sets market price and takes risk
