Marketing Strategy (AL)

Question 1

Marketing plan

Answer 1

A detailed and researched report on the marketing objectives and the marketing strategy to achieve them

Question 2

Contents of a marketing plan

Answer 2

-Purpose
-Situational analysis (SWOT,PEST)
-Marketing objectives
-Marketing strategy
-Marketing mix
-Marketing budget
-Summary and timescale

Question 3

Benefits and limitations of marketing plan

Answer 3

Benefits
-Essential part of overall business
-Marketing plan reduces the risk of failure of strategies
-Planning marketing activités gives clear direction to departs in the business

Limitations
-Small business may not have skills to create a marketing plan
-Plan can be affected by sudden events
-Plan without adequate research leads to inappropriate strategies

Question 4

International marketing

Answer 4

Selling products in markets other than the domestic market

Question 5

Reasons for international marketing

Answer 5

-Saturated home markets
-Profit opportunities
-Spreading risks
-Legal differences creating opportunities abroad

Question 6

Stages in decision making to enter potential markets

Answer 6

-Identify possible markets
-Screen potential markets(research)
-Select market to enter
-ENter markers

Question 7

Pan global marketing with
benefits and limitations

Answer 7

Marketing a standardised product across the globe as if the world is on single market

Benefits
-Standard identity of the product can be established
-Economies of scales, reduction in costs
-Differences between consumers form different countries is reducing

Limitations
-Might be necessary to develop products suitable to culture
-Brand names may not always translate effectively into other languages
-Setting same prices for all countries will take not into account different average income levels

Question 8

Global localisation with
benefits and limitations

Answer 8

Adapting a marketing mix, including differentiated product and adjusting for national and regional tastes, maintaining differences

Benefits
-New marketing mix leads to high profits
-Products are likely to meet legal requirements
-Less opposition pressure to this MNC activity

Limitations
-Scope for economies of scale fall
-Brand could lose international identity
-Additional costs of adapting new products

Question 9

Main differences in international markets

Answer 9

-Social and economical
-Legal differences
-Cultural differences
-Differences in business practices

Question 10

Methods of entry to international markets

Answer 10

-Exporting products
-International franchise
-Joint ventures
-Licensing
-Direct investment in foreign subsidiaries

Question 11

IT applications in marketing

Answer 11

-Internet (websites)
-Email
-Mobile (texts)
-In store
-Social media

Question 12

Potential AI applications in marketing

Answer 12

-Better understanding of consumer tastes
-Optimise effectiveness of digital advertising by analysing data
-Create detailed consumer profiles to personalise media message

Question 13

Limitations of AI in marketing

Answer 13

-Significant investments in data collection
-AI systems lack creativity
-Management control and supervision are still required