Marketing Stratergies (1.3.5) Flashcards
What are Marketing Stratergies?
Business’s overall game plan for reaching prospective consumers and turning them into customers of their products or services.
What are Marketing Stratergies all about?
Creating Customer Loyalty
What does B2B stand for?
Business to Business
What is B2B?
Tailored Product to suit needs. Negotiated pricing. Weak Word-of-Mouth. Direct Channels.
What does B2C stand for?
Business to Consumer
What is B2C?
Standard Products
Regular pricing Strategies
Emotional Branding
Various Distribution Channels.
Advantages and Disadvantages of B2C?
(2 Advantages and 2 Disadvantages)
-Lower Operational Costs because fewer employees
-Less complex as doesn’t involve a lot of work
-Limited Rev
-Shorter sale cycles
Advantages and Disadvantages of B2B?
(2 Advantages and 2 Disadvantages)
-Has potential for higher Revenue
-Has longer sale cycles
-Has higher operational costs
-More complex in operations
What Markets are considered Market Stratergies?
Niche and Mass Markets
What is a Niche Market?
A Niche Market one that is small and is specialized for a particular product or service that has unique needs. E.g. Pets/Fitness
What are the advantages of a Niche Market? (5 Advantages)
-Can change your price to be more expensive (premium pricing)
-Know what customers to target as specific products
-Low Competition
-High Brand Loyalty
-High Market Share (not many similar=USP)
What are the Disadvantages of a Niche Market? (5 Disadvantages)
-Lower revenue
-Less Sales
-Limited expansion
-Less bulk buying discount
-Eagle eyed competition
What is a Mass Market?
Mass Market is the market for goods that are produced in large quantities. Mass Production
What are the advantages of a Mass Market? (4 Advantages)
-Higher Revenue/Sales
-Brand awareness
-Bulk Buying discount
-Low unit costs
What are the Disadvantages of a Mass Market?
-If you raise prices people are less likely to buy (price sensitive)
-High Competition
-Low Brand Loyalty
-Variety of Customers
