Marketing within business environment chap50

Question 1

Examples of internal influences on marketing objectives…

Answer 1

• finance
• human resources
• business culture

Question 2

Examples of external influences on marketing objectives…

Answer 2

• competitor actions
• social and political change
• market dynamics e.g size. growth, segmentation

Question 3

What is a competitive marketing strategy?

Answer 3

A strategy that identifies the competition and analyses what they do then develops own strategy based on this

Question 4

What type of marketing strategy would a market leader be most likely to use?

Answer 4

aggressive strategies to improve their market share

Question 5

What are market challenger strategies?

Answer 5

• an attempt to attack the dominance of the market leader

- could be by trying to identify an area of weakness

Question 6

Market follower strategies…

Answer 6

• following the market leader

- directly taking on competitors ( can be difficult)

Question 7

What is meant by a niche market?

Answer 7

a small, specialised market for a particular product or service.

Question 8

Low cost strategies…

Answer 8

• working with suppliers to maintain low cost
• able to offer customers huge discounts
• smaller businesses will be unable to match these prices

Question 9

Explain the difference between ‘market share’ and ‘market growth’.

Answer 9

Market share is the the percentage of the total market that a business has, whereas market growth is the percentage change in market size between last year and this year.

Question 10

Define the term ‘globalisation’.

Answer 10

the integration of countries through trade, ideas and culture.