Revision lesson 5 - paper 1 Flashcards
What is a marketing strategy
Set of plans to achieve a marketing objective
What is B2B marketing
Business sells its products to another business
What is B2C marketing
Business targets individual customers with its products
What are the 3 ‘centric’ forms of marketing
Ethnocentric, polycentric, geocentric
What is ethnocentric (domestic) marketing
Business believes success in 1 country will translate to all others
What is polycentric (international) marketing
Adapting marketing mix to maximise sales in different countries
What is geocentric (mixed) marketing
Maintain pros of a standardised approach but cater to needs of individual markets
What are the 4 Ps of the marketing mix
Product, price, place, promotion
What are examples of push factors in marketing
Saturated domestic markets, low growth opportunity, end of product life cycle at home, competition
What are examples of pull factors in marketing
Attraction to markets in emerging economies, gain EOS by going overseas, exploit competitive advantage in new market, extend product life cycle
