Influences on Products and Markets in the Marketing Strategy
- Created by: tanja soulsby
- Created on: 31-05-17 13:03
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- Marketing Strategy
- Decides on markets and products
- Markets
- Type of product
- Products that a business offers will impact choice of market
- B2B
- B2C
- Niche Market
- Mass Market
- Products that a business offers will impact choice of market
- Level of competition
- Businesses favour markets where there is low level of competition
- Also prefer to compete in growing rather than saturated markets
- External Factors creating opportunities in certain markets
- Political
- Social
- Economic
- Internal Resources
- If business has small production facility - might be inclined to compete in niche rather than mass markets
- Attitude to Risk
- Businesses that take big risks are more likely to compete in new and unknown markets
- Type of product
- Products
- Research & Development (R&D)
- A company with strong R&D department can develop new, innovative products to sell
- Competitors
- Businesses need to react to actions of rival companies
- If competitor has launched a new, successful product they might develop a similar product to compete
- Businesses need to react to actions of rival companies
- Technology
- Changes in technology could affect the products
- E.g. Company making TVs need to develop smart TVs to keep up with the market
- Finances
- Businesses with healthy finances and working capital able to spend more on developing new products
- External Factors influencing products
- Social
- Economic
- Environmental
- Research & Development (R&D)
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