Marketing Strategy
- Created by: Izzie
- Created on: 02-03-18 19:15
View mindmap
- Marketing Strategy
- The Product Life Cycle
- Development
- Introduction
- Growth
- Maturity
- Decline
- Sales will fall but cash flow may remain + as average costs are also low
- Little promotion
- Sales will fall but cash flow may remain + as average costs are also low
- Cash flow should be + as sales begin to peak
- Promotion may ease as brand becomes established
- Decline
- Sales pick up, cash flow should be +
- Prices may rise to premium levels or fall to match comp & secure a mass mrkt
- Maturity
- Still a - cash flow
- Heavy promotion to create awareness, comp based prices may increase mrkt share
- Growth
- Research & devt. require investment meaning cash flow is -
- Introduction
- The maturity phase can end in market saturation as everyone who wants the product has it so sales drop
- Development
- Extension strategies are used when sales are slowing to increase sales through different methods
- Relaunch the product
- A new model with improvements & updates
- Differentiating the product
- Repackaging or rebrandinfg for a new image
- Incentives
- The product portfolio is the range of products a business provides if it's more than 1
- Boston Matrix
- A method of analysing a company's products in terms of their market share & growth potential
- Stars- significant mrkt share of a fast growing mrkt
- Question Marks- small share of fast growing mrkt, potential for faster growth, need promoting
- Cash Cows- large share of a slow growing mrkt, usually relied on to provide a steady stream of profits
- Dogs- have low share of a low growth mrkt, usually best to discontinue
- Marketing objectives are longer term marketing goals a business is trying to reach
- Marketing strategies are used in order to meet the objectives set
- The Product Life Cycle
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