Marketing strategies

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  • Marketing Strategies
    • Marketing objectives are the medium to long term plans intended to provide a sense of direction to a business
    • Businesses pursue a range of marketing objectives, including increasing brand recognition and market share or extending a product range
    • Internal and external factors, such as the size and type of firm and the expected response of competitors, can influence marketing objectives
    • Businesses can take marketing decisions on the basis of a hunch or as a result of a scienftific approach to decision making
    • Trends in marketing data can be forecast using extrapolation, moving averages or correlation. Identifiying future trends assists a business in forecasting sales
    • Technology can be used to gather marketing data. Supermarkets use loyalty cards to collect data on their customers
    • IT can be used to analyse marketing data. However, it may be difficult to analyse these data as samples may be too small or the external environment may change
    • A marketing strategy is a medium to long term plan to achieve a businesses marketing objectives. Examples include low cost and differentiation
    • Ansoffs matrix can be used to assess marketing strategies in terms of risk by classifying them into four groups: market penetration, product development, market development and diversification
    • The success of marketing strategy can be judged by the extent to which it enables a business to achieve its marketing objectives
    • A marketing plan sets out the strategy a business will use to achieve its marketing objectives
    • The main components of a marketing plan may include the marketing objectives, marketing budgets and sales forecasts
    • The internal influences on a marketing plan may include the finance available and operational issues.
    • The benefits of marketing plans are that they can provide a sense of direction to employees, encouraging managers to monitor the progress of marketing decisions and to think ahead


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