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MARKETING STRATEGIES] BUSS3 - AQA
Understanding Marketing Objectives
Marketing - The process of identifying, anticipating (predicting) and satisfying
customer needs profitably
A firm's marketing aims and objectives are the goals or targets of the marketing
function. These must be consistent with the organisation's corporate aims and
objectives.
Marketing objectives need to be seen as part of a hierarchy of objectives.…read more

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MARKETING STRATEGIES] BUSS3 - AQA
Entering a - Supply a minimum of 50,000 trial downloads per month
new market - Increase the number of customer enquiries from the EU by 10,000 per
/ market month
positioning
- Recruit five suitable distribution agents in the four target countries
Internal Influences
Internal influences are those factors within a business, such as workforce, financial
position and resources that affect its marketing objectives.
Corporate objectives
As with all the functional areas, corporate objectives are the most important internal
influence.…read more

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MARKETING STRATEGIES] BUSS3 - AQA
Economic environment
This is a key factor in determining demand. E.g. many marketing objectives have been
thwarted or changed as a result of the recession. Factors such as exchange rates would
also impact objectives concerned with international marketing.
Analysing Markets and Marketing
The challenge for any business is to gain a sufficiently detailed understanding of the
fundamentals of a market. Without this insight, it is unlikely that marketing strategies
will prove effective or that marketing objectives will be met.…read more

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MARKETING STRATEGIES] BUSS3 - AQA
coordinate other functional departments and means they can anticipate trends so that
they are prepared and can respond effectively to changes within the market.
Quantitative Forecasting
There are several quantitative methods of analysing a market which are in common use.
The following methods are covered in the following sections:
1. Test marketing
2. Extrapolation and Moving Averages
3.…read more

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MARKETING STRATEGIES] BUSS3 - AQA
Ignores qualitative factors (e.g.
changes in tastes & fashions)
Correlation
Correlation looks at the strength of a relationship between two variables. For
marketing, it might be useful to know that there is a predictable relationship between
sales and factors such as advertising, weather, consumer income etc. Correlation is
usually measured by using a scatter diagram. For example, a data point might measure
the number of customer enquiries that are generated per week (x-axis) against the
amount spent on advertising (y-axis).…read more

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MARKETING STRATEGIES] BUSS3 - AQA
The Delphi method involves getting a group of market experts to provide an opinion on
the forecasting task ­ e.g. to estimate future sales growth in a market. The method
involves a series of steps where the experts first give a confidential opinion on the task
and then revise their forecasts based on the submissions of each expert to the group.
Ultimately the aim of the Delphi method is to reach a "consensus" forecast.…read more

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MARKETING STRATEGIES] BUSS3 - AQA
Selecting Marketing Strategies
Two different strategic approaches to marketing need to be considered:
Porter's Generic Strategies
Ansoff's Matrix
Porter's Generic Strategies
The challenge for a marketing strategy is to find a way of achieving a sustainable
competitive advantage over the other competing products and firms in a market. A
competitive advantage is an advantage over competitors gained by offering consumers
greater value, either by means of lower prices or by providing greater benefits and
service that justifies higher prices.…read more

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MARKETING STRATEGIES] BUSS3 - AQA
The differentiation and cost leadership strategies seek competitive advantage in a
broad range of market or industry segments.
By contrast, the differentiation focus and cost focus strategies are adopted in a narrow
market or industry.
Cost Leadership:
With this strategy, the objective is to become the lowest-cost producer in the
industry. The traditional method to achieve this objective is to produce on a large
scale which enables the business to exploit economies of scale.…read more

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MARKETING STRATEGIES] BUSS3 - AQA
product, it will be stuck in the middle with average costs and little differentiation, giving
it no overall competitive advantage.
Ansoff's Matrix
The Ansoff Growth matrix is another marketing planning tool that helps a business
determine its product and market growth strategy. Ansoff's product/market growth
matrix suggests that a business' attempts to grow depend on whether it markets new
or existing products in new or existing markets.…read more

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