Marketing Strategies; Unit 3 - Notes

Notes made from a combination of resources including the Malcolm Surridge text book and Philip Allan revision guide.

Covers the marketing quarter of the course; Marketing Objectives, Markets and Marketing, Marketing Strategies and Marketing Plans

Pages in this set

Page 1

Preview of page 1
Marketing Objectives
The process by which a firm tries to identify, anticipate and satisfy customers needs and wants and at
the same time meet its own needs
Involves an exchange process in which both sides benefit
Requires a good understanding of customer requirements achieved through primary and secondary

Page 2

Preview of page 2
Market position

Relationship Marketing:
Build long term relationships with customers
Understand the various stages in a customer's life so they know what and when they offer products

Market Share: Measures the sales of one product as a percentage of the total market sales
Sales Growth: Occurs…

Page 3

Preview of page 3
Good understanding of markets should help a firm target the right segments and to market its
products effectively
Requires a good understanding of:
Market size
Market share of firms in the market
Barriers to entry
Patterns and trends of sales
Substitute products

Why Analyse Markets?
Market research is of little…

Page 4

Preview of page 4
The more times a correlation appears to the exist, the more likely it is that the managers will
believed a link does exist

Other Ways of Estimating Future Sales:
Market Research:
Can be used to try identifying likely future trends
Value of the research depends on whether it's primary or…

Page 5

Preview of page 5
Forecast is for the near future
Based on detailed and accurate market research
Product is well established and the market is known
External factors are predictable

Operations managers will need to know the likely pattern of demand to ensure there is sufficient
capacity / Capacity will constrain sales levels…

Page 6

Preview of page 6
Which segments of the market to target
Requirements of each segment differs and so effective markets require an understanding of
these needs to decide the most profitable option for the firm
Targeting: Picking the segment you intend to sell to
How to position yourself
Relates to price and quality…

Page 7

Preview of page 7
Unrelated Diversification: The firm has no previous experience with the industry

Porters Generic Strategies:
Low Cost:
Focuses on providing similar benefits to competitors, but doing so at a lower price
Constantly looking for ways to reduce costs the make the firm the market leader
Strip away costs to enable lower…

Page 8

Preview of page 8
The domestic market may be saturated
The domestic market is subject to increasing competition and regulation
The benefits of a particular market opportunity overseas
Reducing the risk of being dependant on one market
However problems can arise as the firm is unlikely to know the market well
Will need to…

Page 9

Preview of page 9
Is it easy for others to imitate?

Developing and Implementing Marketing Plans
Marketing Plan:
Market planning involves developing the tactics necessary to implement the market strategy
Sets out in detail:
Marketing objectives
Marketing strategies
Marketing budget
Marketing activities
Mission Statement
Corporate Objectives
SWOT analysis (Strengths, Weaknesses, Opportunities, Threats)
Sales forecasts

Page 10

Preview of page 10
Should say what needs to be done, how it will be achieved, how much will be spent on it and what is
going to be done when, who is responsible for each activity and what resources are needed
The plan will integrate the other functions:
HR will need to know…


No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »