Understanding marketing objectives 0.0 / 5 ? Business StudiesMarketing and competitive environmentsA2/A-levelAQA Created by: hayden FrancisCreated on: 12-06-14 08:45 Marketing Objectives Analysing the markets in which they operates Setting marketing objectives Selecting market tactics and strategies Developing and implementing marketing plan 1 of 7 Growth and profitability A business might want to increase sales, revenue, profit through market Increase its revenue by selling more products Charge a higher price Both should lead to higher profits So might launching new products Create a competitive advantage over their rivals Marketing can help a business to do this 2 of 7 Gaining and maintaining sales and market share A business may attempt to prevent losses and declining sales Maintain market share, through its marketing When a new product is launched. New products often require marketing and promotion to break into the market and for sales to take off. To develop over the long-term. Some products have very long life cycles such as the Mini motor car and Heinz Beans They have sold continuously over many years as a result of marketing extension strategies designed to maintain sales 3 of 7 Product Differentiation Differentiate products from those of competitors by changing the marketing mix such as: Charging a lower or higher price Changing the packaging, Design and ingredients of the product, advertising and other forms of promotion Selling the product in different typres of retailer 4 of 7 Product introduction Launch new products onto the markets Market research could have indicated that this product would be successful Some businesses introduce products regularly, such as new versions of computer software and games 5 of 7 Product innovation Some products are genuinely new and innovative. New technology has created a new product or research has found a new medicine 6 of 7 Consumer Knowledge Consumers need to know what products are available from business Without awareness they may not buy products Raising the awareness of the products 7 of 7
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