Selecting Marketing Strategies

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Types of marketing strategies
1) Low cost 2) differentation
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Low cost marketing
a way of attracting customers. used by business who are late entrants into the market with no established brand or customer base - elastic
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differentation
business makes product seperate and distinct from rivals giving customer a reson to purchse and develop brand loyalty = inelastic
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Ansoff's matrix is used to
assess a variety of marketing strategies
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product marketing matrix helps a business...
evaluate themselves and markets in which they operate in by considering the relationship between marketing and corporate strategy
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What does the matrix consider
market and product growth
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what does in analyse
the degree of risk attached to the range of options open to the business
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what is market penetration
a business has chosen to market existing products to existing customers more strongly
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by making this choice what does a business avoid
expense and time involved in developing new products or investigating unfamiliar markets
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how risky?
low
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market development
involves a business targeting its existing product range at potential customers in a new market. product same but new auidence
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new markets could be...
overseas or in a different segment
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risk?
medium
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why?
product is unchanged and managers are familiar with strengths and weaknesses. however, products may not be accepted into the new market
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product development
means that a new product is marketed to a business's existing customers. b.s develops new product replacing existing ones.
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advantage to this
business knows its customers and has contact with them = easier to conduct market research and promote new products.
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disadvantages
may engage in producing products with out much expert knowledge.
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risk?
medium
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diversification
sell new products to new customers marketing strategy.
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2 types of diversification
1) related diversification 2) unrelated diversification
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1) related diversification =
a business remains in a market that it is familar with
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2) nonrelated diversification
goes into a market when they dont have previous experience of that market
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risk?
high
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how to assess the effectiveness of marketing strategies
to compare it to the marketing objectives that were set priior to its application
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Card 2

Front

Low cost marketing

Back

a way of attracting customers. used by business who are late entrants into the market with no established brand or customer base - elastic

Card 3

Front

differentation

Back

Preview of the front of card 3

Card 4

Front

Ansoff's matrix is used to

Back

Preview of the front of card 4

Card 5

Front

product marketing matrix helps a business...

Back

Preview of the front of card 5
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