Selecting Marketing Strategies 0.0 / 5 ? Business StudiesMarketing and competitive environmentsA2/A-levelAQA Created by: Hayleyginny2345Created on: 20-11-13 21:25 Types of marketing strategies 1) Low cost 2) differentation 1 of 24 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 2 of 24 differentation business makes product seperate and distinct from rivals giving customer a reson to purchse and develop brand loyalty = inelastic 3 of 24 Ansoff's matrix is used to assess a variety of marketing strategies 4 of 24 product marketing matrix helps a business... evaluate themselves and markets in which they operate in by considering the relationship between marketing and corporate strategy 5 of 24 What does the matrix consider market and product growth 6 of 24 what does in analyse the degree of risk attached to the range of options open to the business 7 of 24 what is market penetration a business has chosen to market existing products to existing customers more strongly 8 of 24 by making this choice what does a business avoid expense and time involved in developing new products or investigating unfamiliar markets 9 of 24 how risky? low 10 of 24 market development involves a business targeting its existing product range at potential customers in a new market. product same but new auidence 11 of 24 new markets could be... overseas or in a different segment 12 of 24 risk? medium 13 of 24 why? product is unchanged and managers are familiar with strengths and weaknesses. however, products may not be accepted into the new market 14 of 24 product development means that a new product is marketed to a business's existing customers. b.s develops new product replacing existing ones. 15 of 24 advantage to this business knows its customers and has contact with them = easier to conduct market research and promote new products. 16 of 24 disadvantages may engage in producing products with out much expert knowledge. 17 of 24 risk? medium 18 of 24 diversification sell new products to new customers marketing strategy. 19 of 24 2 types of diversification 1) related diversification 2) unrelated diversification 20 of 24 1) related diversification = a business remains in a market that it is familar with 21 of 24 2) nonrelated diversification goes into a market when they dont have previous experience of that market 22 of 24 risk? high 23 of 24 how to assess the effectiveness of marketing strategies to compare it to the marketing objectives that were set priior to its application 24 of 24
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