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Business Chapter 17: Marketing strategy (marketing objective (increase…
Business Chapter 17: Marketing strategy
marketing objective
increase sales of existing product/service
increase sales of product/service by improving it
achieve target market share with new product
increase market share
maintain market share if competition increases
increase sales in niche market
recommending and justifying a marketing strategy in given circumstances
marketing objective
is it to increase sales or to launch new products?
marketing budget
can TV advertising be afforded or would social media be more cost effective?
target market
high-income consumers or families with young children?
balanced marketing mix
do all four elements of the mix 'fit together' and 'tell the same story' about the product?
legal controls on marketing
consumer protection
weights and measures
trade descriptions
sale of goods
supply of goods and services act
it is illegal to make misleading pricing claims
the consumer contracts regulations
growth potential of new markets in other countries
opportunities
other markets might have greater growth potential
new markets give chances of higher sales
wider choice of location to produce products
more easy and profitable to enter markets
problems of entering foreign markets
lack of knowledge
cultural differences
exchange rate changes
import restrictions
increased risk of non-payment
increased transport costs
methods to overcome problems of entering new markets abroad
joint ventures
limitations
management conflict between two businesses
profits shared
licensing
limitations
quality problems that could damage brand reputation
licensee could become competitor
international franchising
limitations
quality problems or poor service could lead to damaged brand image
training and support needed to be provided by franchisor
localising existing brands
limitations
may be less successful
expensive to change packaging, promotion, etc for each market