Transcript Marketing Strategy

Marketing Strategy
www.revisionworld.co.uk
Key terms
•
•
•
•
•
•
Corporate objective
Marketing objective
Niche Market
Mass market
USP
Differentiation
Ansoff Matrix
What happens at each stage?
• Market Penetration – sell more of existing
products to existing customers
• New product development – develop new
products and sell to existing customers
• Market development – sell existing
products to new customers / markets
• Diversification – new products to new
markets
Why change Marketing strategies?
•
•
•
•
Marketing objectives might have changed
Market conditions may have altered
Competitors actions
The firms strengths
Marketing decision making –
scientific approach
1.
2.
3.
4.
5.
6.
Set marketing objectives
Gather data
Analyze data
Develop marketing strategy
Implement marketing strategy
Review results
Problems with the scientific
approach
• It is only as effective as the data collected
• In some cases data is hard or too
expensive to collect
• Making a decision on a hunch / intuition /
experience is often quicker
Overseas Marketing Strategy
• It can be appealing to expand overseas
when:
– The domestic market is saturated
– There is increasing competition
– There are benefit from particular market
opportunities overseas