1.3.5 Marketing Strategies

• what should businesses use for mass market strategies?

  A mass market is one that caters for (almost) everyone. These products can be marketed to consumers all over the world in the same way

  Large quantities produced mean lower average

  costs. Examples include: Perfume, pop stars, Coca cola,

  computers and Microsoft
• what strategies should businesses use for niche markets?

  A niche market is one that caters to a small subset of a segment and will target consumers in a very specific way. Small turnover keeps larger firms from entering market. Inelastic demand means higher prices can be charged
• what is B2B marketing?

  Many businesses just deal with other businesses rather than

  consumers.
• what marketing strategies should businesses use for B2B marketing?

  Advertising needs to be informative rather than persuasive or

  “clever”. This will typically involve larger transactions than with

  consumers.

  Suppliers need to build up closer relationships with customers. Focus will be on offering a quality product and a quality service
• what is B2C marketing?

  They are not looking to build up long term relationships with the supplier, maybe a one off purchase like a sofa

  Consumers want a variety of distribution channels for convenience e.g. online, click and collect, delivery etc.
• what are the factors when deciding on a marketing strategy?

  1. competition
  2. demographics
  3. resources (finance)
  4. business skills
  5. sponsorships
  6. strengths and weaknesses
  7. marketing opportunities and threats
  8. marketing objectives
• what are marketing objectives?

  targets that the marketing department wants to achieve. helps to achieve the overall objectives
• what is product differentiation?

  products stand out from competitors by using a USP. by doing so, you can charge a premium price aimed at specific markets
• what is experiences marketing decision making?

  methods are based on situation, time and mangers expertise. managers make decisions based on: data hunches, scientific methods, experience
• what are scientific decision making methods?

  marketing objectives are set

  • data is gathered and analysed
  • marketing strategy is developed and implemented
  • results are reviewed
  • therefore market orientated