1.3.5 Marketing Strategy

• Marketing


  The process of identifying, anticipating and meeting demands
• Marketing Strategy


  Methods used to achieve marketing objectives
• Extension Strategies


  Used to increase sales of a product eg. updating packaging, adding different features, changing target market, advertising and price reduction
• Boston Matrix


  A market planning tool to help create a balanced product portfolio focused on market share and growth to assess products
• Uses of the Boston Matrix


  -Helpful when deciding strategies and budgets

  -Suggests a plan of action for each quadrant
• Limitations of the Boston Matrix

  -Products may have a medium market share/growth

  -High market share means high costs and lower profit

  -Simplification
• B2B Marketing


  Selling to another firm. Requires informative ads, close relationship, an invoice system and a quality product
• B2C Marketing

  Selling to consumers. Include the benefits of the product, many distribution channels and emotional connection with the good
• Customer Loyalty

  Creating a product/service that encourages repeat purchases
• Customer Service

  Assistance/ advice provide by a company to its customers
• Benefits of Loyalty Cards

  -Improve customer retention

  -Collect data on buyer behaviour