C17: Marketing Strategy

• What is a marketing strategy?

  A plan that combines the right combination of the four elements of the marketing mix for a product or service to achieve a particular marketing objective.
• Marketing objectives

  • Increasing sales of a new product/service by improving an existing product.
  • Increasing sales of an existing product/service by selling to new markets
  • Increasing market share
  • Increasing sales in a niche market.
• What are the 4 elements of the marketing mix?

  • Product
  • Price
  • Place
  • Promotion
• Advantages of entering new markets

  Growth potential

  Home markets might be saturated

  Wide choice of location to produce products

  Trade barriers lowered
• Disadvantages of entering new markets

  • Lack of knowledge of competitors and habits
  • Cultural differences - some products won’t sell in another market|
  • Exchange rate changes - not stable
• What are some methods to overcome the problem of entering new markets?

  • Joint ventures
  • Licensing
  • International franchising
  • Localising existing brands