Marketing strategy

• Marketing strategy


  A plan that combines the four elements of the marketing mix to achieve specific businesses marketing objectives
• Types of market


  • Niche market
  • Mass market
  • B2B market
  • B2C market
• Niche market


  • A sub-section of a larger market with unique preferences or needs
• Mass market


  • A market in which large numbers of customers have similar needs and wants
• B2B market


  • Selling products to other businesses
• B2C market


  • Selling products directly to consumers
• Marketing mix


  The four elements that businesses need to consider when developing a marketing strategy: product, price, promotion, and place
• The marketing mix has a significant impact on consumer decisions
• Businesses need to thoroughly consider each element of the marketing mix when developing a suitable marketing strategy so that it is attractive to the intended target market
• A change in one element of the marketing mix can have a significant impact on the others
• The marketing mix should change as a product moves through different stages of its product life cycle
• If the marketing strategy fails to combine the elements of the marketing mix appropriately, the marketing objectives are unlikely to be achieved
• Product

  The heart of the marketing mix, determines all other elements
• Price

  Closely linked to the perceived brand value of the product
• Promotion

  The promotion strategy can affect the price and distribution channels
• Place

  Distribution and sales channels affect the price and promotion strategy
• Each business combines the different elements of the marketing mix in unique ways for each product they sell
• Elements to consider when formulating an appropriate marketing strategy

  • Marketing budget for the project
  • Marketing objective to be achieved
  • The intended target market for the product
  • Is it a balanced marketing mix?
• For a music streaming service such as Spotify, the place element is not as important as the other elements, as consumers can access the service from anywhere
• For the increasing number of wine stores, location in popular high-street locations is key to their success and location is a key element of their marketing mix
• Many service-based businesses such as Save My Exams and recruitment companies like The Intern Group, have set up as remote companies with employees working from home and services delivered exclusively online
• This reduces business costs and gives a competitive advantage over competitors who continue to incur office expenses
• Offices can be used for company get-togethers or essential business meetings
• Governments can implement legislation that requires businesses to make certain decisions or behave in certain ways
• Examples of consumer protection legislation

  • The safety of products
  • The standard and quality of products and services
  • Advertised weight and size of products
  • The rights of customers if they are unhappy with their purchase
  • The product information that must be given
• In the UK, the Consumer Rights Act (2015) protects consumers from unfair and dishonest business practices
• The Consumer Rights Act covers the product or service, returns, repairs, replacement and delivery
• Retailers and manufacturers

  Can be held responsible for any harm caused
• Standard and quality of products and services

  Products must be of satisfactory quality and for the purpose intended by the consumer
• When customers purchase products online

  They have 14 days to return the product
• Certain details must be displayed on packaging

  Price details, health warnings
• Misleading pricing claims

  Such as 25% off for this week only when the product was being sold at that price previously
• The Australian Consumer Law

  Protects fair and safe business practices
• In the UK, the Consumer Rights Act (2015)

  Protects consumers from unfair and dishonest business practices
• The Act covers

  The product or service, returns, repairs, replacement and delivery
• You will not be required to show knowledge of specific laws
• Governments can pass laws to protect consumers when selling goods or services
• Businesses should consider changes in production, packaging or sales promotions and what the laws are
• Entering new international markets has proved attractive to many businesses
• The Internet makes it easier than ever to enter international markets