Business-marketing strategy

• Marketing Strategy


  A plan to combine the right combination of the four elements of the marketing mix for a product or service to achieve a particular marketing objective
• Factors that the Marketing Strategy depends on

  • Size of market
  • Number and size of competitors
  • Marketing objectives
  • Target market
  • Finance available
• Marketing objectives


  • Increasing sales
  • Improve the existing product
  • Increasing sales of a new product
  • Maintaining/ increasing market share
  • Increasing sales in a niche market
  • Increase market share/retain market share
• It is crucial to have all elements working together to influence consumer decisions (buying the product)
• Recommending and justifying a marketing strategy in a given circumstance should include: marketing objective, marketing budget, target market, balanced marketing mix
• Legal controls in marketing

  • Weights and Measures
  • Sale of Goods
  • Supply of Goods and Services Act
  • Consumer Contracts Regulations
  • Trade Descriptions
• Weights and Measures


  Selling underweight items or using inaccurate equipment to weigh goods is illegal
• Sale of Goods


  • Supplying flawed goods (not up to quality standard)
  • Product not fit for its intended purpose
  • Products which do not perform as described in label or by retailer
• Supply of Goods and Services Act

  Service must be provided with skill and care
• Consumer Contracts Regulations


  A consumer should have a minimum of 7 days cooling period (a consumer should have seven days to change their mind about the purchase they made)
• Trade Descriptions


  • Supplying a good/ service which is unsafe/ not fit for the purpose is illegal
  • Giving false info or misleading claims is illegal
  • Misleading consumers about the actual price is illegal
  • Making false claims about special deals and offers is illegal
  • Offensive or indecent ads are illegal
• Complying with legal controls

  • Goods/ services may have to be redesigned to ensure quality and safety
  • Ads may have to be altered
  • Some promotion techniques may have to be changed
  • May have to change the packaging
  • Prices may have to be controlled and altered
  • Increase employment
• Entering new markets abroad

  • Growth potential in other countries: countries are developing, and population incomes are increasing
  • Markets in the original region might be saturated (sales are low)
  • Can produce products abroad and learn about its market to increase sales
  • Trade barriers are lowered in most countries, so it is cheaper to enter markets
• Problems of entering new markets abroad

  • Lack of knowledge of competitors or consumer habits
  • Cultural differences: for example, alcohol won't sell well in the Middle East
  • Exchange rates: in some countries, their currency isn't stable, so the price of imported goods increase
  • Transport costs are more expensive
  • Import restrictions - causes price of goods to increase and sales decrease
  • Increased risk of non-payment
• Problems of entering a new market

  • Lack of knowledge (cultural differences)
  • Transport costs are expensive
  • Cultural Differences
• Methods to reduce and overcome problems of entering a new market

  1. Joint-Ventures: by working together/merging with local businesses in the same market, a business will gain a lot of necessary knowledge about the culture & market

  2. Franchising: letting people from the market abroad who have local knowledge to choose the location of the shop

  3. Licensing: the business permits a local business to sell goods under its name, so they do not have to import all the products physically

  4. Localising Existing Brands: where a business still has the same brand image but adapts it to the market it is in (i.e. McDonald's cooking vegetarian meals in India)