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Marketing Strategy. www.revisionworld.co.uk. Key terms. Corporate objective Marketing objective Niche Market Mass market USP Differentiation. Ansoff Matrix. What happens at each stage?. Market Penetration – sell more of existing products to existing customers

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Marketing strategy l.jpg

Marketing Strategy

www.revisionworld.co.uk


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Key terms

  • Corporate objective

  • Marketing objective

  • Niche Market

  • Mass market

  • USP

  • Differentiation



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What happens at each stage?

  • Market Penetration – sell more of existing products to existing customers

  • New product development – develop new products and sell to existing customers

  • Market development – sell existing products to new customers / markets

  • Diversification – new products to new markets


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Why change Marketing strategies?

  • Marketing objectives might have changed

  • Market conditions may have altered

  • Competitors actions

  • The firms strengths


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Marketing decision making – scientific approach

  • Set marketing objectives

  • Gather data

  • Analyze data

  • Develop marketing strategy

  • Implement marketing strategy

  • Review results


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Problems with the scientific approach

  • It is only as effective as the data collected

  • In some cases data is hard or too expensive to collect

  • Making a decision on a hunch / intuition / experience is often quicker


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Overseas Marketing Strategy

  • It can be appealing to expand overseas when:

    • The domestic market is saturated

    • There is increasing competition

    • There are benefit from particular market opportunities overseas


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