5. Strategy Implementation

Question 1

when assembling the 4 P’s, key points to remember are:

Answer 1

• treat your 4 P’s as your own marketing toolkit
• use positioning strategy to drive all marketing mix decisions
• use the mix to enhance customer perceptions

Question 2

common mistakes involved in developing the 4 P’s:

Answer 2

• there are no reference to a strategy statement
• over focus on branding and promotions
• quick fix mentality

Question 3

product

Answer 3

concerned with the development of the right product and/or service

Question 4

price

Answer 4

concerned with ensuring that the product and/or service is offered for sale at a price that makes the whole mix attractive

Question 5

place

Answer 5

concerned with ensuring the product and/or service is available to the target market when and where they want it

Question 6

promotion

Answer 6

concerned with all methods of communicating with your target market about the benefits of product and/or service

Question 7

what are the 3 positioning strategies a firm can choose from:

Answer 7

• cost leadership
• different strategy
• focus strategy

Question 8

cost leadership

Answer 8

obtaining a cost structure that is lower than its competitors
(increase profits by reducing costs/ increase market share by charging lower prices

Question 9

Differented strategy

Answer 9

creating a product and/or service that is different

Question 10

focus strategy

Answer 10

focusing on a particular niche market and specific target market