Marketing Strategies 1

Question 2

Marketing Strategies

Answer 2

• Actions that a business takes to achieve marketing goals
  E.g Increase revenue by 10% pa. over 3 years

Question 3

Market Segmentation

Answer 3

Division of total market for a product into smaller segments
- Done according to characteristcs of consumers
- Demographic, Geographic,
Psychographic,Behavioural

Question 4

Differentiation

Answer 4

Process of developing and promoting differences between the business’s products / services VS competitors
-E.g Changing packaging, more features, environmentally friendally

Question 5

4 Points of Differentiation

Answer 5

1. Customer Service
2. Environmental Concerns
3. Convenience
4. Social and Ethical Issues

Question 6

Positioning

Answer 6

Marketers try to create an image to identify a product compared with image of competing products
E.g High quality vs Low quality

Question 7

Marketing Strategies Points

Answer 7

Market segmentation, product / service differentiation and position

Products - Goods / services

Price including pricing methods - cost , market, comp based

Promotion

Place / Distribution

People, processes and physical evidence

E Marketing

Global Marketing

Question 8

Products - Goods / Services

Answer 8

Goods or services that can be offered in an exchange for the purpose of satisfying a need or want
- Branding
- Packaging

Question 9

Branding

Answer 9

A name, term, symbol, design, or combo of these that helps to identify a specific product and distinguishes it from others
- Part of the produt

Question 10

Branding Strategies
(Classification)

Answer 10

Brands are classified according to who owns them
- Manufacturer owns brand name = refered to manufacturer / national ‘s brand

• Private / house brand is one that is owned by a retailer or wholesaler (cheaper)
• Generic brands = No brand name, carrying only product name and plain packaging

Question 11

Impacts of Branding On Consumers

Answer 11

Identify the specific products they like = Without branding selection would be random

Evaluate quality of products = When consumer lacks expertise to judge quality

Reduce level of caution of purchase = Well known brand reassures consumers

Gains psychological reward that comes from purchasing a brand = Status / Prestige

Question 12

Impact of Branding on Businesses

Answer 12

Helps
- Gain repeat sales as consumers recognise business

• Introduce new products into market
• Encourage customer loyalty (emotional connection)
• With promotional activities

Question 13

Packaging and Labelling

Answer 13

Development of a container and graphic design for a product

Packaging is almost as important as product

Question 14

Effect of Packaging

Answer 14

Preserves the product

Protects product from damage or tampering

Attracts consumers’ attention, can draw conclusions about product / first impressions

Divides the product into convenient units

Assists with display of product

Makes transportation and storage easier