Unit 16: Marketing strategy
Marketing strategy is a plan that is used to have the right combination of four element of marketing mix to achieve specific marketing objects
Marketing objects include:
Marketing objects include:
- Increase sales of product by selling into new market or sell more into existing market
- Increase sales of new product by improving existing product
- Maintain market share if competition increase
- Increase sales in a niche market
Legal controls on marketing
- Weights and measures
- Trade description: Advertisement must be truthful
- Sales of goods: If the label states "These products are completely waterproof" and they leak the firts time they are used
- Supply of goods and services act
- The psychological pricing (illegal)
- The distance selling regulation: allow the consumers can give back their products in seven days
Entering new market abroad
Opportunities:
The reason why business needs to enter into new market abroad:
The reason why business needs to enter into new market abroad:
- Growth potential of new market in another countries
- The business at home is saturated now
- The trade barrier is lower now in some part of the world
Threats:
Leak of knowledge
Cultural differences
Leak of knowledge
Cultural differences