Marketing strategies
- Created by: Maria-Elianna Constantinou
- Created on: 21-05-13 13:46
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- Marketing Strategies
- Marketing objectives are the medium to long term plans intended to provide a sense of direction to a business
- Businesses pursue a range of marketing objectives, including increasing brand recognition and market share or extending a product range
- Internal and external factors, such as the size and type of firm and the expected response of competitors, can influence marketing objectives
- Businesses can take marketing decisions on the basis of a hunch or as a result of a scienftific approach to decision making
- Trends in marketing data can be forecast using extrapolation, moving averages or correlation. Identifiying future trends assists a business in forecasting sales
- Technology can be used to gather marketing data. Supermarkets use loyalty cards to collect data on their customers
- IT can be used to analyse marketing data. However, it may be difficult to analyse these data as samples may be too small or the external environment may change
- A marketing strategy is a medium to long term plan to achieve a businesses marketing objectives. Examples include low cost and differentiation
- Ansoffs matrix can be used to assess marketing strategies in terms of risk by classifying them into four groups: market penetration, product development, market development and diversification
- The success of marketing strategy can be judged by the extent to which it enables a business to achieve its marketing objectives
- A marketing plan sets out the strategy a business will use to achieve its marketing objectives
- The main components of a marketing plan may include the marketing objectives, marketing budgets and sales forecasts
- The internal influences on a marketing plan may include the finance available and operational issues.
- The benefits of marketing plans are that they can provide a sense of direction to employees, encouraging managers to monitor the progress of marketing decisions and to think ahead
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