3.4 Marketing Strategy

Front

What is a marketing strategy?

Back

A marketing strategy is a plan that combines the four elements of the marketing mix to achieve specific marketing objectives.

Front

What are the four elements of the marketing mix?

Back

Product, Price, Promotion, Place.

Front

How do marketing strategies differ in B2B and B2C markets?

Back

B2B strategies focus on building relationships and demonstrating product value, while B2C strategies emphasize brand loyalty and emotional appeal.

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What is a mass market?

Back

A mass market is a market where large numbers of customers have similar needs and wants.

Front

What is a niche market?

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A niche market is a sub-section of a larger market with unique preferences or needs.

Front

What is the importance of the marketing mix in influencing consumer decisions?

Back

The marketing mix significantly impacts consumer decisions, and changes in one element can affect the others.

Front

What happens to the marketing mix as a product moves through its life cycle?

Back

The marketing mix should change as a product moves through different stages of its product life cycle.

Front

What is the role of price in the marketing mix?

Back

Price is closely linked to perceived brand value and can affect sales based on how high or low it is set.

Front

What is the impact of promotion on the marketing mix?

Back

The promotion strategy can affect price and distribution channels.

Front

What are some key areas of legislation that impact marketing strategy?

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Product safety, quality standards, customer rights, and misleading pricing claims.