Marketing Strategy

1. Marketing Strategy www.revisionworld.co.uk

2. Key terms • Corporate objective • Marketing objective • Niche Market • Mass market • USP • Differentiation

3. Ansoff Matrix

4. What happens at each stage? • Market Penetration – sell more of existing products to existing customers • New product development – develop new products and sell to existing customers • Market development – sell existing products to new customers / markets • Diversification – new products to new markets

5. Why change Marketing strategies? • Marketing objectives might have changed • Market conditions may have altered • Competitors actions • The firms strengths

6. Marketing decision making – scientific approach • Set marketing objectives • Gather data • Analyze data • Develop marketing strategy • Implement marketing strategy • Review results

7. Problems with the scientific approach • It is only as effective as the data collected • In some cases data is hard or too expensive to collect • Making a decision on a hunch / intuition / experience is often quicker

8. Overseas Marketing Strategy • It can be appealing to expand overseas when: • The domestic market is saturated • There is increasing competition • There are benefit from particular market opportunities overseas