Business Studies Marketing Strategy Content Objectives and marketing
Business Studies Marketing Strategy Content
Objectives and marketing Niche marketing Mass marketing Product differentiation Product life cycle Product portfolio analysis Ansoff matrix Marketing decision making
Scientific decisions vs hunches Marketing Objectives Marketing objectives are targets that the marketing department wants to achieve These objectives help businesses achieve their overall objectives Marketing objectives allow businesses to achieve their marketing strategies Examples of objectives: To increase market share by 5%
To increase distribution by 4% Niche Marketing Niche marketing is where a business concentrates on a small segment of the market This is often used by small companies as it is a way of avoiding competition who may not be interested in such a small segment E.g. Gardening magazines, Science fiction books
Strategy A firms marketing strategy depends on a number of things: Its resources
Their strengths and weaknesses Competition Skills and assets of the business Market opportunities and threats Marketing objectives Mass Marketing Mass marketing strategies aim the strategy at the whole market This is generally used by larger companies whose products appeal to everyone
E.g. Ariel washing powder, TV magazines, Bestsellers Product Differentiation This is how businesses make their products stand out from the competition They can use USPs unique selling points to differentiate their products By differentiating products you are able to charge a premium price Differentiated products are often aimed at specific
market segments as they have the features they desire Product Life Cycle The Product Life Cycle shows the life of a product from its conception to its death There are five stages in the product life cycle: 1. Research and development the product is being developed, high costs
2. Introduction the product is introduced to the market, sales are low, profit is negative as research and development costs are being met Product Life Cycle cont 3. Growth Sales increase rapidly, firm starts to make a profit 4. Maturity Sales reach their peak, profits start to decline as competition increases 5. Decline Sales fall, profits begin to fall, the product might be taken off the market
Product life Cycle Extension Strategies Firms often try and extend the life of their products to stop them going into decline Extension strategies include:
Reduce price of product Find alternative uses for product Increase frequency of use of the product Change packaging Product Portfolio Analysis Classifies products according to two dimensions: Market growth Market share
Organisations aim to have a balanced portfolio ideally with cash cows where they can reap the profits and stars that will grow into cash cows PLC & Product portfolio Analysis These tools can be used to analyse the portfolio of products a business offers Businesses need to ensure that they have sufficient new products coming onto the market for the future New products are funded by profits from
products in the maturity phase of the PLC / cash cows Product Portfolio Analysis Ansoff Matrix 1. 2. 3. 4.
Four different strategies a business can implement Market penetration sell more products to existing customers New product development sell new products to existing customers Market development sell existing products to new customers Differentiation sell new products to new customers Ansoff Matrix
Marketing Decision Making Methods are based on the situation, time available and the managers expertise Managers make marketing decisions based on: Data
Marketing objectives are set Data is gathered Data is analysed Marketing strategy is developed Marketing strategy is implemented Results are reviewed this leads back into objectives Summary
Marketing objectives are targets to achieve Niche marketing small segment of the market Mass marketing- whole market Product differentiation use of USPs to make products stand out PLC classifies products due to their stage in the PLC
Portfolio analysis classifies products due to market size and growth ANSOFF matrix gives a selection of strategies using new / existing products and markets Marketing decision making can be made using scientific method or experience
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