Comprehensive Marketing Strategies for Business Growth and Development
This guide explores vital concepts in marketing strategy, including corporate and marketing objectives, market types, and unique selling propositions (USPs). It delves into the Ansoff Matrix, outlining stages such as market penetration and product development. The text addresses why businesses must adapt their marketing strategies in response to changing conditions and competitors. Additionally, it emphasizes a scientific approach to marketing decision-making, detailing processes from setting objectives to reviewing results, while also discussing challenges in data collection. Finally, it considers the allure of overseas market expansion.
Comprehensive Marketing Strategies for Business Growth and Development
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Presentation Transcript
Marketing Strategy www.revisionworld.co.uk
Key terms • Corporate objective • Marketing objective • Niche Market • Mass market • USP • Differentiation
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
Why change Marketing strategies? • Marketing objectives might have changed • Market conditions may have altered • Competitors actions • The firms strengths
Marketing decision making – scientific approach • Set marketing objectives • Gather data • Analyze data • Develop marketing strategy • Implement marketing strategy • Review results
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
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
