Marketing Strategy - Marketing Mix Business IGCSE

Define marketing strategy.

A plan to achieve a business's marketing objectives using a given level of resources.

Why is marketing strategy important?

The 4 P's must work together to attract customers and increase sales.

What does each of the 4 P's need to achieve? (4)

Product: meets needs and wants; Price: affordable and customers willing to buy; Promotion: raises awareness; Place: product is easy to buy.

State 4 factors for choosing a marketing strategy.

1. Budget; 2. Competitors' actions; 3. Target market; 4. Product sold

Define legal controls.

Laws protecting consumers from unfair or unsafe business activity.

State 3 legal controls in NZ.

1. Fair Trading Act; 2. Consumer Guarantees Act; 3. Advertising Standards Act

What does the Fair Trading Act do? Give an example.

Bans misleading claims; e.g. falsely advertising "50% weight loss guaranteed!"

What does the Consumer Guarantees Act require?

Goods must be of acceptable quality and fit for purpose.

What does the Advertising Standards Act do?

Handles complaints about misleading or irresponsible advertisement