Business Term 4 (2)

what are the range of factors that will affect the maketing strategy

the market budget available

stage the product is at in its life cycle

level of competition in the market

characteristics of target market

the legal controls that influence the marketing of a product

advertised weights and measures of a product must be correct

advertising must not mislead consumers by making false claims

faulty products must not be sold

consumers must not be exploited

advantages of entering new markets in other countries

opprutunity for increased sales which increases revenue

spreads risk (home country and new market)

disadvantages of entering new markets in other countries

differences in culture and language

differences in legal controls to protect consumers

lack of market knowledge

aims of promotion

making customer aware of the product or reminding customers that the product is still on the market

persuading customers to buy the product

creatind and developing a brand image

explaining how the product is better than competitors product

encouraging wholesalers and retailers to stock the product

reassuring the customers following a problem with the product

sales promotion

vouchers, reward schemes, competition, special offers

advertising

social media, targeted emails, leaflets, billboards

2 main forms of advertising

infromative and persuasive advertising

ecommerence examples

online ticketing, online shopping, hotel reservations, internet banking, electronic payment, online auctions

advantages of ecommerence

increased potential number of sales

reduced costs

disadvantages of ecommerence

increased competition

customers may be unwilling or unable to buy online

what are the advantages and disadvantages of ecommerence on customers

adv: wide choice, lower prices, convenience better/more info disad: risk of fraud, risk of hacking, lack of personal service, difficult to return items