business unit 1 chapter 9: marketing objectives and strategy

marketing strategy

set of plans aimed to achieve marketing objectives, around the 4 P's

marketing objectives

goals that the business aims to achieve through its marketing activities

key marketing objectives

increase market share, increase revenue, brand building

product lifecycle

a model that shows the different stages a product/service passes through over time and the salse that can be expected in each stage

DIG Ms D

development, introduction, growth, maturity, decline

product portfolio

the collection of all the products or services offered by a business

Boston matrix

tool that analyses the precut/service portfolio in terms of market share and market growth

star

products that are in growing markets and have high market share and high potential market growth

question mark

low market share but in growing markets potential to grow

cash cow

high market share low market growth, little investment needed

dogs

slow growing markets low market share

advantages and disadvantages of Boston matrix

adv - simple framework to categorize products/services in terms of market growth and market shred, assists with resource allocation to prioritize investments

disadv - oversimplified model (only uses two factors) and ignores branding and external market conditions, model is a photo in time, products might be difficult to place in quadrants

marketing mix

the way in which a business uses price, product, distribution, and promotion to market and sell its products

4 P's

product, price, place, promotion

product

the product/service must meet customer needs

price

refers to how much consumers are willing tp pay for a product/service

place

where will customers be able to buy product/service

promotion

how to convince consumers to buy product/service

business to business

a business whose customers are other businesses

business to consumer

business who sell directly to the end customer

inbound strategies

attracts customers to the business via digitall marketing and social media campaigns, e.g. clicking on a reel or a pop-up

outbound strategies

attracts customers to the business via sending out marketing material, emails, telemarketing, push messaging.

customer loyalty

a measure of a customers likeliness to do repeat business with. company or brand

advantages of customer loyalty

adv - increased profitability, decreased costs, increased sales and market share