Marketing Strategy

Key terms Corporate objective Marketing objective Niche Market Mass market USP Differentiation

Ansoff Matrix

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 1.Set marketing objectives 2.Gather data 3.Analyze data 4.Develop marketing strategy 5.Implement marketing strategy 6.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