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Marketing Strategy www.revisionworld.co.uk 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. 2. 3. 4. 5. 6. 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