Marketing

Apuntes

•Marketing Strategy Definition: A Marketing Strategy is a plan to combine the right mix of the 4 elements of the marketing mix (Product, Price, Place, Promotion) for a product or service to achieve marketing objectives. Objectives: - Increase sales of an existing product or service by selling to new markets or selling more to the current market. - Improve a product or service to boost sales. - Expand market share. - Grow sales within a niche market. •Importance of the Marketing Mix in Influencing Consumer Decisions Recommending and Justifying a Marketing Strategy in Given Circumstances Marketing Objective: To increase sales or launch a new product. Marketing Budget: To determine the most suitable advertising media. Balanced Marketing Mix: To ensure the 4Ps work well together. Target Market: A specific group of consumers targeted with products or services. •Legal Controls on Marketing Weights and Measures: Selling underweight products or using inaccurate weighing equipment is illegal. Trade Descriptions: It is illegal to give misleading impressions; advertisements must be truthful. Sale of Goods: Selling defective products or items unfit for their intended p...