Marketing strategy
Marketing strategy
- A marketing strategy is a plan that uses the four Ps together to reach the business's objectives.
- They must fit each other and the target customers — a luxury product needs high-quality packaging, expensive shops and image-based adverts.
Practice
In a good marketing strategy, the four Ps should:
The 4Ps must work together — a luxury product needs a high price, smart shops and image adverts.
Legal controls & selling abroad
- Legal controls protect buyers: consumer protection laws (no unsafe/faulty goods) and bans on misleading promotion.
- Selling in an international market:
- + more customers, higher sales, spread risk,
- − different languages/tastes, transport costs, foreign laws and tariffs, local competition.
Practice
Consumer protection laws mainly stop:
Consumer protection bans unsafe/faulty goods; other rules ban misleading promotion.
Practice
A problem of selling in another country is:
Selling abroad brings more customers but also tariffs, language/taste differences and local rivals.
You've got it
Key idea
- a marketing strategy uses the 4Ps together to meet objectives (they must fit)
- legal controls: consumer protection + no misleading adverts
- selling abroad = more customers but tariffs, language and local competition