Marketing Strategy
Business: Cambridge International GCSE (2027 Exams), topic 3.3.30
Marketing Strategy
Different strategies are appropriate for different situtations.
Marketing strategy
- A marketing strategy is used to plan the appropriate combination of Price, Place, Product, and Promotion to achieve a marketing objective.
- Depending on the objective, the strategy will change.
The 4Ps
- The 4Ps in the marketing mix need to be aligned.
- For example, a luxury product should have a premium price, be sold in a prime location, and be promoted in high-end magazines or by celebrities.
Marketing objectives
- Increase sales of existing good or service. This can be achieved by selling to a new market or increasing sales in an existing market.
- Increasing sales by creating a new product.
- Increase market share.
- Defend existing market share.
- Increase profits.
- Increase customer awareness and brand loyalty.