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What is a marketing strategy?

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A marketing strategy is a plan that combines the four elements of the marketing mix to achieve specific marketing objectives.

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What are the four elements of the marketing mix?

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Product, Price, Promotion, Place.

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How do marketing strategies differ in B2B and B2C markets?

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B2B strategies focus on building relationships and demonstrating product value, while B2C strategies emphasize brand loyalty and emotional appeal.

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What is a mass market?

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A mass market is a market where large numbers of customers have similar needs and wants.

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What is a niche market?

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A niche market is a sub-section of a larger market with unique preferences or needs.

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What is the importance of the marketing mix in influencing consumer decisions?

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The marketing mix significantly impacts consumer decisions, and changes in one element can affect the others.

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What happens to the marketing mix as a product moves through its life cycle?

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The marketing mix should change as a product moves through different stages of its product life cycle.

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What is the role of price in the marketing mix?

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Price is closely linked to perceived brand value and can affect sales based on how high or low it is set.

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What is the impact of promotion on the marketing mix?

Back

The promotion strategy can affect price and distribution channels.

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What are some key areas of legislation that impact marketing strategy?

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Product safety, quality standards, customer rights, and misleading pricing claims.