Y11 Business Studies - C17 Marketing Strategy

What is a marketing strategy?

• A strategy to hire more employees

• A way to reduce costs

• A method to increase production

• A plan to combine elements of the marketing mix

Which of the following is NOT a factor affecting marketing strategy?

• Marketing budget

• Size of the market

• Number of competitors

• Employee satisfaction

What is one of the marketing objectives?

• Decreasing customer service

• Increasing sales in a niche market

• Reducing product quality

• Eliminating competition

What are the four elements of the marketing mix?

• Product, People, Process, Price

• Product, Price, Process, People

• Product, Price, Place, Promotion

• Price, Place, People, Promotion

What can happen if the marketing strategy is incorrect?

• Customer satisfaction will improve

• Competitors will leave the market

• Sales will automatically increase

• Marketing objectives will not be achieved

Which of the following is a legal control of marketing?

• Celebrity endorsements

• Product placement

• Weight and measure laws

• Advertising on social media

What is a potential opportunity for businesses in new markets?

• Limited customer base

• Increased competition

• Greater growth potential

• Higher taxes

What is a common problem when entering foreign markets?

• Cultural differences

• Excessive advertising

• High employee turnover

• Low product demand

What is one method to overcome problems in new markets?

• Joint ventures

• Reducing product prices

• Increasing advertising budget

• Hiring local competitors

What does licensing allow a business to do?

• Produce products locally under license

• Sell products at a lower price

• Increase market share instantly

• Avoid legal regulations