HSC Question (1 Viewer)

[chris42]

Hey Guys,

I came across this question in a past paper.

Propose and justify TWO marketing strategies that Keyless Locksmiths Pty Ltd could adopt to improve their profitability.

Do you think me when it says marketing strategies whether expense minimisation, downsizing staff and changing telephone suppliers would be accepted as a answer for this question?

 

[arn_e]

NO NO NO

Wrong topics dude,expense minimiation is from financial planning & management

for that i would look @

price including pricing methods
cost, market and competition-based
pricing strategies/tactics skimming, penetration, loss leaders, price points
price and quality interaction

i.e pretty much any strategy in the 4 P's

 

[chris42]

Thanks for correcting me

So I'd be more looking towards.. for example implementing an:
-intensive distribution method of their product
-Increase advertising which could lead to greater exposure of the product to the public and therefore increased sales could result.
-Or having a cost price market strategy..

This look at bit more to what I should be writing ?

 

[connie]

specific marketing strategies include;
- advertising campaigns
- brand alliances eg. coca-cola and disney

however the four main ones are just the marketing mix (price, place, promotion, product) but you would have to be more specific in an exam question so you could write something like;

To increase it's profitability, Keyless Locksmiths Pty Ltd. could develop a rewards program that encourages sales and subsequently profitability. Similarly Keyless Locksmiths Pty. Ltd could increase customer awareness by developing an interactive website, leading to increased sales and consequently larger profits.


Well thats how i would do it, hope it helps