LESSON 4: Flashcards
consists of many types of consumers, products, and needs. The marketer must determine which segments offer the best opportunities.
Consumers can be grouped and served in various ways based on geographic, demographic, psychographic, and behavioral
Market Segmentation
the marketing logic by which the company hopes to create this customer value and achieve these profitable relationships.
MARKETING STRATEGY
arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
POSITIONING
is the way a product is defined by consumers on important attributes
PRODUCT POSITION
differentiating the company’s market offering to create superior customer value.
Differentiation
the set of tactical marketing tools that the firm blends to produce the response it wants in the target market.
MARKETING MIX
4PS
Product, Price, Place, Promotion
means the goods-and-services combination the company offers to the target market.
PRODUCTS
as anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
PRODUCT
amount of money customers must pay to obtain the product
PRICE
includes company activities that make the product available to target consumers
PLACE
refers to activities that communicate the merits of the product and persuade target customers to buy it.
PROMOTION
(Quality, Features, Brand Name, Packaging)
Product
(Advertising, Personal
Selling, Sales promotion, Public relations, Digital )
Promotion
(List Prices, Discounts, allowances, payment period, credit terms)
Price
(channels, coverage,
locations,logistics, Transportation )
Place
5 Marketing Management Functions
ANALYSIS
PLANNING
IMPLEMENTATION
ORGANIZATION
CONTROL
company should analyze its markets and marketing environment to find attractive opportunities and identify threats.
MARKETING ANALYSIS
Internal Factors
STRENGTH, WEAKNESSES
External Factors
OPPORTUNITIES & THREATS
involves choosing marketing strategies that will help the company attain its overall strategic objectives. A detailed marketing plan is needed for each business, product, or brand
MARKETING PLANNING
process that turns marketing plans into marketing actions to accomplish strategic marketing objectives.
MARKETING IMPLEMENTATION
evaluating results and taking corrective action to ensure that the objectives are attained.
MARKETING CONTROL
involves checking ongoing performance against the annual plan and taking corrective action when necessary
OPERATING CONTROL
