Marketing mix Flashcards
The marketing mix refers to
the tactical marketing tools in a program to engage the target customer and deliver customer value.
The marketing mix answeres which question?
which customer will we serve
how will we create value, in order to further create customer value and build profitable relationships.
The marketing mix is divided into three sections:
- segmentation, Targeting & positioning.
- 4P
- Marketing process
the marketing process is about
analysis, planning, implementation, and control
Segmentation is
dividing a market into distinct groups of buyers who have different needs, characteristics, behaviors, and who might require separate marketing strategies or mixes.
Segmentation:
identifying the basis for segmenting the market and developing market segment profiles
Types of segmentation
geographic, demographic, age and gender.
male/female, income range, age and lifestyle is an example of what?
segmentation
A business market might also be segmented into four:
- operational characteristics
- purchasing approaches
- situational factors
- personal characteristics.
Targeting is
evaluating each market segment’s attractiveness and selecting one or more segments to enter that can sustain profitability.
Targeting:
developing measure of the segment attractiveness and selecting the target segments
Types of targeting
- undifferentiated (mass)
- differentiated (segmented)
- concentrated (niche)
- micromarketing (local and individual).
To choose an appropriate market coverage strategy, marketeers must consider what?
Resources, PLC stage and competitor’s marketing strategy.
For example: a children’s toy may have boys ages 9 to 11 as the target market and the boys’ parents as the target audience.
Positioning is
arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of target customers.
Positioning:
developing positioning for target segments and developing marketing mix for each segment.
