Principles of Marketing Chapter 2 Notes

Principles of Marketing Chapter 2 Notes - Principles in...

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Principles in Marketing (Mkt125) Chapter 2 Notes Marketing Management Process is the process of (1) planning marketing activities, (2) directing the implementation of the plans, and (3) controlling these plans. Strategic (management) planning is the managerial process of developing and maintaining a match between an organization’s resources and its market opportunities. Marketing strategy specifies a target and a related marketing mix. The two parts are: Target Market - a fairly homogeneous group of customers to whom a company wishes to appeal. Marketing mix - the controllable variable the company puts together to satisfy this target group. Target Marketing says that a marketing mix is tailored to fit some specific target customers. Mass marketing is the typical production orientated approach vaguely aims at everyone with the same marketing mix. The four Ps are Product, Place, Promotion, and Price. Above that you have Technology, Economy, Political/Legal, Culture, and Competition (uncontrollable).
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