Mid_Term review part II

Mid_Term review part II - The six marketing(imperatives...

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Unformatted text preview: The six marketing (imperatives Marketing is a set of six imperatives — the must dos of marketing.) • Imperative 1: Determine and recommend which markets to address. o Identify opportunities o Advise on proposed strategic actions • Imperative 2: Identify and target market segments. o Market segments : group of customers with similar needs that value similar benefits, with similar priority levels. o Analytic: identify market segments o Decision-making: choosing which segment to target, based on the firm’s ability to deliver value. o Effective segmentation and targeting drive profits • Imperative 3: Set strategic direction and positioning. o STP: segmentation, targeting, and positioning. o Decisions about strategic direction also include questions of branding How the firm was its customers to view the corporate entity and its product (brand identity) o Formulate performance objectives for every segment o Continuously assess its strategic direction and make the necessary course corrections • Imperative 4: Design the marketing offer. o marketing offer: the total benefit package the firm offers to its customers o Product Individual goods, product lines, or services. Includes features, accessories, installation, instructions, service, warranty, packaging, and brand names. o Place (Distribution) Getting the product to the customer. Channels, distribution systems, middlemen, warehousing, transportation, fulfillment, and shipping. o Promotion Communicating with the customer Personal selling, mass selling, sales promotion, sales personnel, advertising, media selection, copywriting. o Price Setting a price that serves the customer well and maximizes profits to the company. Price flexibility, level pricing, introductory pricing, discounts, allowances, geographic terms. • Imperative 5: Secure support from other functions. o Work together to ensure the firm makes the right marketing offer o Support for design : the support relates to technical , operational, and economic feasibility o Support for implementation: this support assumes the design is agreed upon and fixed • Imperative 6: Monitor and control execution and performance. o Four marketing principles guide execution of the six imperatives. Principle 1: Selectivity and Concentration (IMP #1,2) Selectivity: marketing must carefully choose targets for the firm’s efforts Concentration: the firm should concentrate its resources against those targets Principle 2: Customer Value The firm’s marketplace success depends on providing value to customers Customer insight should drive design and implementation of marketing offers Customer value should drive the firm’s product and investment decisions-and its...
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Mid_Term review part II - The six marketing(imperatives...

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