Chapter 2 notes

Chapter 2 notes - Chapter2notes 22:43

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Chapter 2 notes 22:43 Marketing management process  is the process of: Planning marketing activities Directing the implementation of the plans Controlling these plans [planning, implementation, and control are basic jobs of managers] planning: set objectives evaluate opportunities create marketing strategies prepare marketing plans develop marketing program strategic management planning - managerial process of developing and  maintaining a match between an organization’s resources and its market  opportunities top management job job of planning strategies to guide a whole company planning for marketing/production/finance/human resources, etc. market strategies are not whole-company plans marketing strategy- specifies a target market and a related marketing mix.
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Big picture of what a firm will do in some market Two interrelated parts are needed o Target market: fairly homogeneous group of customers o Marketing mix: controllable variables the company puts together to satisfy  the target group Target marketing  says that a marketing mix is tailored to fit some specific target  customers Mass marketing  the typical production approach vaguely aims at everyone with  the same marketing mix Mass marketing means to sell to everyone however mass market ers  like Kraft  and Wal-Mart aim at clearly defined target markets Customer is not part of the marketing mix Channel of distribution  is any series of firms/individuals that participate in the  flow of products from producer to final user or consumer Short/direct or long and many different channels FOUR MAJOR PARTS OF MARKETING MIX Product- developing “right” product for TM Place- decisions involved in getting “right” product to TM’s place Promotion-telling TM/others about the “right” product Price-must consider competition, and cost of whole marketing mix *none are more important than the other
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personal selling-  involves direct spoken communication between sellers and  potential customers (face to face, over phone, video… sometimes personal  attention is required after the sale. Sales promotion: coupons, point of purchase Selecting a target market AND developing a marketing mix are interrelated!! Must be decided together Strategies must be evaluated against the company’s objectives  marketing plan-  is a written statement of a marketing strategy and the time- related details for carrying it out What marketing mix will be offered, to whom/how long What company resources (costs) will be needed at what rate What results are expected: sales/profits, customer satisfaction level Implementation- putting marketing plans into operation
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Chapter 2 notes - Chapter2notes 22:43

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