handbook - Sze Ho (860929242) Business 103 Discussion...

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Sze Ho (860929242) Business 103 Discussion Section 23 11/26/2011 Handbook 1. Sales Vs. Marketing i. Sales is profit through volume ii. Marketing is profit through customers’ satisfaction 2. 6 BIG Marketing questions must be asked i. What is our industry? ii. What is our business? iii. What is our profit objective? iv. Who is our customer? v. Who is our competitor? vi. What is our brand? 3. 5Ps and 5Cs i. Product vs. customer solution ii. Price vs. customer cost iii. Promotion vs. customer communication iv. Distribution(place) vs. customer convenience v. Position vs. customer mind 4. The Marketing Standard-SWOT i. Strength and weaknesses are internal issues ii. Opportunities and threats are external issues 5. Segmentations i. A market segment is a sub-set of a market made up of people or organizations with one or more characteristics that cause them to demand similar product and/or services. ii. Divided by different classification - Geography - Demographic - Psychographic - Behavioral 6. Levitt’s lesson i. Marketing is strategic ii. Requires executive insight iii. The Mgt of the 4P’s iv. The essential for Positioning v. Not just controlling-it is knowing what business you are in vi. Is not advertising-it is connecting with your customer 7. Strategic marketing playbook i. Segment your market (who, where, what) ii. Target your segment (4Ps) iii. Position your brand ( Promise of the story) 8. Marketing plan i. Marketing goals-think with the end in mind
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ii. Current marketing situation -overall market landscape (sociocultural, political/economic, competitive) iii. Marketing segmentation, targeting, positioning iv. Product/service overview-benefit v. Competitive overview vi. Company financial and overall health 9. Effective/useful segmentation i. Measurable ii. Accessible iii. Substantial iv. Differentiable v. Actionable 10. Strategic target marketing i. Mass market-undifferentiated ii. Differentiated-segmented iii. Concentrated-niche iv. Micro-local 11. The marketing mix-standard i. Product attributes ii. Value-based pricing iii. Distribution-convenience iv. Promotion-savings 12. Value positioning i. Same for less-Wal Mart ii. More for less-Lexus iii. More for more-Ritz Carlton iv. More for same-Lexus positioned against Mercedes 13. Developing a positioning strategy i. What position, if any, do we already have in the prospect’s mind? ii. What position do we want to own? iii. What company must be outgunned if we are to establish that position? iv. Does our creative approach match our positioning strategy? 14. Marketing Research Process i. Defined the problem and Research Objective ii. Develop the Research Plan to collect information iii. Implement the research plan- collect and analyze the data iv. Interpret and report the finding 15. The influence of buyer behavior i. Culture-norms ii. Social-relationship iii. Personal-needs iv. Psychological-emotions 16. Buyer decision process-a linear approach i. Need recognition ii. Information research iii. Evaluation of alternative
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iv. Purchase decision
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This note was uploaded on 11/28/2011 for the course BUS 103 taught by Professor Jasso during the Spring '11 term at UC Riverside.

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handbook - Sze Ho (860929242) Business 103 Discussion...

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