Marketing Notes

Marketing Notes - Chapter 2 Target marketing – a...

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Unformatted text preview: Chapter 2- Target marketing – a marketing mix is tailored to fit some specific target customers o Rifle approach- Mass marketing – the typical production oriented approach, vaguely aims at “everyone” with the same marketing mix; assumes that everyone is the same o Shotgun approach- Mass marketing vs mass marketers o Mass marketing – trying to sell to “everyone” o Mass marketers – (like Kraft Foods and Walmart) are aiming at clearly defined target markets- 4 P’s: four major parts of a marketing mix o Product: Physical good Service Features Benefits Quality level Accessories Installation Instructions Warranty Product lines Packaging Branding o Place: Product reaches customers through a channel of distribution: any series of firms that participate in the flow of products from producer to consumer Objectives Channel type Marker exposure Kinds of intermediaries Kinds and locations of stores How to handle transporting and storing Service levels Recruiting intermediaries Managing channels o Promotion Objectives Promotion blend Salespeople: kind, number, selection, training, motivation Advertising: targets, kinds of ads, media type, copy thrust, prepared by whom Personal Selling – involves direct spoken communication between sellers and potential customers Customer service – a personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase; key to build repeat business Mass selling – communicating with large numbers of customers at the same time Advertising – any paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor Publicity – any unpaid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor Sales Promotion – other promotion activities – other than advertising, publicity, and personal selling – that stimulate interest, trial, or purchase by final customers or others in the channel o Price Objectives Flexibility Level over product life cycle Geographic terms Discounts Allowances- Marketing Plan – a written statement of a marketing strategy and the time-related details for carrying out the strategy o What marketing mix will be offered, to whom (target market), and for how long o What company resources (costs) will be needed at what rate o What results are expected - Implementation – putting marketing plans into operation- Operational decisions – short run decisions to help implement strategies- Marketing program – blends all of the firm’s marketing plans into one “big” plan- Customer equity – the expected earnings stream (profitability) of a firm’s current and prospective customers over some period of time- Breakthrough opportunities – opportunities that help innovator’s develop hard to copy marketing strategies that will be very profitable for a long time...
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Marketing Notes - Chapter 2 Target marketing – a...

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