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Chapter2 - Chapter 2 marketing management process planning...

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Chapter 2 marketing management process: planning, implementation, and control of marketing activities. ONGOING! previous decisions can have implications on the other areas 3 Basic tasks of ALL managers 1. Planning--seek new opportunities. 2. Implementation--putting marketing plans into action. 3. Control--assessing and evaluating performance. Budgets, benchmarks corrective action needed when performance falls. Strategic (management) planning--developing and maintaining a match between a co.’s resources and market opps. Marketing planning is part of the strategic management planning for the entire company. Understanding Marketing Strategy Planning Marketing strategy planning: finding attractive opps and developing profitable marketing strategies. Matches resources to opps Marketing strategy--target market + marketing mix; the “big picture” of what the firm will do. Target market --a fairly homogeneous (similar) group of customers. WHO is my customer? Marketing mix--the controllable variables. Product, price, place promotion difference bw t/m and mass marketing is directly linked to marketing strategy, which specifies particular target customers. Target marketing--tailor the marketing mix to meet the needs of a specific group of customers. HOMOGENEOUS not limited to small market segments. Walmart serves a large well-defined, large, profitable target market. Small market segments can also be profitable. WFM, Rice Epicurean, Brighton, LL Bean Mass marketers may still do target marketing. Mass marketing--offering a single marketing mix - attempts to serve everyone the same. HETEROGENEOUS 4Ps/Marketing Mix – controllable variables – combined to satisfy the needs of different target markets. You need to understand the target market (demographics/psychographics) good strategies. the marketer cannot directly control the customer’s behavior. 1 PRODUCT : tangible good/service – includes packaging, warranties, quality level. Ie: tax prep, haircut, bus ticket, computer.
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