Unformatted text preview: IT TO BE A MARKET. Market segmentation Dividing a market into distinct groups that have
unique homogeneous needs, are identifiable
a n d r e a c h a bl e . What are the 4 P's of
marketing? (Marketing mix) 1.
4. P r o du c t
P ri ce
P l a ce
Promotion What are the consumer 4 C's? 1.
4. Customer solution
Communication Market Share The % of total industry or product-category
sales over period of time controlled by one
c o m pa n y . Marketing Planning Planning at the product or product line level
with a one year time horizon. What are the steps in the
market Planning process? 1. Define the mission
2. Determine objectives
3. Analyze resources, risks, & opportunities
(Porter's 5 forces)
4. Formulate a strategy
5. Implement strategy
6. Monitor and adapt What are the 3 phases of the
marketing plan? 1. Planning phase (Mission, objectives)
2. Implementation phase (Analyzing risk and
3. Control phase (monitoring and adapting) What 3 questions does a 1. What business are we in? q uizlet.com/19475064/badm- 320- exam- 1- flash- car ds/ 2/12 9/6/13 Badm 320 Exam 1 flashcar ds | Quizlet mission statement answer? 2. Who are our customers?
3. How do we create value? What are the characteristics of
objectives? (goals) 1. Realistic
3. Time specific What are Porter's 5 forces? 1.
5. Situation analysis Assesses internal environment (Strengths and
weaknesses) and external environment
(Opportunities and threats) SWOT Market strategy Program that selects a target market and takes
actions to satisfy the target market. What are porter's competitive
positioning strategies? 1.
4. Focus (niche) strategy Perform extremely well in few market
segments. Cost leadership strategy Advantage thru low production costs. Differentiation strategy Focus on offering different, unique products. Middle of the road strategy Good at everything, excellent at nothing.
(satisfy no one) Market penetration strategy Focus on existing market and product. Try to
attract new customers or convince existing
customers to buy m...
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This note was uploaded on 01/25/2014 for the course BADM 320 taught by Professor Staff during the Winter '08 term at University of Illinois, Urbana Champaign.
- Winter '08