2-19 and 2-21 Marketing Primer

166 business the fundamentals of marketing strategy

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Unformatted text preview: siness, The Fundamentals of Marketing Strategy Market Market segmentation Target market Market positioning Image that customers have about a product in relation to the product’s competitors Product Price Place Promotion Buying Process Step 1: Recognize Problem Step 2: Information Search Step 3: Evaluate Alternatives Step 4: Make Purchase Decision Step 5: Post-purchase Evaluation Segmentation, Targeting and Positioning Market segmentation The process of dividing the total market into groups whose members have similar characteristics; Market targeting Marketing directed toward those market segments an organization decides it can serve profitably; Market positioning Crafting the marketing mix to the targeted market segment(s). Market Targeting Apple iPod (2005) Young (12 – 25 years old), single, preference for music digital downloads; “people who didn’t want to carry around 10,000 CDs”, Steve Jobs Apple iPhone (2007) Male urban-hipster, 31-year-old man with a college degree and an income of $75,600 per year, living in CA or NY; Apple iPad (2010) “The vast majority of the world is still using Windows PCs. And for them, an...
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