Product Positioning 2 The effectiveness of changes in the marketing mix for a

Product positioning 2 the effectiveness of changes in

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Product Positioning [2] The effectiveness of changes in the marketing mix for a brand are evaluated by their contribution toward achieving the desired market position. Effective positioning relative to the needs and wants of a specific target is the basis for competing effectively in most markets . Consumer perceptions A customer's impression, awareness and/or consciousness about a company or its offerings; typically affected by advertising, reviews, public relations, social media, personal experiences and other channels—not actual differences between products Marketing Plan The organization's statement of marketing strategy and the specification of the activities required to carry out the strategy. The plan identifies target markets and provides general guidelines for developing the marketing mix. Additional information in the plan may include environmental analysis, market research plans, cost estimates, and sales forecasts. Situation Analysis
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The process of developing a marketing plan begins with an assessment of the situation confronting the firm. The Situation Analysis identifies the company's relative strengths and weaknesses, as well as the opportunities and threats posed by its marketing environment . Based on this information, marketing objectives for the specific products and markets are established. The development of the marketing mix reflects the objectives set for each product/market combination. Marketing Objectives The goals of the firm in both quantitative (e.g. sales, profit, market share) and qualitative (e.g. market leadership, corporate image) terms. Must be specific, measurable, and indicate the time period for which they are in effect. These goals are in turn, translated into more detailed goals for marketing mix variables. Marketing Environment Composed of two types of factors: those that the organization can control and those it cannot control. Success of achieving goals depends on the ability to understand the impact of uncontrollable factors, and the effective management of controllable factors in response. Macroenvironmental Factors (uncontrollable forces) 6 External forces that impact all firms within an industry: 1. Demographics or Demography. 2. Economic Conditions. 3. Competition. 4. Social and Cultural Factors. 5. Political and Legal Factors. 6. Technological Factors. Microenvironmental Factors 3 External forces that impact each specific company uniquely; largely uncontrollable but firm can influence these factors to a significant degree. 1. Suppliers. 2. Marketing Intermediaries. 3. Target Market. The factors over which the firm has direct control
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~ Internal resources. ~ Decision variables. Primary means to respond to uncontrollable environmental factors: Changes in the composition of the marketing mix and choice of target markets Marketing Strategy Defines the way in which the marketing mix is used to satisfy the needs of the target market and achieve organizational goals . The Product/Opportunity Matrix, SWOT Matrix, and BCG Matrix provide guidelines to assess the relative value of products and product opportunities.
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