E a products position is the place the product

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e. A product’s position is the place the product occupies relative to competitors inconsumers’ minds. Marketers want to develop unique market positions for theirproducts.f. Market positioning is arranging for a product to occupy a clear, distinctive, anddesirable place relative to competing products in the minds of target customers.Positioning thus establishes differentiation.g. In positioning its product, the company first identifies possible competitiveadvantages upon which to build the position. To gain competitive advantage, thecompany must offer value to target consumers.C.Developing an Integrated Marketing Mixa. The marketing mix is the set of controllable, tactical marketing tools that the firmblends to produce the response it wants in the target market. Product means thegoods-and-services combination the company offers to the target market.b. Price is the amount of money customers has to pay to obtain the product.c. Place includes company activities that make the product available to targetconsumers.d. Promotion means activities that communicate the merits of the product andpersuade target customers to buy it.e. An effective marketing program blends all of the marketing mix elements into acoordinated program designed to achieve the company’s marketing objectives bydelivering value to consumers.f. Some critics feel that the 4 Ps may omit or underemphasize certain importantactivities.g. From the buyer’s viewpoint, in this age of customer relationships, the 4 Ps mightbe better described as the 4 Cs: customer solution, customer cost, convenience, andcommunication.4P’sprice, promotion, place, productVIII. Managing the Marketing EffortA.Managing the marketing process requires the four marketing management functionsB. Marketing AnalysisPG75a. Managing the marketing function begins with a complete analysis of thecompany’s situation.b. The company must analyze its markets and marketing environment to findattractive opportunities and avoid environmental threats.HADM 3760, Chap. 3, Fall ‘15Page6
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c. Marketers should conduct a SWOT analysis; it must analyze companystrengthsand weaknessesas well as current and possible marketing actions to determine whichopportunitiesit can best pursue andthreatsit can confront.Cont.IX. Business Strategy Planning – Planning at the SBU level.1. Business Mission – Each SBU must define its specific goals and policies as a separatebusiness, defining in the process its various scopes. This includes: products, applications,competence, market segments, vertical positioning, and geography.a. SWOT Analysis: The overall evaluation of a company’s strengths, weaknesses,opportunities, and threats is called SWOT analysis.2. External environment analysis – opportunities and threatsPG 76-77a. Macro environment forces are demographic/economic, technological, political/ legal,competition and social/cultural in nature.b. Micro environment factors are directly related to the business and include customers,competitors, distribution channels, and suppliers.HADM 3760, Chap. 3, Fall ‘15Page7

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Term
Spring
Professor
DavidV.Pavesic
Tags
Marketing, Marketing in Strategic Planning
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Entrepreneurial Finance
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