Last week we looked at Marketing Definitions and Ethics to address the many criticisms of marketing.
- Marketing Concept - the idea that an organization aims all of its efforts at satisfying its customers at a profit.
- Marketing Management Process - is the process of (1) planning the marketing activities, (2) directing the implementation of the plans, and (3) controlling these plans.
- Marketing Strategy - specifies a target market and a related marketing mix.
- Target Market - a fairly homogeneous (similar) group of customers to whom a company wishes to appeal.
- Marketing Mix - the controllable variables the company puts together to satisfy this target group (see list below).
- Differentiation - means that the marketing mix is distinct from and better than what is available from a competitor.
Four P Variables of the Marketing Mix
Product Place Promotion Price Physical good Objectives Objectives Objectives
Service Channel type Promotion blend Flexibility
Features Market exposure Salespeople Level over product
Benefits Kinds of intermediaries Kind life cycle
Quality level Kinds and locations of stores Number Geographic terms
Accessories Transporting & storing Selection Discounts
Installation Service levels Training Allowances
Instructions Recruiting intermediaries Motivation
Warranty Managing channels Advertising
Product lines Targets
Packaging Kinds of ads
Branding Media type
Prepared by whom
S.W.O.T. Analysis - identifies and lists the firm's internal strengths and weaknesses and its external opportunities and threats.
Types of Marketing Opportunities to Pursue
Why is the target customer placed in the center of the Four Ps in the diagram at the top of this page? Why do the Four Ps overlap each other? Explain, using a specific example from your own experience and the concepts and terms from the reading in Chapter 2 and in this post. How does the marketing strategy (target market & marketing mix), differentiation, the type of opportunity being pursued, S.W.O.T., and elements of the Four Ps help you to explain and support your example.
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