MKT 423_week 2 notes
MKT 423_week 2 notes MKT 4230
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This 4 page Class Notes was uploaded by Allie S on Monday January 25, 2016. The Class Notes belongs to MKT 4230 at Clemson University taught by Dr. Knowles in Spring 2016. Since its upload, it has received 14 views. For similar materials see Promotional Strategy in Marketing at Clemson University.
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Date Created: 01/25/16
Ch 2 Marketing and Promotions Process Model Marketing Strategy and Target Marketing Marketing Planning Analysis Process Program Development Target Market Promotion to final buyer Digital Interactive Promotion to trade Purchase Marketing and Promotions Process Model 1 Marketing Strategy and Analysis Strategic Marketing Plan Strategic Marketing Plan Opportunity Analysis Target Market Competitive seIemon Analysis Why have this plan 0 To make better decisions formulating specific marketing programs and policies allocating resources Where does it come from o From an Organization s OVERALL Corporate strategy plan 1 Opportunity Analysis Where are we needed where can we expand to The 3 components for opportunity analysis i Favorable demand ii Needs and opportunities are not being satisfied iii Firm can compete effectively no monopolies akeadyin place 2 Competitive Analysis how the competition is doing Analyze the competition and look for a potential Competitive advantage Competitive advantage attributes that give a firm an edge over competitors Added incentive to your brandproduct a Better advertising prices services added CSR 3 Target Market Selection Identifying Determining Selecting a Positioning markets with market market through marketing unfulfilled needs I segmentation I to target I strategies Identify Markets 0 has direct implications on a firm s advertising efforts 0 Based on the OPPORTUNITY ANALYSIS Favorable demand Needs and opportunities are not being satisfied Firm can compete effectively Determining Market Segmentation o Dividing a market into distinct groups easily grouped o 2 Necessary components common needs who respond similarly to a marketing situation 0 Customer characteristics vs Buying situations Buying situations a Outlet type discount store whole foods type a Usage do you use a lot of product heavy users a Benefits sought what are they looking for n Awareness and intentions n Behavioral involvement minimal effort person Criteria 0 Geographic segmentation Markets are divided into different geographic units 0 Demographic segmentation Dividing the market on the basis age sex family size education income and social class 0 Psychographic segmentation Dividing the market on the basis of personality lifecycles andor lifestyles o Socioeconomic segmentation Monetary background class level Selecting Target Market 0 Determine WHICH segments offer Most potential 0 Determine how MANY segments you which to enter Marketing Coverage Strategies Undifferentiated Marketing a Ignoring segment differences and offering just one product or service to the entire market Differentiated Marketing a Involves marketing in a number of segments developing separate marketing strategies for each Concentrated Marketing a Selecting a segment and attempting to capture a large share of this market 0 Positioning o Fitting a productservice to one or more segments of the broad market to make it unique within the marketplace o Approaches Attributes and benefits a Set apart by extra features and attributes Salient attributes aspect of a product by which the consumer tends to judge a product by 0 Very noticeable and obvious 2 Target Marketing Process 3 Marketing Planning Program Development 4 Target Market
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