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This 5 page Class Notes was uploaded by Allie S on Saturday January 30, 2016. The Class Notes belongs to MKT 4230 at Clemson University taught by Dr. Knowles in Spring 2016. Since its upload, it has received 26 views. For similar materials see Promotional Strategy in Marketing at Clemson University.
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Date Created: 01/30/16
▯ Ch. 2 ▯ Marketing and Promotions Process Model ▯ ▯ ▯ Marketing and Promotions Process Model ▯ 1. Marketing Strategy and Analysis Strategic Marketing Plan Why have this plan? o 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 already in 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 brand/product Better advertising, prices, services added, CSR 3) Target Market Selection - ▯ Identify Markets o has direct implications on a firm’s advertising efforts o 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 o Customer characteristics vs. Buying situations Buying situations Outlet type – discount store, whole foods type Usage – do you use a lot of product, heavy users Benefits sought – what are they looking for Awareness and intentions – Behavioral involvement – minimal effort person? Criteria o Geographic segmentation: Markets are divided into different geographic units o Demographic segmentation: Dividing the market on the basis age, sex, family size, education, income, and social class o Psychographic segmentation: Dividing the market on the basis of personality, lifecycles, and/or lifestyles o Socioeconomic segmentation: Monetary background, class level Selecting Target Market o Determine WHICH segments offer Most potential o Determine how MANY segments you which to enter Marketing Coverage Strategies Undifferentiated Marketing Ignoring segment differences and offering just one product or service to the entire market Differentiated Marketing Involves marketing in a number of segments, developing separate marketing strategies for each Concentrated Marketing Selecting a segment and attempting to capture a large share of this market Positioning o Fitting a product/service to one or more segments of the broad market to make it unique within the marketplace o Approaches: Attributes and benefits Set apart by extra features and attributes Salient attributes = aspect of a product by which the consumer tends to judge a product by o Very noticeable and obvious Price/Quality Expensive and well made products Inexpensive and OK products Use/Application Enter based on a particular use or application Product Class Positions AGAINST a product in another category 7-up as the alternative to cola Busses vs. airplanes Substitutes Competitor AT&T vs. Verizon, Mac vs. PC, Prego vs. Ragu Cultural Symbols Makes the brand easily identifiable and differentiated from others Repositioning Altering a product/brands position due to: Declining or stagnant sales Anticipated opportunities in other market positions Difficult to accomplish People tend to remember the old brand and it conflicts o Promotional PUSH Strategy Programs designed to persuade the trade to stock, merchandise and promote a MANUFACTURER’S Product Push the product through the supply chain to the consumer o Pull Spending money on advertising and sale promotion efforts direct toward the ultimate consumer Advertising to the consumer and then letting the consumer demand the product of the wholesalers/retailers ▯ 2. Target Marketing Process ▯ ▯ ▯ 3. Marketing Planning Program Development ▯ ▯ ▯ 4. Target Market ▯ ▯ ▯
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