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MKTG Week 6 Notes

by: Tulsi

MKTG Week 6 Notes MKTG 350 - 001

GPA 3.954

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marketing 350 week 6 worsham
Principles of Marketing
Courtney R Worsham (P)
Class Notes
25 ?




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This 4 page Class Notes was uploaded by Tulsi on Saturday October 1, 2016. The Class Notes belongs to MKTG 350 - 001 at University of South Carolina taught by Courtney R Worsham (P) in Fall 2016. Since its upload, it has received 3 views. For similar materials see Principles of Marketing in Marketing at University of South Carolina.


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Date Created: 10/01/16
Week 6 Tuesday,September27, 201610:13 AM 9/27/16 Global Marketing Mix: global communication strategies -literacy levels vary -culturaland religious differences Chapter 9: segmentation, targeting, positioning 1) Strategy or objectives a. Derived from mission statement 2) Segmentation methods a. Geographic b. Demographic c. Psychographic (self-values, self-concept,lifestyles) i. VALS framework d. Benefit e. Behavioral i. Occasion ii. loyalty 3) Evaluate Segment attractiveness a. Substantial b. Reachable c. Responsive d. Profitable e. identifiable 4) Select target market a. Segmentation strategy: i. Differentiated ii. Undifferentiated/mass marketing iii. Concentrated iv. Micromarketing/one to one 5) Develop Positioning Strategy a. Value b. Salient attributes b. Salient attributes c. Symbol d. Competition Circles fora SuccessfulValue Proposition Competitor benefits Customer needs Firm benefits Positioning 1) Determine consumerperceptions in relation to competitor 2) Identify market's ideal points and size 3) Identify competitor's positions 4) Determine consumerpreferences 5) Select the position 6) Monitor the positioning strategy Perceptual Maps 9/29/16 Marketing Research: Steps: 1) Defining the objectivesand research needs a. What information is needed? b. How shouldinformation beobtained? 2) Designing the research a. Typeof data i. Secondarydata: data that already exists, collected first ii. Primary data: data being collected forthis study b. Typeof research 3) Collecting the data 3) Collecting the data a. Secondaryand primary data 4) Analyzing Data and Developing Insights a. Convertdata to information 5) Developing and implementing action plan a. Executive summary b. Body c. Conclusions d. Limitations e. Supplements External SecondaryData -Syndicateddata -scannerresearch -panel research Internal SecondaryData -data warehouse -data mining Qualitative Data Collection -observation,in-depth interviews, focusgroups, social media Quantitative Data Collection -experiments, survey,scanner,panel Web surveyshave high responserates, people may lie less, cheaper International SurveyComplications: Companies may select a domestic agency forinternational research Rigidly standardizing methods across countries Interviewing in English around the world Inappropriate sampling techniques Failing to communicate with local researchers Lack of consideration oflanguage Lack of consideration oflanguage Misinterpreting data across countries Failing to understandinternational researcher preferences


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