In Class notes
In Class notes MKT 423 Market Strategy
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This 1 page Class Notes was uploaded by Samantha Bressler on Friday October 7, 2016. The Class Notes belongs to MKT 423 Market Strategy at College of the Ozarks taught by Mrs. Emily Emery in Fall 2016. Since its upload, it has received 4 views. For similar materials see Market Strategy in Business Administration at College of the Ozarks.
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Date Created: 10/07/16
Market Segments: distinct subsets of people with similar needs, circumstances, and characteristics that lead them to respond in a similar way to a particular product or service offering or to a particular strategic marketing program. Start of Chapter two The difference between a marketoriented firm and a productoriented firm: Exhibit 2.1 on page 34 shows the influence of functional units over various business decisions Marketoriented firm: operate in terms of satisfying customer needs. Marketing concept holds that the planning and coordination of all company activities around the primary goal of satisfying customer needs is the most effective means to attain and sustain a competitive advantage and achieve company objectives over time. adopts products to customers. market research: want to make sure that what they create is going to satisfy needs offers wide variety of products for the customer. Exhibit 2.2 on page 36: become familiar with this. Productoriented firm: operate in terms of growing demand of a product. may try to improve products gain markets of scale, fine tune the production to gain production margin larger sales force, larger advertising budget. product line is narrow: they do not create as many different products Exhibit 2.3 on page 37: good comparison of two orientations. Strategy: a strategy is a fundamental pattern of present and planned objectives, resource deployments, and interactions of an organizations with markets, competitors, and other environmental factors. Scope: the number of industries you will be competing with. goals and objectives: what are trying to accomplish, profit margin resource deployment: how are you going to allocate your needs as a business identification of a sustainable competitive advantage: product quality and how to compete with competition synergy: the whole is greater than the sum of parts. sustainability: what can we do to not harm our future generations. ethics: concern with moral standards of society.
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