Mktg 3131

  1. Marketing Research
    ...the process of defining a marketing problem and opportunity

    ...systematically collecting & analyzing information

    ...recommending actions to improve an organization's marketing activities
  2. Marketing Strategy
    1. Defining the target Market of one type of potential buyers

    2. Creating & mantaining a Marketing Mix of the 4-Ps to satisfy the needs of the Target Market
  3. Benchmarking
    The process of comparing one company's performance on specific dimensions with the performance of other organizations
  4. 5 Steps of Marketing Research Approach
    • 1. Define the problem
    • 2. Develop the research plan
    • 3. Collect relevant information
    • 4. Develop findings
    • 5. Take marketing actions
  5. Market Segmentation
    Aggregating Prospective Buyer Into Groups That:

    1. Have common needs & desires

    2. Will respond similarly to marketing actions
  6. Market Segments
    The Relatively Homogenous Groups of Prospective Buyers That Result From The Segmentation Process.

    ...can become a target market
  7. Segmentation Stratigies
    1. One Product & Multiple Segments

    2. Multiple Products & Multiple Market Segments

    3. Segments of One a/k/a Mass Customization
  8. Prodect Positioning
    The Place a Good or Service Ocupies in Consumer's Min on Important Attributes Relative To Competive Products

    -Reposition: Looks to change the place a product occupies in consumer's mind on Important Attributes relative to competitor's
  9. Product Positioning

                   2  Main Approaches
    • 1. Head to Head Positioning
    • ...when competing for similar customers

    Differentiation Positioning
Card Set
Mktg 3131
Chapter 9