finding attractive opportunities and developing profitable marketing strategies.
A marketing strategy consists of two interrelated parts. These are
Defining a target market and Marketing Mix
The difference between target marketing and mass marketing is that target marketing
focuses on specific customers, while mass marketing aims at an entire market.
Marketing strategy planners should recognize that:
target marketing is not limited to small market segments.
"Place" is concerned with:
Catalogs, point-of-purchase materials, and free samples are all examples of:
Which of the following statements about marketing mix variables is false?
Ideally, a good marketing mix should:
Based on the discussion (and exhibit) in Chapter 2 that considers the effectiveness of different firms' marketing programs, you would conclude that in the majority of firms:
The text's discussion of "death-wish marketing" suggests that
A breakthrough opportunity
is one that helps an innovator develop a hard-to-copy marketing strategy that will be very profitable for a long time.
Differentiation means that
a firm's marketing mix is distinct from and better than what is available from a competitor.
When a firm tries to increase sales by selling its present products in new markets, this is called:
To improve its profits, Delta Tool Corp. has redesigned its entire line of rechargeable power drills—adding several new or improved features and three new models. Apparently, Delta Tool is pursuing a ______________ opportunity.
Professional Dental Supply has been successfully selling dental instruments to dentists for the past twenty years, and has developed strong customer relations. When looking for new marketing opportunities, Professional Dental Supply will most likely look first at
Marketing Management Process is the process of 1.___________2. ________________3.__________
1. planning marketing activities
2. directing the implementation of the plans
3. control marketing plan and program
Market Strategy includes 2 key items:
1. target marketing
2. marketing mix
marketing mix includes the following 4 p's:
similar(homogenous) group of customer the company wishes to appeal to
target is everyone
customer takes same product into new market
company takes new product to existing market
new product directed at new cusotomers
present products into present markets
the marketing mix is distinct from and better than what is available from the competitor
direct spoken communication between sellers and potential customers
communicating with large numbers of customers at the same time
any paid form of non-personal presentation of ideas, goods, services.
stimulate interest....ie trial, purchase by final customers, this can include use of coupons, point of purchase materials, samples, contests, events, catalogs, etc.
marketing plan will include the following 3 elements followed by what in addition to the 3 elements?
- what marketing mix
- what company resources
- what results are expected
- control procedures
marketing strategy planning means
1. finding attractive opportunities
2. developing profitable marketing strategies
marketing strategy variables are the four p's which can be controlled by the marketer. But what are the marketing environment variables variables not under the control of the marketer (hint: there are 5)
- cultural/social environment
- resources and objectives of firm
- competitive environment
- Economic and technological environment
- political and legal environment
focus comes from what 2 things in marketing?
product & market opportunities not just product
Focus of chapters 2-4 Finding attractive product-market opportunities and evaluating them.