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19 Cards in this Set

  • Front
  • Back
Define a marketing strategy plan.
o Means finding attractive opportunities and developing profitable marketing strategies.
o Marketing Strategy: Specifies a target market and a related marketing mix. IT is a big picture of what a firm will do in some market. 2 parts specifically are needed.
- Target Marketing
- Marketing Mix
What are the differences between target marketing and mass marketing?
Target Marketing:
• Says that a marketing mix is tailored to fit some specific target customers.

Mass Marketing:
• The typical production oriented approach – vaguely aims at “everyone” with the same marketing mix.
• Assumes that everyone is the same.
• Everyone is a potential customer as well.
What is a Marketing Mix?
The controllable variables the company puts together to satisfy this target market.
- The four P's
What are the Four P’s
Product

Price

Promotion

Place
Product
Concerned with developing the right “product” for the target market.

This may involve a physical good, service, or blend of both.

Product is not limited to physical goods
o Product only needs to satisfy some customers’ need.
Ex) Political parties work to achieve causes.
Place
• Concerned with all decisions involved in getting the “right” product to the target markets Place.
• Reached people through a channel of distribution (series of firms that participate in flow of products from producer to consumer.
Price
• Must consider the kind of competition in the target market and the cost of the whole marketing mix.
• Must have good expectations of customer reaction to possible prices.
Promotion
• Concerned with telling the target market or others in the channel of distribution about the “right” product.
• Sometimes focused on getting new customers. Other times at retaining current customers.

- Be sure to remember the difference between Personal selling (customer service) and Mass selling (Advertising/PR)
• How does advertising differ from public relations?
- Advertising is being paid for.

- PR has more credibility.
What is a Marketing Plan?
A written statement of a marketing strategy and the time-related details for carrying out the strategy.

Should spell out the following 3 things in detail…
1. What the marketing mix will be offered, to whom, and for how long.
2. What company resources will be needed at what rate
3. What results are expected.
What is a marketing strategy?
Specifies a target market and a related marketing mix
What is a Marketing Program
• Blends all of the firms marketing plans into one big plan.
• This program is the responsibility of the whole company.
What are breakthrough opportunities?
Opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time. That’s important because there are always imitators who want to “share” the innovator’s profits – if they can.
What is a SWOT and what does it accomplish?
o Strengths
o Weaknesses
o Opportunities
o Threats

A good SWOT analysis helps the manager focus on a strategy that takes advantage of the firm’s opportunities and strengths while avoiding its weaknesses and threats to its success.
What are the four basic Market Opportunities?
1) Market Penetration
2) Product Development
3) Market Development
4) Diversification
What is Market Penetration?
• Increasing sales through present products in present markets
• Can be done by strengthening its relationship with customers to increase their rate of use or repeat purchases.
• Or it may try to attract competitor’s customers or current non-users.
What is Product Development?
• Offering new or improved products for present markets.
• Firms can find out new ways to satisfy customers.

Ex) Heinz developing ketchup products in green and purple colors to satisfy children. Was previously an untapped market.
What is Market Development?
Increasing sales by selling present products in new markets.

Ex)
- Placing a store location in a new area (McDonalds in airports/casinos/abroad),
- Selling Golf Carts as mobile devices in amusement parks instead of simply on the golf course.
What is diversification?
• Moving into totally different lines of products.
• Easy to fail, as it is hard to have the same target market satisfied on two completely different products.

Ex) McDonalds opening up a Golden Arches Hotel.