Buad301

Marketing strategy
Specifies a target market and a related marketing mix
Target Market
a fairly homogenous group of customers to whom a
company wishes to appeal
Marketing Mix
the controllable variables the company puts together
to satisfy this target group
Target marketing
a marketing mix is tailored to fit some specific
target customers
Mass marketing
aims at “everyone” with the same marketing mix
Mass Marketer
may do target marketing
ex. like kraft or walmart
Four P’s that make up a marketing mix
Product
Price
Place
Promotion
Publicity
Any unpaid form of nonpersonal presentation of ideas, goods,
or services
Marketing Plan
a written statement of a marketing strategy and the
time-related details for carrying out the strategy
Marketing Program
blends all of the firm’s marketing plans into one
“big” plan
Breakthrough opportunities
Opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time
Competitive advantage
a firm has a marketing mix that the
target market sees as better than a competitor’s mix
Market Penetration
Trying to increase sales of a firm’s present products in its present markets – probably through a more aggressive marketing mix
Market Development
Trying to increase sales by selling present products in new markets
Product development
Offering new or improved products for present markets
Diversification
Moving in totally different lines of business – perhaps entirely unfamiliar products, markets, or even levels in the production-marketing system
International Opportunities
– International trade is growing and trade barriers are coming down
– A company may get a fresh start in another country where demand is just beginning to grow
– Risks are higher in foreign markets