Chapter 2 – Marketing 310

Marketing Management Process
1. Planning – Marketing Activities
2. Implementing – The Plans
3. Controlling – The Plans
Strategic Management Planning
Planning Strategies to guide a whole company – Finding lucrative opportunities
Marketing Strategy (Definition)/(And Two Parts Needed)
Specifies a target market and a related marketing mix

1. Target Market
2. Marketing Mix

Target Marketing Vs. Mass-Marketing
Target = Tailoring to fit specific customers
Mass = Production-oriented approach
Four P’s Make Up What?
The marketing mix
What are the 4 P’s? (Marketing Mix)
1. Price
2. Product
3. Place
4. Promotion
Why isn’t the customer part of the four P’s?
Its that TARGET of the Four P’s
Marketing Plan vs. Marketing Program
Plan – Written Statement of market strategy and timeline of intentions

Program – Blends all firms marketing plans into one “big” plan

Customer Loyalty — CLV and CE
Customer Lifetime Value – All the purchases a customer could give to a company over their lifetime

Customer Equity – Expected earnings stream of firms current and prospective customers over a period of time

Competitive Advantage (Marketing Definition)
Means that a firm has a marketing mix that the target market sees as better than its competitors
Differentiation (Definition)
Your company’s marketing mix is different than what a competitor deploys
Marketing Penetration (Definition)
Trying to increase sales of a firm’s present products in PRESENT markets
Marketing Development (Definition)
Trying to increase sales by selling present products in NEW markets
Product Development (Definition)
Offering new or improved Products for PRESENT Markets
Diversification (Definition)
Moving into totally different lines of business – New products AND markets
4 Basic Types of Opportunities (MMPD)
1. Marketing Penetration – Present Products, Present Markets

2. Marketing Development – Present Products, New Markets

3. Product Development – New Products, Present Markets

4. Diversification – New Products, New Markets