MARKETING 101

Marketing Strategies
1. undifferentiated targeting strategy 2. differentiatied targeting strategy 3. concentrated targeting strategy 4. custom marketing strategy
What is a service?
1. intangible 2. inseparable 3. perishable 4. variable
Adoption of a new product
1. awareness 2. interest 3. evaluation 4. trial 5. adoption 6. confirmation
Promotion mix
1. advertising 2. sales 3. promotion 4. interactive marketing 5. direct marketing 6. personal selling 7. public relations
Macro environment
The overall structure of the industry (e.g monopoly e.t.c)
Microenvironment
The product alternatives in that industry from which members of the target market may choose
Business buying process
1. problem recognition 2. information search 3. evaluation of alternatives 4. product and supplier selection 5. post purchase evaluation
Consumer decision making process
1. problem recognition 2. information search 3. evaluation of alternatives 4. product choice 5. post purchase evaluation
Pull strategy
Counting on consumers wanting its products and convincing retailers to respond to this demand. efforts focus on media advertising, consumer sales promotion
Push strategy
Promotion efforts will push products from producer to consumer by personal selling, trade advertising, sales promotion (e.g trade shows)
Integrated Marketing Communications (IMC)
Strategic business process that marketers use to plan, develop, execute and evaluate marketing communication programs over time to targeted audiences
5 functions of IMC
1. inform consumers of product 2. remind consumers to continue using the product 3. persuade consumers to choose a brand over others 4. build relationships with customer 5. assist the other marketing mix elements
Marketing mix for services
1. product 2. price 3. place 4. promotion 5. people 6. processes 7. physical facilities
Differences between goods and services
1. no customer ownership of services 2. services are intangible 3. customer is involved in production of services 4. variability in service delivery 5.difficult to evaluate services 6. services have no inventory 7. time factor is important for services 8. services have a different channel of distribution
Categories of adopters
1. innovators 2. early adopters 3. early majority 4. late majority 5. laggards
Product life cycle
1. introduction 2. growth 3. maturity 4. decline
Value Chain
The series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products.
Concentrated targeting strategy
Focusing a companys efforts on offering one or more products to a single segment
Differentiated targeting strategy
Developing one or more products for each of several distinct customer groups
Custom marketing strategy
Tailored, specific products to individual customers
Undifferentiated targeting strategy
Appealing to a broad spectrum of people
Various forms of marketing communications
advertising, media and online advertising, sales promotion, sampling, price reductions, direct mail, personal selling, press releases, sponsorships