Marketing week 2

marketing strategy

develop marketing mix, know targeted market, related marketing mix, basis of sustainable competitive advantage (low price is NOT an example)

customer value

customer, operational, product, and locational excellence,

product excellence

Provide products with high
perceived value and effective
branding and positioning

marketing plan

planning, implementation, and controlling phase

swot

internal strengths and weaknesses, external opportunities and threats

when evaluating and implementing opportunities

segmentation from hetero to homo, targeting, and positioning

positioning

defining marketing variables in a clear, desirable, and distinct way

Integrated Marketing Communications
includes

advertising, personal selling, sales promotion, public relations, direct marketing, and online or social media marketing

high market share high market growth rate

stars

high market growth rate low market share

question marks

low market growth rate and high relative market share

cash cows

low market rate and low market share

dogs

use existing marketing mix and focus on existing customers

market penetration

push current products to new markets

market development

new product to current market

product development

diversification

new product to new market related & unrelated

principles of conscious marketing

recognizes marketing’s greater purpose, conscious leadership presence, stakeholders and their interdependence, decisions ethically based

triple bottom line

envr, soc, and ethic performance

corporate social responsibly

voluntairy actions to address ethics independent of comp’s purpose

customers

Conscious marketing focus:
• Increases awareness.
• Leads to better brand equity.
• Increases sales

marketplace

One firm in the industry can lead the
way toward conscious marketing