SMG MK 323 Lecture Notes - Lecture 9: Swot Analysis, Micromarketing, Marketing Mix
Document Summary
9. 1 step 1: establish the overall strategy or objectives (stp process) First step is to articulate the vision or objectives of the company"s marketing strategy clearly. Must be consistent with and derived from firm"s mission and objectives as well as align with swot. 9. 2 step 2: use segmentation methods (stp process) Use a particular method or combination of methods to segment this market. This information helps distinguish customer similarities within a segment and dissimilarities. Ex: suits are bought for special occasions like prom, weddings, etc: loyalty = firms are investing in retention and loyalty initiatives to retain their most profitable customers. 9. 3 step 3: evaluate segment attractiveness (stp process) Evaluating the attractiveness of the various segments. Must determine if segment is: identifiable, substantial, reachable, responsive, profitable. Firms must be able to identify who is within their market to be able to design products or services to meet their needs.
