MKTG1001 Lecture Notes - Lecture 6: Cost Leadership, Demand Forecasting, Low Frequency
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Mktg1001 lecture 6 the marketing mix (4ps) Operating in a dynamic environment position within the industry & influences of macro change. Fi(cid:396)(cid:373)(cid:859)s st(cid:396)e(cid:374)gth resources, brands, products, finance, culture. Using knowledge of consumers from consumer behaviour & market research. Develop an appropriate strategy considering the environments. Select a target market & set positioning proceeds to implement 4ps. Product (product mix & attributes), other supporting marketing mix elements are connected to target market & positioning. Always create 4ps with target market in mind. Strategic tools/variables that can be manipulated by market conditions work together. Depends on who is the target market adjust marketing mix. 3 competitive market strategies: (crucial in differentiating, either in price/product) Build same product at a lower price. A product meets a need, e. g. tried & stressed several products may need same need. Anything offered to a market for attention, acquisition, use or consumption that might satisfy a want or need.
