MGCR 352 Lecture Notes - Lecture 3: Marketing Mix, Baby Boomers, Mass Customization
15 Sep 2016
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Market penetration: make current products more attractive . ex: combos. Product development: introduce something new, ex: make your own burger. Diversification: new product, new market , ex: mccafe. Which products will be directed towards which customers (what and who: select target markets, find points of differentiation, position product. Development of the marketing mix (the how: product strategy, price strategy, promotion strategy, place (distribution) strategy. Implementation: obtain resources, design marketing organization, develop schedules, execute marketing program, control, compare results with marketing plan, exploit positive deviations, act on negative deviations. More precise definition of customer needs and wants. Segmentation bases/variables : characteristics of individuals, groups or organizations used to divide a total market into segments. Age, gender, family size, income, occupation, family life cycle etc. Easier to group than most others, most popular. Better to use multiple bases in order to identify smaller, better defined target groups.
