MKT 100 Lecture Notes - Lecture 13: Ipod Nano, Ipod Shuffle, New Product Development

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Polina Buchan

Document Summary

Marketing strategy: identifies a firm"s target market related to the marketing mix (4 p"s) and the basis on which the firm plans to build a sustainable competitive advantage. Marketing mix (4p"s): the most important elements of any marketing strategy & the tools a marketer uses most often. Product (creating value) creating value by designing products and services that meets the wants and needs of the customer. Price (transacting value) choosing the right price strategy; high (skimming), low (penetrating) or meeting the competition. Place (delivering value) marketing channels that are used to move product from the manufacturer to the end user; supply chain tactics, strategies and logistics. Promotion (communicating value) integrated marketing communication (imc); coordination of all promotional tools towards delivering one message. Marketing plan: written document composed of an analysis of the current marketing situation. Cultural, demographic, social, technological, economic and political forces (cdstep) Implementation phase: marketing managers identify and evaluate different opportunities by segmentation, targeting and positioning.