MGMA01H3 Lecture Notes - Lecture 3: Target Market, Mind Share, Marketing Mix
Document Summary
Marketing orientation vs. product, production, and selling orientations. Corporate vision: making meaning; what business are we in core competence. Thinking outside the box: the blue oceans. Monopoly: only one firm provides the product/ service. Oligopoly: a small number of firms produce either identical products and sell at comparable price or differentiated products, and charge a premium. Monopolistic competition: many competitors produce differentiated products, go after different segments, and charge a premium. Pure competition: many competitors offer the same product, no basis of differentiation, charge same price. Flossing v/s brushing the teeth for oral hygiene. Considerations in targeting competitors own and competitor strategies and resources customer segment time horizon rate of technology change. Gains in mind share and heart share will inevitably lead to gains in market share! Number, concentration and size distribution of players. Watch for strategies consistent with market share. Understand the nature of the buying decision.