MKTG 1030 Lecture Notes - Lecture 1: Voice Of The Customer, Marketing Mix, Kmart
Document Summary
Devising a good strategy is different from implementing a good strategy. If the execution is poor, a good strategy will fail. Winning organizations implement a clear marketing strategy. Successful marketing strategies are based on a deep understanding of customers: ex, winner: dollar general focused marketing strategy. Loser: k-mart changed market focus: filed for bankruptcy. Lecture 1 notes: customer review, product mix review. Step 1: understand customers: different customers have different needs, organizations must determine which customers to serve, this process is called market segmentation and targeting (target marketing, recognizes different sets of customers based on needs. Step 2: create customer value: create value for target segment, product strategy, pricing strategy, channel strategy, marketing communications strategy, together, these elements comprise the marketing mix. Step 4: manage customer value: revise marketing strategies with changing conditions, every year review, customer satisfaction, segments, customers, product mix. The understand create deliver manage customer value process will account for 90% of success.
