UGBA 10 Lecture Notes - Lecture 8: Marketing Mix, Market Segmentation, Marketing Myopia

• School: Berkeley
• Department: Business Administration, Undergraduate
• Course: UGBA 10
• Professor: Briginshaw John

Document Summary

Marketing: the process by which companies created value for customers and build strong customer relationships in order to capture value from customers in return. Shape impressions and build relationship: advertising, price, reputation, community, name, logo, purchase experience, product availability, product experience, website, reviews: wants/needs 2)attitudes/hopes 3)expectation 4)perceptions of alternatives. Marketing management: the act and science of choosing target markets and building profitable relationships with them (favorable impressions and emotional connections) Strategy- grow through product extension, innovation and geographic expansion. Investment- how to bring it to market: selecting customers to serve (market segmentation, target marketing) Customer segmentation: grouping customers so that marketers can use the same messages and media across large numbers of them without sacrificing relevance or efficiency. Demographic (age/gender)/needs (pain points)/psychographic or attitudinal (personal traits)/behavior (purchase frequency/habits) Marketing mix: the set of marketing tools the firm uses to implement its marketing strategy. The four ps: product, price, place, and promotion. Marketing funnel and customer decision making process (dmp)