MKT 305 Lecture Notes - Lecture 3: Weight Watchers, Target Market, Marketing Mix
Marketing Management
• Plan marketing activities
o Set goals
o Evaluate opportunities
o Create strategies and plans
• Direct implementation of the plans
• Control plans
o Measure results
o Adjust plans as needed
Marketing Strategy
• Specifies a target market and a related marketing mix
• Target market
o A group of potential customers with defined similarities that
the company wants to sell to
o Can be large or small, must trade off breadth for precision
▪ i.e. more possible customers vs. higher conversion rate
o Examples:
▪ Axe Body Spray – young, optimistic men
▪ Lexus – wealthy educated men between 30-50 years
old
▪ Weight Watchers – single women age 20-45 that weigh
20+ pounds more than their target weight
▪ Mad Greens – working professionals seeking healthy
lunch options that work within 1.5 miles of the
restaurant and make more than $40,000 per year
▪ In-Situ – remediation engineers with projects requiring
monitoring dissolved oxygen, pH, turbidity, OPR
• Defining a marketing mix
o Product – what you’re providing to the target market
▪ Good or service, features, benefits, acceptable quality
level, installation
▪ Includes related topics such as – branding, packaging,
warranty
o Place – how you get your product to the target market
▪ Typically referred to as the distribution channel
o Promotion – how you communicate with and convince your
target market to take action
▪ Personal selling – direct person to person engagement
▪ Mass selling - large scale communication
advertising – paid activities
publicity – unpaid activities
▪ Sales promotion – how you stimulate interest, trial
and/or purchase
find more resources at oneclass.com
find more resources at oneclass.com
