MKT 101 Lecture Notes - Lecture 2: Marketing Mix, Customer Service, Influence Of Mass Media

• School: Hofstra University
• Department: Marketing (MKT)
• Course: MKT 101
• Professor: Hamby

Document Summary

Ecosystem analogy - f you continue existing you"(cid:396)e su(cid:272)(cid:272)essful. We can adapt to the ecosystem and some things are out of their control. Organizations level of success or failure in reaching its objective. Top management sets what the culture is: line of business. Integration: role of other business functions (2) Market segmentation involves subdividing a market into clear subsets of customers with similar needs. It is often used in choosing a target market. Example: target markets for a hotel chain: Extended stay (full kitchen, friday evening socials) Diffe(cid:396)e(cid:374)tial ad(cid:448)a(cid:374)tages (cid:272)o(cid:374)sist of the fi(cid:396)(cid:373)"s u(cid:374)i(cid:395)ue features that attract consumers and include: The marketing mix consists of four elements: Price what is given up to obtain, discounts. Place (distribution) how the consumer gets the product. Promotion the ways the business try to get interest in the product. Macroenvironment refers to the broad demographic, societal, economic, political, and technological forces that an organization faces.