MKT 300 Lecture Notes - Lecture 1: Target Market, Relationship Marketing, Marketing Mix
Anna Despeaux
Marketing notes
Chapter 1
Customer-Driven Strategic Marketing
• Marketing:
o Marketing - creating, distributing, promoting, and pricing goods, services, and
ideas to…
▪ 1. Facilitate satisfying exchange relationships with customers
▪ 2. Develop and maintain favorable relationships with stakeholders in a
dynamic environment
o Professor “traers Defiitio:
▪ Coie or persuade soe oe or soe etit to ehage their tie,
effort or urre for our produt, serie or essage.
• Focus of Marketing
o Customers - purhasers of orgaizatios produts
o Target market - specific group of customers on whom an organization focuses its
marketing efforts
▪ Can be large or small
▪ Will e saller tha the Etire Market
▪ Our Target Market are people (or companies) we identify as having a
need for our product or service or are susceptible to our message
• Discussion Point –Appealing to Target Markets:
o Pirelli offers an opportunity to drive a Formula One racecar, appealing to a target
market of customers who want high-quality automobile and tire performance
▪ Pirelli targeting a vast number of people, or a relatively small group?
• Components of Strategic Marketing:
o
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• Marketing mix:
o Marketing mix - decides the type and amount of elements to be used
o Product
o Pricing
o Distribution (Place)
o Promotion
▪ Ko as the 4 Ps!!!!
• Product Variable
o Product - goods, services, and ideas
▪ Involves creating new or modifying existing
• Brands – we are all unique?
• Packaging – Tell e a stor…
o Product variable considers - creating produts that address ustoers needs
and wants
▪ Companies that fail to do this struggle to succeed in todays market place
• Why? – Beause ties hage i soe idustries
• This hast alas ee the ase – Her Ford
• Price Variable
o Associated with establishing pricing objectives, policies, and determining product
prices
o Price is
▪ A critical component of the marketing mix
▪ Used as a competitive tool
o Intense price competition leads to price wars
o Companies use information like this to help them set their price points and
forecast sales:
▪
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• Distribution Variable
o Ensuring availability of products in desired quantities to maximum number of
target-market customers possible
o Aims to keep costs low for
▪ Inventory and transportation
▪ Storage
o Ensures availability of products
▪ At the right time
▪ In convenient locations
• Make sure our product is available when our customers show up
• Types of Products
o Intangible:
▪ Sports events are intangible goods that provide fans with a fun
experience.
o Tangible:
▪ Bicycles represent a tangible good that consumers can use for recreation.
• Marketing Managers:
o Select/motivate intermediaries
o Establish/maintain inventory control procedures
o Develop/manage transportation and
storage systems
• Promotion Variable
o Activities that inform individuals or groups about the organization and its
products
▪ Can take many forms
• Print media, Television, Social Media, Guerrilla Marketing and so
on and so on
▪ Aim is to
• Increase public awareness
• Educate customers about product features
• Urge people to take a stance on a political or social issue
• Help sustain interest in established products
• Promotion
o Each product/service/message is different
o Each target market is reactive to a different mix of promotion
▪ **Beause of this, there is ot a agi forula for promotion that will
work every time
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