MGMT 105 Lecture Notes - Lecture 2: Mass Marketing, Marketing Mix, Target Market
Document Summary
The 5cs behind a markeing strategy : consumers, compeiion, company, Consumers: idenify our customers and their needs and learn if they are saisied with our products and services. Compeiion: idenify compeitors and examine market share growth/decline, how well we have fared against compeiion. Direct compeitors in the same market with almost the same product. Indirect compeitors: same market, slightly diferent product but can sill afect your market. Company: idenify own company"s capabiliies skills, technologies, knowledge base, patents, resources (do we have enough) and weaknesses. Collaborators: idenify suitable upstream and downstream partners, possible joint ventures. Company doesn"t have much control of the environmental factors, but have to recognize and take into account of the environment (poliical or technical environments) Culture will also have inluence when something becomes popular. Cater your strategy to what"s popular or if there"s a recession, change your product from luxury item to something more afordable. Components of a markeing strategy: target market, difereniaion &
