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MKTG 611 (2)


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MKTG 611
Sean Doherty

MKTG STRATEGY PLANNING THE M GMT JOB INM KTG - Mktg mgmt. process: process of planning, directing/implementing, and controlling mktg activities - Strategic (mgmt) planningAKAmktg strategy planning: managerial process of developing and maintaining a match btwn an organization’s resources and its market opportunities W HAT ISM KTG STRATEGY ? - Mktg strategy: specifies a target market and a related mktg mix o Target market: a fairly homogeneous grp of customers that the company wants to appeal to o mktg mix: controllable variables the company puts together to satisfy the target market SELECTING A MARKET -ORIENTED STRATEGY ISTARGET MKTG - target mktg: mktg mix is tailored to target market - mass mktg: aimed at “everyone,” uses a production-oriented approach - mass marketers: companies that aim at clearly defined target markets. Warning: not the same as mass mktg!!! D EVELOPING MKTG M IXES FORT ARGET M ARKETS - 4 basic variables in the mktg mix (4 Ps): Product Place - Channel of distribution: any series of firms/individuals that participate in the flow of products from producer to final user/consumer Promotion Personal selling: direct spoken communication btwn sellers + potential customers - Face-to-face, over the telephone, videoconference - Sometimes require personal attention after the sale  customer service: personal communication btwn a seller and a customer who wants the seller to resolve a problem w/ a purchase Mass selling: communication w/ large numbers of customers at the same time - Advertising: one form of mass selling, any paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor - Publicity: any unpaid form of nonpersonal presentation of ideas, goods, or services Sales Promotion: promotion activities (other than mass selling and personal selling) that stimulate interest, trial, or purchase by final customers - Ex. Coupons, samples, contests, catalgos Price THE M KTG PLAN IS AG UIDE TOIMPLEMENTATION AND C ONTROL - Mktg plan: written statement of a mktg strategy and the time-related details for carrying out the strategy. Include: o what is the mktg mix, to whom, for how long o costs o expected results o control procedures so will know if things are going
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