ECON344 Study Guide - Midterm Guide: Mass Customization, Endless Ocean, Product Differentiation
10 Jul 2016
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Price: everything the buyer gives up in exchange for the product key to determining prices is figuring out how much customers are willing to pay. Promotion: communication by a marketer that informs, persuades and reminds potential buyers about a product/service to influence their opinions or elicit a response. The planning phase: situation analysis, swot b. Which consumer? (market segmentation: marketing program, the how develop the marketing mix & budget. The implementation phase: execute the marketing plan, obtaining resources, design marketing organization, develop schedules, execute the program. The evaluation phase: comparing results with plans to identify deviations, acting on deviations, correcting a negative deviation/exploiting a positive deviation, tools to evaluate deviations, roi, dashboards, metrics. Organization foundation (why) + organization direction(what) = organizational strategies(how) Road map for marketing activities not a business plan. Key elements: executive summary, situation analysis (internal, external, swot, marketing objectives (target market, positioning, financial/non-financial goals, marketing strategies, conclusion, additional info (appendix, exhibits)
