Marketing Strategies

1
Marketing Strategies

• Chapter 7

2
What is Marketing

• Process of planning executing the conception,
  pricing, promo, and distribution of ideas, goods
  and services to create exchanges that satisfy
  individual and organization objectives.
• Who Pays?

3
Marketing Concept

• Thinking/Consideration for needs, desires of
  customers
• 3 Elements
• Customer orientation identify and satisfy TM
• Goal orientation profit and service
• Systems approach all parts of business work in
  unison

4
Implementing Marketing Concept

• Be conscious of image
• Examples?
• Practice consumerism
• Look for danger signals

5
Competitive Edge

• Something that customers want and only you can
  supply.
• Better quality differentiation
• Cheaper cost leadership
• Faster quick response to consumer needs

6
Marketing Research Process

• Defining the Problem
• Obtaining Data
• Analyzing the Data
• Recommending Solutions to the Problem

7
Defining the Problem

• Most difficult step
• Problem definition identifies a problem or
  research issue and the info. necessary to solve
  it.
• Declining sales symptom of problem

8
Obtaining Data

• Data facts
• Primary data obtained for the 1st time
• Survey, observation (mystery shopper),
  experimental
• Secondary data already collected for some
  purpose other tan the current study. Less
  expensive to collect
• Disadvantages not suitable for study or not
  accurate

9
Surveys

• Sample size part of target pop assumed to
  represent entire pop
• Depends on available and degree of accuracy
• Phone, person, mail, internet
• Interviews face-to-face, mall intercept, focus
  group (good/bad?)

10
Analyzing the Data

• Data Analysis process of compiling, analyzing,
  and interpreting the results of primary and
  secondary data collection