Chapter 2 Flashcards
Customer Value-Driven Marketing Strategy
firms must be customer centered
- Segmentation
- Targeting
- Positioning
- Differentiation
Market Segmentation
divide markets into groups based on their wants and needs
Market Segment
group who respond similarly to marketing efforts
How should a market be targeted?
evaluate attractiveness of each segment (most profitable), then choose the one with the greatest customer value.
How can we best reach target markets?
Differentiation & Positioning
Differentiation
differentiating market offering to create greater customer value
Positioning
product occupies distinctive place relative to competing products in minds of consumers
Develop Integrated Marketing Mix
4 Ps and 4 As
4 Ps
Price, Product, Place, Promotion
4 As
Affordability, Acceptability, Accessibility, Awareness
SWOT Analysis
evaluation of company Strengths, Weaknesses, Opportunities & Threats
Internal: Strengths & Weaknesses
External: Opportunities & Threats
Marketing Implementation
turning marketing plans and strategies to marketing action
Marketing Planning
Company decides what to do with each business unit
Marketing Return on Investment (ROI)
The net return from a marketing investment divided by the costs of the marketing investment
