Lecture 2 Flashcards
(29 cards)
Strategy
A method to achieve specific objectives
Strategy is simultaneously:
Extremely simple
Incredibly complex
Key Components of Strategy
Objective Setting
Clear Goal Identification
Pathway to Achievement
Marketing Strategy Objective
Transform target group individuals into customers/consumers
Research Approaches
External Environment Research
Internal Environment Research
External Environment Research
Secondary Research
Databases
Trade journals
External Environment Research
Primary Research
Customer interviews
Consumer surveys
Strategy
Method to achieve specific objectives in marketing.
Objective Setting
Identifying clear goals for marketing efforts.
External Environment
Factors outside the organization affecting marketing.
Internal Environment
Factors within the organization influencing marketing.
Secondary Research
Data collection from existing sources like databases.
Primary Research
Data collection directly from customers or consumers.
SWOT Analysis
Framework examining strengths, weaknesses, opportunities, threats.
Marketing Definition
Activity for creating, communicating, and delivering value.
Value Proposition
Promise of value to be delivered to customers.
Market Segmentation
Classifying buyers into distinct groups for targeting.
Behavioral Segmentation
Dividing based on benefits sought and usage frequency.
Demographic Segmentation
Classifying by age, gender, income, education, etc.
Geographic Segmentation
Dividing based on location and population characteristics.
Psychographic Segmentation
Segmenting based on activities, interests, and values.
VALS Psychographic Types
Framework categorizing consumers into eight psychographic groups.
Mass Marketing
Undifferentiated approach targeting the entire market.
Targeted Marketing
Differentiated approach focusing on specific customer groups.
