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Marketing Mix

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					Marketing Strategy
Marketing Strategy
• A company’s plan that identifies how it will use
  marketing to achieve its goals
      Marketing activities of cost 50% or more of a product’s
       selling price
      Companies need to understand and meet customers’
       needs
2 Step Process
• Identify a Target Market
 ▫ A target market is a specific group of consumers
   how have similar wants and needs
• Create a Marketing Mix
 ▫ What is a Marketing Mix? The Four P’s! Product,
   Place, Price and Promotion
Developing a Marketing Strategy
• A company adopts a marketing orientation.
 ▫ A marketing orientation considers the customer’s
   needs when developing the marketing mix
 ▫ Businesses conduct research to find these, then
   design the orientation to satisfy those needs
 ▫ Happens through understanding your customers
Consumer Decision Making Process
•   1. Recognize the Need
•   2. Gather Information
•   3. Select and Evaluate Alternatives
•   4. Make Purchase Decision
•   5. Determine the Effectiveness of the Decision
Buying Motives
• Emotional Buying Motives: reasons to purchase
  based on feelings, beliefs and attitudes
• Rational Buying Motives: guided by facts and
  logic
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posted:8/11/2011
language:English
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