Mkt 101 Summary

Marketing 101

Chapter 9- Marketing segmentation, targeting and positioning

Market- people with the willingness to buy, purchasing power

Target market- people you believe will buy your product

Consumer product- product for personal use

Business product- for directly/indirectly in production of other products for resale

Market segmentation- division of the total market into small groups. To satisfy different needs

The market segment has to be measureable purchasing power and size. Has to promote and serve market segment. Must be large enough.

Segmentations:

* Geographic- based on location. Pay close attention to fast-growing states

* Demographic- gender, income/occupation, age, education, sexual orientation, household size, stage in family life

* Psychographic- interests

Chapter 2- Strategic planning in contemporary marketing

Planning is the process of anticipating future events and conditions and determining the best way to achieve organizational objectives.

Planning is a continuous process that includes identifying objectives and then determining the actions through which a firm can attain those objectives.

Marketing planning- implementing planning activities devoted to achieving marketing objectives. Establishes the basis for a marketing strategy.

Virtual conferences: telephone conferences with computer interfaces.

Strategic planning- the process of determining an organizations primary objectives and adopting courses of action that will achieve these objectives.

Tactical planning- guides the implementation of activities specified in the strategic plan. Tactical plans typically address short-term actions that focus on current and near-future activities that a firm must complete to implement its larger strategies.

PLANNING AT DIFFERENT MANAGERIAL LEVELS

MANAGEMENT LEVEL TYPE OF PLANNING

Top management Strategic planning

-CEO

-COO

-CFO

Middle management Tactical planning

-general sales manager

-team leader...