Developing Marketing Strategies Chapter 7

Marketing Concept Three orientations Three orientations Customer Customer Goals Goals System System Meeting Customer Needs Meeting Customer Needs

Implementing the Marketing Concept Implementing the Concept Implementing the Concept Be conscious of image Be conscious of image Practice consumerism Practice consumerism Look for danger signals Look for danger signals Competitive Edge Competitive Edge E-commerce E-commerce

Marketing Research Review of definition Review of definition How does it help? How does it help? Performing Market Research Performing Market Research Define problem Define problem Gathering and evaluating Gathering and evaluating Secondary information Secondary information Primary research Primary research Internet Internet Databases Databases

Developing a Strategy Setting Objectives Setting Objectives Choosing Target Markets Choosing Target Markets Market Segmentation Market Segmentation Demographic trends Demographic trends Using the Marketing Mix Using the Marketing Mix

Product Life Cycle Introduction Introduction Growth Growth Maturity Maturity Decline Decline Diversification of product line Diversification of product line

Packaging What does it do? What does it do? Why is it important? Why is it important?

Price Policies Effect of Life Cycle Effect of Life Cycle Price skimming Price skimming Penetration pricing Penetration pricing Meet Competition Meet Competition Cost-oriented Pricing Cost-oriented Pricing Mark ups Mark ups Discounts Discounts Allowances Allowances

Setting Prices Service firms Service firms Retailers Retailers Unit pricing Unit pricing Loss leaders Loss leaders Wholesalers Wholesalers Producers Producers Building Contractor Building Contractor Other considerations Other considerations

Services Marketing Two types Two types Personal Personal Business Business 4 I’s of service 4 I’s of service Intangibility Intangibility Inconsistency Inconsistency Inseparability Inseparability Inventory Inventory

Services Marketing Type of contact Type of contact High High Low Low Application of Marketing Concept Application of Marketing Concept Pricing Pricing Promoting Promoting

Marketing through Product Life Cycle Introduction Introduction Analyze market situations Analyze market situations Fit product to market Fit product to market Evaluate company resources Evaluate company resources Growth Growth Expand products to new markets Expand products to new markets Increase penetration Increase penetration No innovation No innovation