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mkt-623 Chapter 2

The marketing and promotions process model has 4 major components: 1) Developing a marketing strategy and analyzing opportunities and competition 2) Targeting specific market segments 3) Creating a marketing plan by integrating the marketing mix (product, price, place, promotion) to effectively reach the target market 4) Selecting a target market and positioning products/services to differentiate from competitors within that market segment.

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140 views18 pages

mkt-623 Chapter 2

The marketing and promotions process model has 4 major components: 1) Developing a marketing strategy and analyzing opportunities and competition 2) Targeting specific market segments 3) Creating a marketing plan by integrating the marketing mix (product, price, place, promotion) to effectively reach the target market 4) Selecting a target market and positioning products/services to differentiate from competitors within that market segment.

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com
Marketing and Promotions Process Model:
➢Promotions must be coordinated with other areas of the
marketing mix
➢How promotions fit into an organization's marketing strategy
and programs.
4 major components
1. Marketing Strategy & Analysis: Develop marketing strategy & analysis in which
company decide the products/service areas and in markets it wants to compete.
2. Target Marketing Process: Coordinate the various marketing mix elements into a
cohesive marketing program that can reach the target market efficiently.
3. Marketing Planning Program Development: Develop a marketing plan by
integrating all marketing mix elements to provide consistency and maximum
communication impact.
4. Target Market: from the understanding of the market, a firm develops its market
segments or target markets.
1. Marketing strategy & analysis
A. Opportunity analysis: A careful analysis of the marketplace-current or new markets
Market opportunities: where there are favorable demand trends , where company believe
customer needs and opportunities are not being satisfied , and where it can compete effectively.
B. Competitive Analysis: Carefully analysis the competition to be faced in the marketplace.
Ex. As a result of shrinking Cola sale, Coke came up with Diet coke, Coke with Lemon
Competitive advantage
C. Target Market Selection/target marketing: after evaluating the opportunities in various
market segments, company select one or more target market.
Break the market into segments targeting one or more segments pursue different
strategies for the target segments
2. Target Marketing Process:

4 basic steps:-----
A. Identifying Market with unfulfilled need: identify the
specific needs of a group of people, select one or more of these
segments as a target, develop marketing program directed to
each.
B. Market Segmentation:
Segment market with similar need and then respond similarly to a market action

Geographic • nations, states, countries


segmentation

Demographic • age, sex, family,


segmentation

Psychographic personality or lifestyle


segmentation

• usage, loyalty or
Behavioristic buying response
Segmentation:

Benefit • attributes or
segmentation: benefits
C. Selecting a Target Market
Target marketing process
1. Determining how many segments to enter

2. Determining which segments offer the most potential- determine the most
attractive segment, examine the sales potential of the segment, the
opportunities for growth, the competition, and its own ability to compete.
product attributes and
benefits

D. Market Positioning Price/ Quality

Positioning- fitting the product or service to one or use or application


more segments of the broad market in a way which is
different from the competitors. product class
Differentiating with competitors.
product user

competitor

cultural symbols

Repositioning
Determining the Positioning Strategy

Marketer must decide which strategy is best suited for the firm or product and begin developing the
positioning platform.

6 steps process of positioning strategy

Assessing
Determining Analyze the Making the
Identifying consumers’ Monitoring
competitor’s consumer’s positioning
competitors perceptions of the position
position preferences decisions
competitors
3. Marketing Planning Program
Development:
Combining the various marketing mix elements(4Ps) into
a cohesive, effective marketing program.

A. Product Decisions: quality, branding, packaging,


1. Branding: choosing a brand name for a product as
brand name communicate attributes and meaning.
Brand equity: an intangible asset of added value or
goodwill that results from the favorable image,
impressions of differentiation.
2. Packaging: the package provides functional benefits
such as economy, protection, storage.
Important way to communicate with the consumers.
B. Price Decisions: what consumers must give up to purchase the product or
service.
Keep in mind: cost, demand, competition, perceived value( high cost, high quality)
Relate price to advertising & promotion:
The relationship among price, product quality, and advertising.
From a study, observations recorded:---
Brands with high advertisement budget could charge premium price
Companies with High quality products charge high price
C. Place/Distribution Channel Decisions: decisions regarding to how
the company will make its products and services available for purchase.
Direct channel: using direct selling program. Ex, using direct response marketing,
telemarketing or internet
Indirect channel: using wholesalers (who sell to other resellers) and retailers (sell to final
consumer)
D. Developing Promotional Strategies: Push
or Pull?
Advertising and other forms of promotions
Promotional Push Strategy: push the product
through the channels of distributions by aggressive
selling and promoting to resellers.
Convince resellers to make a profit of the
manufacturers
Promotional Pull Strategy: create demand among
end-users by spending money on advertising and
sales promotion which is directed towards the
ultimate end-users.

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