DO NOW The last item you purchased was__________. What motivated you to purchase that item?

MARKETING STRATEGY A company’s plan that identifies how it will use marketing to achieve its goals SLIDE 3

MARKETING STRATEGY Marketing planning Marketing planning is aimed at satisfying customer needs better than competitors do. Develop a successful marketing strategy FIRST - Identify a target market THEN – Create a marketing mix SLIDE 4

MARKETING STRATEGY Target market – is a specific group of consumers who have similar wants and needs Marketing mix - is the blending of four marketing elements—product, place, price, and promotion. Marketing orientation - considers the needs of customers when developing a marketing mix. ( uses research) SLIDE 5

SLIDE 6 UNDERSTAND CUSTOMERS Consumer decision-making – Is the specific sequence of steps consumers follow to make a purchase Buying motives – Are the reasons consumers decide what products and services to purchase.

SLIDE 7 STEPS IN THE CONSUMER DECISION- MAKING PROCESS 1. 1.Recognize a need Gather information Select and evaluate alternatives Make a purchase decision Determine the effectiveness of the decision.

Buying Motives Final consumers - persons who buy products and services mostly for their own use. Emotional buying motives – are purchases guided based on feelings, beliefs and attitudes. Rational buying motives – are purchases guided based on facts and logic. SLIDE 8