Marketing Strategies Chapter 7

What is Marketing Process of planning & executing the conception, pricing, promo, and distribution of ideas, goods and services to create exchanges that satisfy individual and organization objectives. Who Pays?

Marketing Concept Thinking/Consideration for needs, desires of customers 3 Elements –Customer orientation – identify and satisfy TM –Goal orientation – profit and service –Systems approach – all parts of business work in unison

Implementing Marketing Concept Be conscious of image Examples? Practice consumerism Look for danger signals

Competitive Edge Something that customers want and only you can supply. –Better – quality differentiation –Cheaper – cost leadership –Faster – quick response to consumer needs

Marketing Research Process Defining the Problem Obtaining Data Analyzing the Data Recommending Solutions to the Problem

Defining the Problem Most difficult step Problem definition= identifies a problem or research issue and the info. necessary to solve it. Declining sales symptom of problem

Obtaining Data Data – facts –Primary data – obtained for the 1 st time Survey, observation (mystery shopper), experimental –Secondary data – already collected for some purpose other tan the current study. Less expensive to collect Disadvantages – not suitable for study or not accurate

Surveys Sample size – part of target pop assumed to represent entire pop # Depends on $ available and degree of accuracy Phone, person, mail, internet –Interviews face-to-face, mall intercept, focus group (good/bad?)

Analyzing the Data Data Analysis – process of compiling, analyzing, and interpreting the results of primary and secondary data collection