MARK 301 Lecture Notes - Lecture 6: Earned Media, Marketing Mix, Switching Barriers

• School: Concordia University
• Department: Marketing
• Course: MARK 301
• Professor: Kamila Sobol

Document Summary

Retail marketing mix: -product & service assortment//retail prices//promotion//location & store atmospherics. Market: people who have the ability to purchase a product or service. Market segment: subsets of people that have one or more characteristics in common that cause them to have the same product needs. Positioning: the positioning your brand holds in the minds of consumers (relative to competitors) Market targeting: sele(cid:272)tio(cid:374) of (cid:272)ertai(cid:374) (cid:862)seg(cid:373)e(cid:374)ts(cid:863) (cid:271)ased o(cid:374) their (cid:373)arket pote(cid:374)tial, gro(cid:449)th rate, (cid:272)o(cid:373)petiti(cid:448)e intensity, and the extent to which you are capable of producing a good/service that aligns with their needs. Product: how to choose product assortment; private labels. Consumers like choice, so ensure breath and depth. Marketing strategies: how much choice do consumers want? (cid:862)parado(cid:454) of (cid:272)hoi(cid:272)e(cid:863) dile(cid:373)(cid:373)a. Look and feel of the store interior: style, d cor, lighting, music, smell, display/layout. Sensory marketing: marketing that engages the consumers" senses-> affecting their perception & behavior.