COMM 103 Chapter 11: Chapter 11 – Understanding the Marketing Effort

• School: Queen's University
• Department: Commerce
• Course: COMM 103
• Professor: Gregory Libitz

Document Summary

Marketing mix refers to a(cid:374) orga(cid:374)izatio(cid:374)"s strategi(cid:272) a(cid:374)d ta(cid:272)ti(cid:272)al de(cid:272)isio(cid:374)s relati(cid:374)g to its product/service offerings, pricing, distribution, and marketing communication efforts and approaches. * assuming that our marketing research, segmentation, and target marketing analysis is a(cid:272)(cid:272)urate, a(cid:374) effe(cid:272)ti(cid:448)e (cid:373)arketi(cid:374)g (cid:373)i(cid:454) effort should result i(cid:374) a(cid:272)hie(cid:448)i(cid:374)g a defi(cid:374)iti(cid:448)e (cid:862)fit(cid:863) (cid:271)et(cid:449)ee(cid:374) our product/service offering and the needs of our potential customers. Product strategy: value proposition attributes versus product attributes. *viewing product strategies as the development of value proposition attributes shifts the (cid:373)arketi(cid:374)g tea(cid:373)"s fo(cid:272)us fro(cid:373) si(cid:373)pl(cid:455) (cid:862)(cid:271)uildi(cid:374)g a (cid:271)etter (cid:373)ouse trap(cid:863) to (cid:272)reati(cid:374)g positi(cid:448)e performance gaps between the company and its competitors. Companies spend millions of dollars on creating brand image, and rightly so. A brand that carries emotional ties and strong intrinsic value into a value proposition greatly improves the chances for its success. Strong brand names communicate quality, reliability, product consistency, and peer acceptance in many market sectors.