MKT 305 Chapter Notes - Chapter 2.1: Marketing Mix, Mass Marketing, Target Market
MKT Chapter 2.1 Textbook Notes
Monday, August 27, 2018
7:40 PM
The Management job in marketing
Marketing management process
1. Planning marketing activities
2. Directing the implementation of the plans
3. Controlling the plans
Strategic (management) planning
-the managerial process of developing and maintaining a match between an
organization's resources and its market opportunities
-planning strategies to guide a whole company
A marketing strategy
-specifies a target market and a related marketing mix
-a big picture of what a firm will do in some market
-two interrelated parts:
-target market
-marketing mix
A target market
-a fairly similar group of customers to whom a company wishes to appeal
A marketing mix
-the controllable variables the company puts together to satisfy this target
group
-typically includes some product, offered at a price, with some promotion
to tell potential customers about the product
*Target marketing is not mass marketing
Target marketing
-states that a marketing mix is tailored to fit some specific target customers
Mass marketing
-vaguely aims at everyone with the same marketing mix
-assumes everyone is the same
