MARK 3000 Chapter Notes - Chapter 9: Marketing Mix, Value Proposition, Mass Marketing

• School: University of Georgia
• Department: Marketing
• Course: MARK 3000
• Professor: Grantham

Document Summary

Marketing cannot be all things to all people too broad so marketers focus on target markets. Segments: naturally existing groups of consumers with similar needs/wants and responses. Target market: the segment your firm chooses to serve. Segmentation, targeting and positioning process: strategy/objectives - segmentation, segmentation method - segmentation, evaluate segment attractiveness - targeting, select target market - targeting. Identify and develop positioning strategy (most important) - positioning: how to ask the question/ what association do i want to be at the target markets evoked state of mind. Usually a combination of methods: geographic continent, land area, ex. Combination: claritas website with the zip codes, can see different target audiences. Do they require unique marketing mix: substantial, too small and it is insignificant too big and it needs its own store. Segmentation strategy: mass marketing, firms assume all consumers are the same, relative to the product category, ex. Using 4 ps to develop value proposition.