MKT 337 Chapter Notes - Chapter 2: Marketing Mix, Market Segmentation, Marketing Strategy
Document Summary
Marketing strategy: the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets. Successful marketing mixes have been carefully designed to satisfy target markets. At first gla(cid:374)ce, mcdo(cid:374)ald"s a(cid:374)d we(cid:374)dy"s (cid:373)ay appear to ha(cid:448)e roughly ide(cid:374)tical (cid:373)arketing mixes because they are both in the fast-food hamburger business. Ho(cid:449)e(cid:448)er, mcdo(cid:374)ald"s has been most successful at targeting parents with young children for lunchtime meals, (cid:449)hereas we(cid:374)dy"s targets the adult cro(cid:449)d for lu(cid:374)ches a(cid:374)d di(cid:374)(cid:374)er. Mcdo(cid:374)ald"s has playgrou(cid:374)ds, ro(cid:374)ald mcdo(cid:374)ald the clo(cid:449)(cid:374), a(cid:374)d childre(cid:374)"s happy meals. We(cid:374)dy"s has salad bars, carpeted restaurants, and no playgrounds. Of the four ps, the marketing mix typically starts with the product - the product offering and product strategy. We buy things not only for what they do (benefits) but also for what they mean to us (status, quality, or reputation). Squarepants to sell gummy snacks, can dramatically increase sales.
