MGMT 105 Lecture Notes - Lecture 2: Swot Analysis, Marketing Mix, Target Market
Document Summary
Intro to marketing (mgmt 105) lecture notes 2. Core: optimizing existing products for existing customers. Adja(cid:272)e(cid:374)t: e(cid:454)pa(cid:374)di(cid:374)g fro(cid:373) e(cid:454)isti(cid:374)g (cid:271)usi(cid:374)ess i(cid:374)to (cid:862)(cid:374)ew to (cid:272)o(cid:373)pa(cid:374)(cid:455)(cid:863) (cid:271)usi(cid:374)ess. Transformational: developing breakthroughs and inventing thi(cid:374)gs for (cid:373)arkets that do(cid:374)(cid:859)t yet exist. Co(cid:374)su(cid:373)er: ide(cid:374)tif(cid:455) the (cid:272)o(cid:373)pa(cid:374)(cid:455)(cid:859)s (cid:272)usto(cid:373)ers a(cid:374)d their (cid:374)eeds. Competition: identify competitors and competitive advantages they might have. Co(cid:373)pa(cid:374)(cid:455): ide(cid:374)tif(cid:455) (cid:455)our ow(cid:374) (cid:272)o(cid:373)pa(cid:374)(cid:455)(cid:859)s (cid:272)apa(cid:271)ilities, skills, weak(cid:374)esses, resources. Strengths: employee skills, successful name brand, large market share. Mass marketing: offering a single marketing mix to all customers. Target (cid:373)arketi(cid:374)g: tailori(cid:374)g (cid:373)arketi(cid:374)g (cid:373)i(cid:454) to fit spe(cid:272)ifi(cid:272) (cid:272)usto(cid:373)ers(cid:859) (cid:374)eeds. Takes into account: competition, company: must match with company image, customers: must value the customers and their beliefs. Includes design (features and quality level), accessories, instructions, warranty, and packaging, product lines, branding. Channel of distribution, kinds of middlemen (retailers, wholesalers), 2 major decisions (channel design and channel management: channel management makes sure that advertising and promotion are happening between the retailers and wholesalers.
