MKT 300 Study Guide - Midterm Guide: Blue Ocean Strategy, Monopolistic Competition, Client Confidentiality
17 Oct 2016
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Document Summary
The marketing mix decisions are summed up by strategic decisions which consider: a consumer"s perception of value, the company"s core strengths and weaknesses, current and future state of competition, business environment factors. Product: what creates the value for the customer. Price: how much do you charge for that value. Promotion: how you communicate that value to the customer: goods vs. services. People: human actors who influence the service experience and perceptions. Process: all of the steps involved in delivering the actual service (value) to the customer. Physical evidence: any tangible component related to the delivery of the service; gives insight to customers about the service. Uncontrollable factors: external to the company, opportunities, threats. High probability, high impact: primary focus for strategy and planning. High probability, low impact: develop contingency plans to address if it arises. Low probability, high impact: keep and eye on developments related to the threat/opportunity. Technological: research, inventions, innovations, it, the internet, energy costs.
