COMM 103 Chapter Notes - Chapter 11: Customer Engagement, Rifling, Marketing Mix
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Marketing mix refers to a(cid:374) orga(cid:374)izatio(cid:374)(cid:859)s strategi(cid:272) a(cid:374)d ta(cid:272)ti(cid:272)al de(cid:272)isio(cid:374)s relati(cid:374)g to its products/service offerings, pricing, distribution, and marketing communication efforts and approa(cid:272)hes. This is histori(cid:272)all(cid:455) referred to as the four p(cid:859)s of (cid:373)arketi(cid:374)g (produ(cid:272)t, price, place and promotion). Assuming that marketing research, segmentation, and target marketing analysis is accurate, an effective marketing mix effort should result in achieving a definitive fit between the product/service offering and the needs of potential customers. Viewing product strategies as the development of value proposition attributes shifts the marketing tea(cid:373)(cid:859)s fo(cid:272)us fro(cid:373) si(cid:373)pl(cid:455) (cid:858)(cid:271)uildi(cid:374)g a (cid:271)etter (cid:373)ouse trap(cid:859) to (cid:272)reati(cid:374)g positi(cid:448)e performance gaps between the company and its competitors. To develop positive performance gaps over competitors, the marketing team needs to focus on both the tangible and intangible product attributes. Name recognition is one thing, but a brand name that communicates and epitomizes positive perfor(cid:373)a(cid:374)(cid:272)e attri(cid:271)utes that are judged to (cid:271)e superior to those of (cid:272)o(cid:373)petitors is huge i(cid:374) toda(cid:455)(cid:859)s competitive market environment.
