BU352 Chapter Notes - Chapter 6: Marketing Mix, Canadian Tire, La Senza
Document Summary
Step 1: establish overall strategy or objectives: articulate the mission and objectives of the company"s marketing strategy clearly, must be consistent with current situation- mission statement and current state. Commercials for dating services ex. eharmony: l"oreal "because i"m worth it, lifestyles: lifestyles are how we live our lives to achieve goals, lululemon: health, based, fun-filled lifestyle, vals framework. Widely used psychographic system, owned by strategic business. Step 3: evaluate segment attractiveness: criteria: is the segment identifiable, reachable, responsive, and substantial and profitable. Identifiable: able to design products or services to meet their needs, ex- gap, gapkids and babygap, gapbody (compete with victoria secret, old navy, banana republic. Reachable: market must be accessed through persuasive communication and product distribution, hard to reach segments - ex. people with disabilities, or those with religious beliefs restricting their media choices. Substantial and profitable: determine market size and growth potential.
