MKTG 2030 Chapter Notes - Chapter 1: Kmart, Target Market, Customer Satisfaction
Document Summary
2 factors that account for a company"s success are strategy and execution. Winning organizations devise and maintain a clearly stated, focused marketing strategy. Winning organizations execute their marketing strategy flawlessly. Even though the strategy is awesome, the execution might be really bad. Marketing a disciplined process to solve business problems: the development and delivery of a value proposition based on deep understanding of the customer. Target market once market segmentation is complete, the firm has to decide which segment it wants to serve. Example: starbucks break customers into segments low price customers, fair goods customers etc. Marketing mix the set of tools a marketing strategist uses to create value for chosen customers: product, price, channel, marketing communication. Example: dragon"s den the ideas that add to customer value get funded. Marketing plan a document developed for a time frame of one year. It encapsulates the organization"s marketing strategy to illustrate how the business aims to understand- create-deliver-manage customer value.
