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:eight: IMPLEMENTING STRATEGIES, NEW PRINCIPLES OF MARKETING (:checkered…
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ADVERTISING MEDIA
:writing_hand: marketers are allowed to create bigger (more intrusive ads) that take up more space on the webpage
:writing_hand: website are allowing lengthier ads to run
:writing_hand: blogs are creating more content that doubles also as an ad
PURPOSE-BASED MARKETING
:lollipop: "show customers how they can improve their lives"
:lollipop: need to build trust and an emotional connection to the customer in order to differentiate product/service
MARKET SEGMENTATION
subdividing of a market into distinct subsets of cust according to needs and buying habits
-used in implementing strategies
reasons
:question: strategies (market development, market penetration, diversification) require increased sales through new markets
:question: allows a firm to operate limited resources bcs mass production, distribution, adv are not required
:question: affect marketing mix variables (4P)
PRODUCT POSITIONING
developing schematic representations that reflect how your products/services compare to competitors' on dimensions most important to success in the industry
rules
:star: look for hole or vacant niche
:star: dont serve two segments with the same strategy
:star: dont position yourself in the middle of map
criteria effective
:+1::skin-tone-3: distinguishes a company from competition
:+1::skin-tone-3: leads cust to expect slightly less service than a company can deliver
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R&D ISSUES
:pencil2: emphasize product/process improvements
:pencil2: stress basic or applied research
:pencil2: be leaders/followers R&D
:pencil2: use university researchers / private-sector researchers.
APPROACHES
:lock: be the first firm to market new technological products
:lock: be an innovative immitator of successful products (minimizing the riskscosts)*
:lock: be a low cost producer by mass-producing products similar to but less expensive
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BUSINESS ANALYTICS
- MIS technique that involves using software to mine huge volumes of data to help executives make decisions
- called predictive analytics / machine learning