MKT 327 Introduction to Marketing 1st Edition Lecture 14 General Marketing and Competitive Strategies Outline of Last Lecture A. Concept of market segmentII. Targeting (segmentation) strategy III. Criteria for segment attractiveness IV. Targeting (segmentation) strategies V. Degrees of segment focusVI. Strategic framing decisionsVII. Positioning strategy VIII. Components of a product positionIX. Process to develop product mapX. Positioning map: competitive frame of referenceXI. Positioning strategies Outline of Current Lecture B. Strategic framing decisionsXII. Marketing demandXIII. Product classifications Current Lecture*Like a journey all marketing plans BEGINS with and DEPENDS ON INFORMATION**In addition to its foundation the strength of a structure depends on its FRAMEWORK*1) Strategic framing decisionsa) Segmentation- who are we trying to reachb) Positioning- what image we are trying to createc) General marketing- frames the marketing mix in order to achieve certain market positiond) Competitive- how you are going to compete or keep your market positione) Channels- install physical connections f) Integrative marketing communication (IMC)- install emotional/psychological connections2) Market demanda) Market demand is defined by the number of people with the desire to satisfy a particular want; and with the ability (physical and financial) to address that want.These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.b) General marketing strategyi) Provides general guidelines for framing the marketing mix to:(1) Increase number of buyers(2) Increase desire (3) Maximize satisfaction (4) Increase ability (a) Lemonade cartoon example- ‘all I need is one good customer’c) General marketing strategy specifiesi) A ‘guiding framework’ that the firm should focus on (build mix around) given:(1) Market position(2) Nature of demand(3) Relative market position (4) Market growth/saturation d) General marketing strategy alternativesi) Primary demand focus(1) Create new users/usage (a) Increase (i) Willingness(ii) Ability(iii) Purchase rateii) Selective demand focus (1) Market leader(a) Retain through:(i) Satisfaction(ii) Buying process(iii) Competition (2) Challenger (a) Acquire through:(i) Positioning/segmentation (ii) Competition e) Framing marketing mix i) Strategic direction ii) Tactical direction3) Product classificationsa) Consumer goodsi) Convenience(1) Staple goods (a) Develop trust/habit(b) Price for trial(c) Shelf facing/ awareness(d) Intensify distribution(2) Impulse goodsii) Shopping(1) Homogeneous(a) Best price among certain product (2) Heterogeneous (a) Considering performance, quality and etc. (3) Both:(a) Secure position/ differentiate(b) Selective distribution(c) Competitive pricingiii) Specialty(1) Maximize value in use(2) Establish prestige image(3) Personal relationships(4) Exclusive distributioniv) Unsoughtv) Emergency vi) Both(1) Recognize need(2) Maximize proximity(3) Inform availability b) Industrial goodsi) Component parts(1) Raw materials (2) Assembly partsii) Support products (1) Installations(2) Accessory equipment(3) Supplies(4) Industrial servicesc) Consumer goods classification- selection criteriai) Pre-purchase planningii) Comparison numberiii) Purchase frequencyiv) Purchase decision locationd) Industrial goods classification- Selection criteriai) Depreciatedii) Expensed- cost of goods soldiii) Expensed- operating expensesiv) Physical state