MKTG 301 1st Edition Lecture 2 Current Lecture Chapter 2 Continued What would an ideal 50 minute class session look like what would happen what would you walk out with Engaging students students more compelled to talk when about personal attachment Refer to Slough s PowerPoint for the guided outline Notes based on in class lecture 1 Describing the Target Market Specific audience towards whom you wish to engage 2 Marketing Strategy involves One discipline every marketing management has each have their own objectives selecting and describing that target market Marketing Mix 4 P s 3 Marketing Opportunity Analysis What are customer s wants and needs Are we prepared to give it to them How can we prepare ourselves A new product line A new product strategy Simply looking at the opportunity Don t worry too much about definitions on power points think about what each term means in appliance to real life Segment the market based on groups w similar characteristics Analyze the market based on attractiveness of market segments Select one or more target markets A good percentage of the population makes its own decisions different want and needs ex Would you dress like how I dress No We have different needs 4 Marketing Mix Product the tangible or intangible good ideas services how is it packaged What s its brand Promotion all the many ways advertising being one the company can engage in its market ex Guerrilla marketing Price opportunity for favorable exchange between the consumer and seller flexible to the market ex Target market and try to meet wants and needs Place where we go to buy it accessible 5 Following Up on the Marketing Plan If we re not evaluating our results we have no idea if revenue sales etc What we re doing MKTG Chapter 3 1 Ethics and Social Responsibility a Why should companies bother w their ethical reputation i Ex The Green customer demographic is prone to shop at Target for their focus on recyclable notebooks materials etc ii Advertisement focus on marketing and societal impressions iii Businesses want loyal trusting relationship w customers Promotion