Marketing Strategy – target market in a M.

mix Differentiation & Positioning - develop

Target market – customers and market unique products for different customer
Marketing mix – controllable variables a firm uses to segments ; establishing the image or identity of a
satisfy needs of customers brand
Mass marketing – targets everyone; all r same
Generic Market – broadly similar needs
4Ps of Marketing Product-market – very similar needs ; close
1. Product – goods or services substitutes
2. Place – reaching target; channel of distrib
3. Promotion – Communication
4. Price – Cost
Breakthrough opportunities – hard-to-copy
marketing strategies
Competitive advantage – a marketing mix better
than competitors
Marketing Strategy Planning Process

4 Basic Types of Opportunities

1. Market penetration – increase sales to the
market
2. Market development – increase sales by
selling product to new market
3. Product development – offer new products
to market
4. Diversification – moving into a totally diff line
of business

Types of Competition
1. Monopoly – single seller; no competition
2. Monopolistic Competition – many firms offer
similar products but are not perfect
substitutes
3. Oligopoly – only few firms dominate
4. Pure Competition – many sellers of the same
product

External Market Environment

Economic - income, economic growth, inflation
Technological - breakthrough opportunities
Political - government, social critics, attitudes of ppl
Legal - law enforcement
Cultural and Social – behavior of people,
differences in culture, location

Marketing Strategy
Segmentation & Targeting - dividing a market of
potential customers into groups, or segments,
based on different characteristics