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PART I: INTRODUCTION
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CHAPTER
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Honda Civic
Honda Accord Toyota Sienna Mini Van Cadillac STS Lexus LS 430
Source: D. Kiley, Sexy or Sensible? Business Week, January 16, 2006, p. 60-61.
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2. Regulatory Policy
3. Social Marketing
4. Informed Individuals
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Market Segmentation
Market segmentation is a portion of a larger market whose needs differ from the larger market.
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Market Segmentation
Market Segmentation Involves Four Steps:
1. Identifying Product-Related Need Sets 2. Grouping Customers with Similar Need Sets 3. Describing Each Group 4. Selecting an Attractive Segment(s) to Serve
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Market Segmentation
Market Segment Attractiveness Worksheet
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Marketing Strategy
Marketing Strategy is the answer to the question: How will we provide superior customer value to our target market? This requires the formulation of a consistent marketing mix, which includes the
1. Product 2. Price 3. Communications 4. Distribution, and 5. Services
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Video Application
The following Video Clip demonstrates how Staples uses the marketing mix to create and deliver its brand promise.
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NOTE:
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Consumer Decisions
The consumer decision process intervenes between the marketing strategy, as implemented in the marketing mix, and the outcomes. The firm can succeed only if consumers see a need that its product can solve, become aware of the product and its capabilities, decide that it is the best available solution, proceed to buy it, and become satisfied with the result of the purchase.
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Outcomes
1. Firm Outcomes
2. Individual Outcomes 3. Society Outcomes
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Outcomes
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