Marketing Strategies and Concepts (Ch. 4)

A perceived lack of something

Dividing the markets into segments of customers.

Refers to which segments do go after.

<p>The position of a brand in the mind of the target group.</p> Signup and view all the answers

<p>A set of tools the firm uses to implement its marketing strategy.</p> Signup and view all the answers

<p>Product (A), Price (C), Promotion (E), Place (F)</p> Signup and view all the answers

<p>Price (A), Process (B), Place (C), Physical Evidence (D), People (E), Product (F), Promotion (G)</p> Signup and view all the answers

<p>A bundle of benefits and not the sum of features.</p> Signup and view all the answers

A perceived lack of something.

A specific item to satisfy a need.

Want + Ability to pay

Dividing the market into groups of customers with similar needs.

Choosing which customer segments to focus on.

Creating a distinct image of a product in the customer's mind.

The tools used for implementing marketing strategy.

The product itself.

The monetary amount for a product.

Where the product is sold.

Communicating the product to customers.

The employees interacting with customers.

The systems used to deliver the service.

The tangible aspects of the service.

Building long-term customer relationships.

A philosophy that focuses on satisfying customer needs to achieve organizational goals.

Focus on efficient production.

Focus on product features.

Focus on selling.

Focus on customer needs.