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Aditya GSN Indrajit Bage N Krishna Chaitanya Neeraj Panghal Prateek Jaiswal Silpa Kamath
Chapter Objectives
To understand the marketing process and the role of
advertising and promotion in an organizations
integrated marketing program.
Identifying Markets
Target market identication isolates consumers with similar lifestyles, needs,
and the like, and increases our knowledge of their specic requirements.
The more marketers can establish this common ground with consumers, the
more effective they will be in addressing these requirements in their
communications programs and informing and/or persuading potential
consumers that the product or service offering will meet their needs.
The Target Marketing Process
Market Segmentation
Dividing up a market into distinct groups that have common needs and
will respond similarly to a marketing. The Process Involves following steps:
Finding ways to group consumers according to their needs
Finding ways to group the marketing actionsusually the products offered
available to the organization.
Developing a market-product grid to relate the market segments to the rms
products or actions.
Selecting the target segments toward which the rm directs its marketing actions.
Taking marketing actions to reach target segments.
Packaging
Packaging is another aspect of product strategy that has become increasingly
important. The package is often the consumers first exposure to the product, so it
must make a favourable rst impression.
Developing the Marketing Planning Program
Price Decisions
The price variable refers to what the consumer must give up to purchase a product or
service. While price is discussed in terms of the dollar amount exchanged for an item,
the cost of a product to the consumer includes time, mental activity, and behavioural
effort.
A rm must consider a number of factors in determining the price it charges for its
product or service, including costs, demand factors, competition, and perceived value.
Relating Price to Advertising and Promotion
Factors such as product quality, competition, and advertising all interact in
determining what price a rm can and should charge.