mktg

• Marketing Strategy

  Formulation of a strategy is necessary to make profits. Adapting a marketing strategy is required to attain a certain level of sales
• Steps to profits

  Select the target market, determine what the market wants, determine what the firm can do, determine what the firm wants, formulate marketing strategy, implement marketing strategy
• Marketing Variables

  • Factors that the firm must reckon with in its attempt to achieve its marketing objective. Divided into marketing mix variables and marketing environment variables
• When Does Marketing Occur

  Four factors are necessary: presence of at least two parties with unsatisfied needs, desire and ability of the parties to be satisfied, existence of a way for parties to communicate, each party has something to exchange
• Marketing Mix


  • Consists of the product, price, promotion, and place (distribution)
• Marketing Concept

  The real objective of a business firm is to make profits on a short-term and long-term basis. Long-term customer patronage is preferred, which can only happen as a consequence of customer satisfaction
• Inflation and recession are important macroeconomic conditions that marketers must consider in making decisions
• Monopolies include firms that supply electricity and water, and the government regulates the prices of some monopolies like public utility companies
• Laws enacted by the national government and local ordinances by provincial and municipal governments restrict business activities
• Monopoly exists when there is only a single seller in a particular market
• In designing the firm's marketing strategy, it must consider its current and potential competitors
• Marketing Mix variables

  • Product
  • Price
  • Promotion
  • Place
• A shift in the buying preferences of consumers occurs when the economy turns into recession or inflation
• Developments in existing technology can make some products obsolete and make marketing more challenging
• Oligopoly is a market situation where a few firms compete in a given industry with homogeneous or identical products
• Regulatory Forces: Government institutions constrain, direct, and influence decisions that business firms have to make, including those concerning marketing
• Competitive Forces: Most business firms are confronted with competitors and must manage their marketing activities effectively and efficiently to survive and grow
• The Marketing Mix variables are parts of the internal environment created by the firm and can be directly manipulated in pursuance of a sound marketing strategy
• Marketing environment variables

  • The Marketing Mix
  • Economic Forces
  • Technological Forces
  • Competitive Forces
  • Regulatory Forces
• Monopolistic competition exists when there are many sellers (but less than those in pure competition) in a particular market competing with each other. The differences between the products and services sold are small