Introduction to Marketing and Strategy Planning
Sample Lesson
- Introduction to Marketing and Strategy Planning
- Introduction and Objectives
- Lesson Road Map
- What is Marketing?
- Importance of Customer Satisfaction
- The Marketing Concept and Marketing Orientation
- Elements of Customer-Driven Marketing Strategy
- Four Ps of a Marketing Mix
- Competitive Advantage and Differentiation
- Social Responsibility and Marketing Ethics
- Concluding Remarks
- Activities
Elements of the Customer-Driven Marketing Strategy
Having emphasized the importance of customer satisfaction earlier, we now need to focus on the logic or the process by which the company expects to accomplish customer value and achieve the organization's goals.
There are many different customers with differing needs. It is crucial for a company to carefully select the customers they want to serve, differentiate its offering for the specific customer group or segment and decide on an overall marketing strategy to implement. In this process, there is a set of tactical tools available for marketers, called the marketing mix—or 4Ps of marketing. Therefore, a marketing strategy
- specifies the target customers (a group of customers who respond in a similar way for marketers efforts) and
- tailors the marketing mix in a way to produce the desired response from the customers.