Answer:
A marketing strategy is the planning and deployment methods used to obtain customers for an organization. The marketing strategy involves segmenting and targeting which markets will be most beneficial to an organization and then marketing to those markets. The marketing strategy involves the planning of company positioning as well.
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution (4 Ps) of ideas, goods and services to create exchanges (with customers) that satisfy individual and organizational objectives.
Exchange and Utility
Ø The criteria needed for an exchange to occur:
Ø Must have something of value to exchange
Ø Need to be able to communicate
Ø Must be able to exchange (under 21 drinking)
Ø Must want to exchange
Ø At least 2 people needed for an exchange to occur
Ø The exchange process creates Utility.
Utility is the satisfaction, value, or usefulness a user receives from a good or a service. When you purchase an automobile, you give up less (in $s) than the value of the car (to you)...the ability to get you from A to B, safely, in a timely manner etc.
Create a Marketing Mix (4ps):
Product... Border Lights, a new menu of "light foods"
Price..... Value Pricing as with their other menu items
Promotion... Various media and methods, a commercial that appeared during the 1995 Superbowl to announce the arrival.
Distribution... Taco Bell has increased its points of access (where you can by its products) by a factor of 4 over the last couple of years...including gas stations etc.
When did marketing first evolve?
Ø Division of labor.
Ø Specialization. Led to the Exchange of goods etc.
Ø Exchange is key to marketing, without an exchange, there is no need to market.
Importance of the marketing concept.
Ø According to the Customer Service Institute, it costs as much as five times as much to acquire a new customer than it does to service an existing one.
Ø Customers tell twice as many people about a bad experience over a good one.