How should marketers adjust their strategies and tactics?
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Marketers should adjust their strategies for an economic downturn by exploring increased investments, reviewing budget allocations, getting closer to customers to understand their needs, putting forth compelling value propositions, fine tuning their brand positioning, and ensuring the right product offerings. They should seize opportunities while learning more about customer behaviors and needs to provide sufficient value.
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Week 6
Marketers segment consumers into groups based on geographical, demographic, psychographic, and behavioral characteristics to better understand consumer needs. They then evaluate segment sizes, market attractiveness, and their own resources to select target markets. Positioning strategies involve identifying value differences, selecting a competitive advantage, choosing an overall strategy, and developing a positioning statement to communicate the brand's differentiated value proposition to consumers relative to competitors.
Apcon 2019 presentation planning for marketing effectiveness
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Marketing involves anticipating customer needs and satisfying them profitably. It includes identifying target markets and creating value for customers. Marketing management orients a company around different concepts like production, marketing, selling, product, and societal marketing. The production concept focuses on efficiency and availability, while the marketing concept is customer-centered. The selling concept relies on promotion, and the product concept emphasizes quality. The societal marketing concept considers customer, social, and company welfare. Understanding different orientations helps companies meet customer needs, avoid mistakes, uncover opportunities, and implement emerging technologies for higher satisfaction.
Chapter 1 basic ofmarketing
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2. Developing the advertising budget by establishing a baseline, estimating costs based on objectives and design, and revising through testing.
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How should marketers adjust their strategies and tactics?
- 1. How should marketers adjust their strategies and tactics for an economics downturn or recession? Dude I am jobless . where to get a job?
- 2. 1.Explore the possible increasing investments Marketers should consider the potential upside and positive payback of an increased investment that seizes market opportunities
- 3. 2.Review budget allocations Budget reallocations can open up promising new options and provide sufficient revenue benefits
- 4. 3.Get closer to customer3.Get closer to customer A downturn is an opportunity for marketers to learn even more about what consumers thinking ,feelings and doing .
- 5. 4.Put forth the most compelling value proportion The more expensive the item ,the more important this value framing becomes
- 6. 5.Fine tune brand Marketers can review product portfolios and brand architecture to confirm that brands and sub-brands are clearly differentiated
- 7. 7.Product offering Marketers must ensure they have right products to sell to the right place and time
- 8. Sameer Mathur MBASkills.in Indian institute of Management Lucknow Marketing professor 2013- Marketing professor 2009-13 Ph.D and MS(marketing)2003- 2009 Madhusudan Dahal National Institute of Technology surat intern