Marketing Management
Marketing management spans segmentation, targeting, positioning (STP), the marketing mix, and consumer behavior. Segmentation bases include demographic, geographic, psychographic, and behavioral; a useful segment is measurable, accessible, substantial, differentiable, and actionable. Positioning maps perceived attributes, and a positioning statement names the target, the frame of reference, the point of difference, and the reason to believe.
The mix is product, price, promotion, and place, extended to people, process, and physical evidence for services. Product decisions cover the three levels (core benefit, actual product, augmented product), the product life cycle (introduction, growth, maturity, decline), and the product portfolio. Pricing methods include cost-plus, value-based, penetration, and skimming; know when each fits. Promotion covers advertising, sales promotion, personal selling, public relations, and direct marketing. Distribution distinguishes intensive, selective, and exclusive coverage.
Traps: confusing penetration pricing (low launch price to build share) with skimming (high launch price to capture willingness to pay); mixing market segmentation with product differentiation; and treating the product life cycle as deterministic. Also watch for questions asking which stage shows peak competition and profit pressure, which is maturity.
Worked example: a premium skincare brand launches a new serum at a high price to target early adopters, then lowers it later. This is price skimming, appropriate when demand is inelastic and competitors are slow to enter. Rule of thumb: skimming harvests early adopters; penetration buys volume and discourages entry.
Know brand equity, customer lifetime value, and the difference between needs, wants, and demand.