Dividing the market according to buyer groups’ social class, lifestyle or personality characteristics is called psychographic segmentation. For instance, social class has a solid impact on consumer’s preference in cars and clothing.

In pure competition, the products are homogenous, and there are so many buyers and sellers in the market, thus there is no firm becoming large enough to affect prices.

Renewal strategy is developed to demonstrate organizational weaknesses which lead to declines in performances, therefore managers try to reduce costs by for instance restructuring their operations.

One of the tools to develop a situation analysis is called SWOT Analysis. Managers examine the internal environment for Strengths and Weaknesses, and at the external environment for Opportunities and Threats. Strengths are the positive internal factors, while Weaknesses are the negative internal factors. Similarly, Opportunities and threats are positive and negative external factors, respectively.

Overall cost leadership aims to achieve lowest costs to offer lower prices than competitors.

Micromarketing aims to tailor products and marketing programs according to individual’s and local customer groups’ needs and wants. With this strategy companies, seeing the individual in every customer, analyze the specific features in every customer. 

It is clear that the success of marketing depends on the success in implementation. The deffinition of marketing implementation emphasizes the process that turns marketing plans into action assignments and ensures they accomplish the plan’s stated objectives.

Influencing: Advertising messages influence us to try the products. You may find yourself going to a supermarket to purchase a new chocolate or snack food to try it because of its advertisement on television.

According to Homburg and others’ (2000) definition of key account manager, “a key account manager focuses on the special personnel and/ or the performance of special activities directed at an organisation’s most important customers”. If companies develop closer relationships with customers, or adopt customer oriented view, key account management approach is an e ective tool to build closer and pro table relationships with customers.

Strategic planning starts at the corporate level by describing an overall purpose and mission. At business level, strategies answer the following question: “How companies should compete in each of their businesses?”. After deciding on competitive strategies for each business, strategic marketing planning occurs at functional level through business-unit, product and market levels, and promotes company’s overall strategic planning with more comprehensive plans. 

Vision statements of corporations answers the question of “What do we want to become?”, whereas mission statement answers the question of “What is our business?”. Thus, while vision statement specifies a dream, mission statement provides a purpose. Mission and vision statements can be found in annual reports and web-sites of corporations.