B A 370 Lecture Notes - Lecture 1: Loyalty Marketing, Product Lifecycle, Consumer Behaviour
Document Summary
Marketing - determining customer needs band satisfying them at a profit. Positioning - in the mind of the consumer, not the shelf. Integrated marketing/imc - when all marketing communications unified with same key message. Price - what the customer pays for product. Paid, earned, and owned: advertising (paid) 2. public relations (earned) 3. Consumer behavior - why we buy what we buy. Social responsibility/cause marketing/ethics - influences positioning and consumer behavior. Product cycle life (plc) - introduction (most money spent), growth, maturity, decline. Loyalty marketing - it costs 5 times as much to get a new customer as it does to keep an old one. Marketing plan - a three-five year strategic outline of goals, strategies, methods, projections. Executive summary - appears first in the mkt plan but it"s written last. Mission statement - not a slogan but a statement of purpose for company. Compettiive analysis - how financially strong are competitors.
