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Marketing Management - ALL Class Notes

2 Pages

Management Core
Course Code
MGCR 352
Emine Sarigollu

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1997: no advertisement regulations
Now, advertisement regulations dictate that the use of a drug can not be advertised
Impact of marketing in building a brand / creating a demand
Profit can be monetary, but also evaluated in the number of members involved
There may be multiple goods or services that can satisfy a specific need. Marketer needs to
identify what the better option is
Needs exist before Marketing
Marketers can make people find needs they didnʼt know they had
Commoditization of products
Creation of value important for businesses to survive
Customer want benefits
If you buy a wrist watch, what benefits are you looking for?
"Basic Watch -> Utility / Tells time [Timex]
"Stylish Watch -> Fashion Statement; Additional benefit [Swatch]
"Expensive Watch -> Status; Additional benefit [Rolex, Tag Heuer]
"Special Features Watch -> Need For Extra Precision e.g. Different Time Zones, Durability
"""""[Citizen]""" Waterproof, etc.
Thus, there are different types of customers, all of which need to be catered to. A company can
choose one specific segment of population, or try to accommodate all.
Rolex & Tag Heuer are targeting the same status-seeking population. However, Rolex is more
formal/older, while Tag Heuer targets the rather younger/sporty crowd. This can be observed by
the advertisements e.g. Tiger Woods, athlete, for Tag Heuer.
Both companies can however also target the Special Feature seeking segment, however the Basic
Watch seekers will not be catered to by those two specific companies, as it lies too far out of its
production area.
However, the less segments targeted by a company, the more exclusive they become.

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1997 no advertisement regulationsNow advertisement regulations dictate that the use of a drug can not be advertisedImpact of marketing in building a brandcreating a demandProt can be monetary but also evaluated in the number of members involvedThere may be multiple goods or services that can satisfy a specic need Marketer needs to identify what the better option isNeeds exist before MarketingMarketers can make people nd needs they didnt know they hadCommoditization of productsCreation of value important for businesses to surviveLECTURE 3Customer want benetsIf you buy a wrist watch what benets are you looking forBasic WatchUtilityTells time TimexStylish WatchFashion Statement Additional benet SwatchExpensive WatchStatus Additional benet Rolex Tag HeuerSpecial F
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