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Chapter 10 Notes.docx

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Queen's University
COMM 103
Gregory Libitz

Chapter 10: The Marketing Challenge (Study Notes) Marketing – to design, develop and communicate value to consumers Fundamental Principles of Consumer Behaviour 1. Customers don’t buy products or services; they buy solutions to problems or needs 2. Customers will not pay more for a product if they can get it for less somewhere else Six R’s of Marketing  Right need to pursue, right solution to offer, right value proposition, right methodology for delivery, right price to charge and right communication message Core Challenges of Marketing (targeting is the key) 1. Need identification (understand customer’s needs and desires) 2. Assessment of ability to respond (is our product a solution to customer’s needs) 3. Value proposition creation and positioning 4. Distribution capabilities (ability to reach targeted customers effectively) 5. Price point validation (attractive yet profitable price point) 6. Message development and delivery (ability to attract targeted audience) Properly positioned products + superior marketing efforts = profitability and growth Positioning – ability to develop a unique, credible, sustainable and valued place in the minds of consumers Successful Positioning Objectives  Communicate the solution effectively to the targeted consumers  Understand the market to be served  Understand the customers to be targeted Deliver the solution in a way that is superior to competitors  Segmentation – dividing the market to better understand customer needs, behaviours, etc.  Primary sources – internal research generated, specific to organization’s products  Secondary sources – free information available that can be used to draw conclusions Characteristics of Segments 1. Demographics (age, gender, income) 2. Geographic clustering (location, reach) 2. Psychographics (lifestyle, tastes, trends) 4. Behaviour (buying patterns) The Marketing Process  Marketing research, segmentation, target market, value proposition development, marketing mix development, message rifling and concentration Target Marketing – process of determining which market segments represent strongest clustering of potential customers who are willing to purchase Need Identification – evaluates opportunities which exist for current & potential products  Must put emphasis on new customer acquisition, leve
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