COMM 103 Lecture Notes - Competitor Analysis, Marketing Mix, Price Point
Marketing to design, develop and communicate value to consumers. Fundamental principles of consumer behaviour: customers don"t buy products or services; they buy solutions to problems or needs, customers will not pay more for a product if they can get it for less somewhere else. Right need to pursue, right solution to offer, right value proposition, right methodology for delivery, right price to charge and right communication message. 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. Communicate the solution effectively to the targeted consumers. 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: demographics (age, gender, income) 2.