COMM 131 Lecture Notes - Lecture 2: Frozen Yogurt, Swot Analysis, Kaustinen

• School: Queen's University
• Department: Commerce
• Course: COMM 131
• Professor: Suzanne Rath

Document Summary

Marketing: creating value for customers and managing profitable customer relationships. Two goals of marketing: attract new customers through offering superior perceived value, keep and grow current customers by continually delivering satisfaction. Setting objectives/outcomes: what the firm wants to achieve, detailed and quantifiable, translated from the mission of the organization, objectives should be smart, specific, measurable, assignable/achievable, realistic, timely. Designing a customer-driven marketing strategy: which customers will we serve? (target market, how can we best serve these customers? (value proposition, differentiation and position, tells customers how we will satisfy their needs better that competitors. Dividing a market into distinct groups of buyers with different needs and characteristics. Evaluating each market segment"s attractiveness based on relevant criteria and deciding which one to pursue. Arranging for a product to occupy a clear, distinctive and desirable place in consumers" minds relative to competing products. Providing a clear difference between the value your offering creates vs. your competitors" offering.