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Lecture 5

COMM 231 (Dr.Ashworth) Week 5 notes.docx

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Queen's University
COMM 231

COMM 231: Intro to Marketing – Dr. Ashworth Week Five: • Reason based-decision: if a customer is on the fence about purchasing, guve them a positive reason to do it! (example: discount) - Increase in sales needs to offset the amount of the discount - Will people get upset if you offer the same product at different prices? - Competition hinders this tactic • Free gifts are crappy, therefore decreasing the value of the offer • Targeting + positioning = closely related to branding • Which segment to target? Choose the most profitable segment(s) and that fit with the firms long term objectives • Evaluting segments: revenue - Size: how many people/growth rate/ usage rate - Conpetition: how much/how good/response of competition/ first movers vs. late entrant - WTP: importance of need/price of competition/ price sensitivity/ buyer power • Evaluating Segments: Costs - Costs associated with developing the 4 P’s - Price should not be based on costs, but on the buyer’s WTP - Taste-based segmentation, just a guessing game • Positioning is a good way to make sure the firm is on track • Whatever comes to mind first about a product is its position
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