BSM 100 Lecture Notes - Lecture 8: Customer Relationship Management, Psychographic, Marketing Mix

• School: Ryerson University
• Department: Business Essentials
• Course: BSM 100
• Professor: Ranjita Singh

Document Summary

Porter"s five forces model of competition substitutes (user needs) suppliers competition customers. ***must analyze all factors and decide if the industry is attractive or not*** Strategic differentiation: creating a message that will show the consumer that you are separate from your competition (you are better) Marketing: the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large (creating customer satisfaction) To gain long term profitability by delivering unmatched value. Form utility: change in the form (converting input into a finished product) Time utility: satisfies wants by providing goods and services at the convenience of customers. Ownership utility: satisfies wants by transferring ownership of goods and services from buyer to seller. Place utility: satisfies wants by providing goods and services at a convenient place for customer. The scope of marketing (not just goods and services) Place marketing: drawing people to a particular place.