MKT 100 Lecture Notes - Lecture 2: Virgin Group, Video Lesson, Marketing Mix

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Taylor Blackwood

Document Summary

Two axis: products and services, markets. Target is current customers and competitor"s customers. Company wants current customers to use its services, but also for customers from competitors to switch to their products. Want market to use more of their product. All successful companies are implementing market penetration (more use for the product) Focusing on current customers is easier than finding new customers, because they are already familiar with their product. Rogers giving you an extra deal; super plan for a limited time, they hope you will continue it and you will spend more money. Companies do not just have to do one of these strategies; can implement multiple startegies and market penetration is almost always used. Sell a product that already exists to a market other than current customers, that is a brand new market. Little bit risky because new market, same product. Requires changes to marketing mix; distribution channels, promotion etc.