BUS 111W Lecture Notes - Lecture 2: Product Classification, Marketing Mix, Customer Relationship Management

• School: University of Waterloo
• Department: Business (Wilfrid Laurier University)
• Course: BUS 111W
• Professor: Laura Allen

Document Summary

Convincing customer that the product is unique through: Consistent product, pricing, promotion, and distribution/place decisions. All parts of organization must have a clear idea of the unique benefit: value prop and positioning statement acts as a glue to keep decisions consistent and guides the development of marketing strategy. Integrated system of activities : to convince the customers of the product"s positioning; it"s unique benefits relative to the competition: product classification, product life cycle, product adoption curve, product offering (total product concept, branding customer relationships (4as) How does the consumer behave when buying your product: always buy for value prop and benefits. Different customer segments could classify the same product differently: need to identify customer segment as it helps reach customers. What stage is your industry in: creates different dynamic and influences bmc. How does that affect your marketing mix: competition and environment always changing. How will your strategy evolve over time: strategies always need to change depending on stage.