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Marketing - Understanding the Customer.pdf

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COMM 101
Laura Allan

Marketing - Understanding the Customer Thursday, January 24, 2013 6:30 PM What is Marketing …an “integratedsystem of activities designed to plan, price, promote and distribute, want-satisfying goods and services to present and potential customers” - Create perception that product is what they are looking for Key #2 - integrated system of activities Key #1 - want-satisfying goods and services - Related to providing a want-satisfying good or service - Used to be “sell what you produce” - Now it’s “produce what you can sell” - Production – Sales – Customer Orientation The Marketing Concept ○ Create customer value ○ Deliver customer satisfaction ○ Build relationships ○ BUT the product must not only provide a particular benefit/satisfy a particular want or need, but it must be needed or wanted…  People want Cola, but they are getting it. Need to achieve want it and need it and not finding it ○ it must provide a unique benefit that the competition does not Key Chapter Concepts Target Market ○ the group of customers to whom you wish to direct your product toward Understanding the Customer  Want the product but don't have it • Marketing concept ○ a group of customers whose wants and needs have not been met by the competition ○ Steps to defining a Target Market: • Customer value and customer satisfaction  Market Segmentation - on the base of them having something in common • Relationship marketing and customer relationship management • Target market □ Bases for Segmentation: ◊ state-of-being • Competitive advantage – 3 types  geographic – region, pop’n size, pop’n density, climate ○ Porter’s Generic Competitive Strategies ○ lab manual pg 97  demographic – age, gender, lifecycle, income, occupat’n, educat’n, religion, social class, etc. ○ Value proposition - what are you providing that is different from others  customer type – business, consumer- handled differently ○ Business Model Canvas • Marketing mix – 4Ps ◊ state-of-mind  psychographic (personality and lifestyle- AIO) - attitudes, interest, • Not-for-profit marketing - 2 different ways opinion • Consumer decision-making process ○ Influences on decision-making ◊ product usage - behaviour (how they use product  volume – usage rate, user status, readiness to buy • Consumer buying decisions vs B2B markets – 20% customers use 80% of product • Market segmentation – 5 types • (Market research) - crucial to project, but not tested  sensitivity to market factors, occasions  loyalty • Trends in marketing - where marketing is heading towards ◊ benefits sought - most important  Looking for group of people who want something that benefits them, Critical Success Factors (All connected - domino effect) but can't find the product  Group people different needs. Design products to meet needs. • Achieving financial performance • Meeting customer needs
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