Class Notes (836,153)
Canada (509,662)
Commerce  (89)
COMM 101 (39)
Lecture

Marketing - Understanding the Customer.pdf

2 Pages
93 Views
Unlock Document

Department
Commerce 
Course
COMM 101
Professor
Laura Allan
Semester
Winter

Description
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
More Less

Related notes for COMM 101

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit