ADM 1300 Lecture Notes - Lecture 18: Costco, Digital Marketing, Consumer Direct

• School: University of Ottawa
• Department: Administration
• Course: ADM 1300
• Professor: Matthew Archibald

Document Summary

Marketing: set of processes for creating, communicating, and delivering value to customers. Convenience: location is close, committed to buy same product (i. e. 2% milk) for a higher price. Shopping: investing time & money to shop around. Unsought: prepared for but not talked about often (i. e. casket: industrial goods: large items not purchased on a regular basis & expected to use for a long time, services (i. e. public transit, cellphone services) (i. e. sofas, tractors) Marketing concept: company-wide consumer focus on promoting long-term success. Begins with the customer (getting them to repurchase: good marketing can get customers to care back & be loyal, stimulate further demand for their product or services. Process of dividing entire market into similar groups. Psychometric: division by values & lifestyles (i. e. hybrid vehicles) Market research: study of what buyers needs and how to meet those needs. Data mining: application of electronic technologies to collect info & target products in the markets.