ADM 1300 Lecture Notes - Lecture 20: Consumer Futures, Business Analysis, Test Market

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

Document Summary

Markeing: deiniion set of processes for creaing, communicaing and delivering value to customers. Markeing concept- companywide consumer focus on promoing long-term success. Market segmentaion: the process of dividing the enire market into several similar groups. What does markeing deal with: consumer goods. Convenience goods (those goods that we need right away and we aren"t paricular about where this product is purchased- ex. Shopping (the items that we"re willing to ship around for-ex. furniture) Market research: study of what buyers need and how to meet those needs (provide addiional services/products, data mining applicaion of electronic technologies to collect informaion and target products in the market. >screening new ideas (in terms of its alignment with what we want to achieve) >business analysis (cost beneit analysis in terms of costs. >growth stage: sales increase, proits peak then start to decline as new companies enter the market. >maturity: sales coninue to peak then decrease; lots of compeiion.