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Lecture 21

ADM1300 Lecture : Lecture 21-ADM1300
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Department
Administration
Course
ADM1300
Professor
David Delcorde
Semester
Fall

Description
Marketing Lecture 21 - ADM1300 Marketing: a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas Exchange - At the heart of all business is exchange – the act of giving up one thing in exchange for something else - Buyers and sellers must be able to communicate about the “something of value” Utility - Place utility - Products available where the buyer wishes to buy it - Time utility - Products available when the buyer wishes to buy it - Ownership utility - Transferring ownership of the product to the buyer - Form utility - Transforming raw materials or inputs into a form the buyer wants Marketing Strategy - Plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers - Two key ingredients - Target market - Marketing mix Market Segmentation - Demographic - Age, sex, race, ethnicity - Geographic - Climate, terrain, natural resources - Psychographic - Personality characteristics, motives, lifestyles - Behaviouristic - Consumer’s behaviour toward the product - Total Market Approach - Firms try to appeal to everyone and assume that all buyers have similar wants and needs - Sugar, flour, salt, heating oil Market Segmentation - Dividing the total market into groups of people who have relatively similar needs and wants Concentration Approach - Developing one marketing strategy for a single market segment - Jaguar, Lotus, Rolex Multi-Segment Approach - Aiming marketing efforts at more than one segment in a similar product market and developing a marketing strategy for each - Bicycles: racers, commuters, children Classifications of Consumer Products Convenience Products- Bought frequently, immediate consumption Shopping Products- Purchased after buyer has compared competitive products Specialty Products- Products that the buyer searches for and makes special effort to obtain The Life Cycle of a Product - Introduction - Growth - Maturity - Decline Breakeven Point (ON EXAM) - Where revenue covers fixed costs and variable costs -
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