MB105 Lecture Notes - Lecture 11: Market Segmentation, Psychographic, Focus Group

• School: WLU
• Department: Business Technology Management
• Course: MB105
• Professor: Josephine Mc Murray

Document Summary

Marketing a set of (cid:271)usi(cid:374)ess pra(cid:272)ti(cid:272)es desig(cid:374)ed to pla(cid:374) for a(cid:374)d positio(cid:374) a(cid:374) orga(cid:374)izatio(cid:374)"s ovidu(cid:272)ts or services in ways that build effective consumer relationships. Product any good, service, or idea available for purchase in a market, as well as any intangible benefits derived from its consumption. Marketing concept changed the focus from finding the right customer for a product to producing the right product for a customer and doing it better than the competition. Customer relationship management (crm) the process of establishing long-term relationships with individual customers to foster loyalty and repeat business. Target market the specific group of consumers, with similar needs and wants, toward which a firm directs the marketing efforts. Marketing mix the (cid:272)o(cid:373)(cid:271)i(cid:374)atio(cid:374) of four fa(cid:272)tors (cid:272)alled the (cid:862)4 ps(cid:863) of (cid:373)arketi(cid:374)g, desig(cid:374)ed to serve the target market: product, price, promotion, and place. Marketing environment in(cid:272)ludes e(cid:374)viro(cid:374)(cid:373)e(cid:374)tal i(cid:374)flue(cid:374)(cid:272)es outside the fir(cid:373)"s (cid:272)o(cid:374)trol that (cid:272)o(cid:374)strai(cid:374) the orga(cid:374)izatio(cid:374)"s a(cid:271)ility to (cid:373)a(cid:374)ipulate its (cid:373)arketi(cid:374)g mix.