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Marketing jan 30.docx

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Wilfrid Laurier University
Roopa Reddy

Marketing Purpose of marketing: - Find a need and filling it - Understand the customer – to be able to fill a need - Critical Success Factors o Achieving financial performance – there are always price goals that need to be meet o Meeting customer’s needs – most direct o Providing quality goods and services o Encouraging innovation and creativity o Gaining employment commitment Marketing: - Integrated system of activities designed to plan, price, promote, and distribute, want satisfying goods and services to present and potential customers o Providing a want-satisfying good or service o Used to be sell what you produce “you can have any color as long as it is black – henry ford” o Today production and sales is customer oriented – personal and customized The Marketing Concept - Create customer value in your product – benefit of the product high, relative to what they are paying - Customer satisfaction – negative experiences travel faster than positive ones do - Build Relationships – build loyalty with your customers - Pg. 94-97 - Just because there is a need, doesn’t mean people are gonna buy it --- your product has to be unique, creative benefit – something that sets you apart from your competition (competitive advantage) Target Market - You have to have a specific target market because your product can only satisfy a certain amount of people – the need won’t be the same to everyone - “in trying to appeal to everyone, you appeal to no one” - the approach to their market was not right “low cost, luxury vehicle” - the group whom you wish to sell your product to 1.Market Segmentation (107-110) - Demographic – age (health care), gender (Barbie’s, Razors, hair products, make-up, sports equipment), income, (e.g. private jets, Rolex watches, luxury cars, no-name products) etc. - Geographic – psychically where people live that you are marketing too - Psychographic – personality, lifestyle - Benefits sought – benefits you seek from your product - Volume – how much of the product of service you are servicing 2. Perceptual map – how people perceive competition in the market February 4, 2013 3. Preference Analysis – where would the ideal be - Estimate the size of the se
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