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Lecture

Marketing (understanding the customer).doc

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Department
Business
Course
BU121
Professor
Roopa Reddy
Semester
Winter

Description
Marketing (Understanding the Customer) Wednesday, January 30, 2013 1:00 PM What is Marketing? • "an integrated system of activities designed to plan, price, promote, and distribute, want-satisfying goods and services to present and potential customers" (the two keys to success) 1.Want satisfying goods and services • Used to be "sell what you produce", now its "produce what you can sell" • Produce (before) - > sales -> customer orientation (now) • Product must not only provide particular benefit/satisfy particular want/need, but must be needed or wanted • Must provide a unique benefit that competition does not The Marketing Concept (pg 94-97) • Create customer value • Ratio of benefits to the sacrifice necessary to obtain those benefits Customer determines value of both benefits and • sacrificies (price isn't only thing that matters) • Businesses that provide customer value believe many customers will pay premium for superior customer service • Deliver customer satisfaction • Customer's feeling that produce/service has met or exceeded expectations • Build relationships • Relationship marketing: strategy that focuses on forging long-term partnerships with customers • Companies build relationships with custoemrs by offering value, providing customer satisfaction -> repeat sales & referrals -> increase in sales, market share, profits • Less expensive to serve existing customers • Customers relationship management: process an organization uses to track, organize info about current and prospective customers • Ex. loyalty programs Target Market • Group of customers to whom you wish to direct your product toward • Group of customers whose wants/needs have not been met by competition • Steps to define a target market: • Market Segmentation (pg 107-110) • Perceptual mapping • Preference Analysis Market Segmentation • State of being: • Demographic (age, gender, income, etc.), geographic, customer type (business, consumer) • State of mind: • Psychographic • Product usage - behaviour • Volume (usage rate, user status, readiness to buy), sensitivity
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