BU121 Lecture Notes - Lecture 2: Niche Market, Internal Communications
Document Summary
Human resource; people who carry out the marketing, provides and trains the talent operations; the product, where you place and price you product is operational decision finance; price impacts your revenue stream, marketing is a cost. An integrated system of activities designed to plan, price, promote and distribute, want- satisfying goods and services to present and potential customers: to create a sustainable business, need to build customer loyalty (need 4p/a"s) Need to find a niche market as an entrepreneur as you cannot compete with incumbents. 2 success keys: provide a unique benefit, convince the customer through consistency. Understanding the customer: why it is important - key #1: can only be done successfully by understanding the customer and competitors related to providing a want-satisfying good or service. Must provide something the customer wants or need; you solution must fit their problem (problem- solution fit)