BU121 Lecture 6: 6. Understanding the Customer.docx
Document Summary
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 , 2 keys to doing this successfully . Related to providing a want-satisfying good or service. Must provide something the customer wants or needs. But the key is that it is needed or wanted you must provide a unique benefit that the competition does not provide. So you need to determine your target market the group(s) of customers/customer segments to whom you wish to direct a group of customers whose wants and needs have not been met your product toward sufficiently by the competition. Steps to defining a target market: market segmentation (bmpb, perceptual mapping, preference analysis. Draw axes that represent the relevant dimensions/criteria by which people. Locate the positions of competing products on the axes/dimensions perceive and evaluate different product offerings according to customer perceptions perceptual mapping.
