BU121 Lecture Notes - Lecture 7: Business Model Canvas, Market Segmentation, Customer Relationship Management

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2 Feb 2016
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BU121 – Lecture #7: Marketing – Understanding the Customer
Learning Objectives
understand how marketing decisions affect the other functional areas and the critical
success factors
understand the key chapter concepts and how they relate to what is being emphasized
in lectures
understand the 2 keys to successful marketing
understand the importance of your target market and how to apply the steps to
determine it
understand what it means to position your product and how to do it
understand the importance of understanding your customer, and how to gain that
understanding
Key Chapter Concepts – The Customer Focus
marketing concept
ocore value proposition and building relationships (Business Model Canvas)
understanding the external environment
oBU111 and business model context
target market
ocustomer segments
competitive advantage (three types)
oPorter’s Generic Competitive Strategies
lab manual “Case Analysis Tips and Tools” reading
not-for-profit marketing
osocial ventures
buyer behaviour
oconsumer decision-making process
oinfluences on decision-making
consumer buying decisions vs B2B markets
market segmentation (five types)
market research (not tested, but critical for project)
future of marketing (trends)
Critical Success Factors
achieving financial performance
meeting customer needs
providing quality goods and services
encouraging innovation and creativity
gaining employee commitment
creating a distinct competitive advantage
What is Marketing
it is an “integrated system of activities designed to plan, price, promote and distribute,
want-satisfying goods and services to present and potential customers”
there are two keys to doing this successfully…
Keys to Success
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