BU121 Lecture Notes - Lecture 7: Perceptual Mapping, Toothpaste, Psychographic
Document Summary
Understand how marketing decisions affect other functional areas and the critical success factors. Core value proposition and building relationships o. Integrated system of activities - designed to plan, price, promote and distribute, want-satisfying goods and services to present and potential customers. Related to providing a want satisfying good or service. Must provide something the customer wants or needs. Can"t do anything else until you stop and know your customer. The key is that it is needed or wanted: need to determine your target market - figure out how you narrow down to the ideal customer segment. Group of customers whose wants and needs have not been met sufficiently by the competition. Market segmentation (80-83: divide them into groups of customers based on something they have in common. Psychographic - attitudes, interests, opinions, personality & lifestyle. Volume - usage rate, user status, readiness to buy. Group them according to what they want o o.
