BU121 Lecture Notes - Lecture 6: Mirror Image, Average Selling Price, Conversion Marketing
Document Summary
Porter"s generic competitive strategies lab manual pg 110-111. An integrated system of activities (#2 key) designed to plan, price promote, and plan/distribute, want satisfying goods and services (#1 key) to present and potential customers . Related to providing a want-satisfying good or service. Used to be sell what you produce . Now it"s produce what you can sell : understand the needs of the customer and know what they want, and then figure out ways to produce it. But the product must not only provide a particular benefit/satisfy a particular want or need, but it must be needed or wanted. It must provide a unique benefit that the competition does not. Group of customers to whom you wish to direct your product toward. A group of customers whose wants and needs have not been met by the competition. Steps to defining a target market: market segmentation (text pg. Where they place existing competition on the map.
