BUS 1201 Lecture Notes - Lecture 12: Test Market, Psychographic, Market Segmentation
Document Summary
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offers that have value for customers, clients, partners and society at large. Value is a (cid:272)usto(cid:373)er"s per(cid:272)eptio(cid:374) that a (cid:272)ertai(cid:374) produ(cid:272)t offers a (cid:271)etter relatio(cid:374)ship (cid:271)et(cid:449)ee(cid:374) costs a(cid:374)d (cid:271)e(cid:374)efits tha(cid:374) (cid:272)o(cid:373)petitor"s produ(cid:272)ts do. Production era-produce as many goods as possible because demand was unlimited. Selling era-emphasized high-powered sales techniques to sell products. Marketing concept era-focuses on customer satisfaction, service and profits. Customer relationship era-crm emphasizes finding out everything possible about customers and using that information to satisfy or exceed expectations in order to build long-term customer loyalty. Products, product lines and product mixes (make sure you can give examples of each) A produ(cid:272)t is a good or ser(cid:448)i(cid:272)e that (cid:272)a(cid:374) satisfy a (cid:272)usto(cid:373)er"s (cid:374)eeds. A product line is a collection of products designed for a similar market or that are physically similar.
