MKTG 1001 Lecture Notes - Lecture 2: Residence Inn By Marriott, Marketing Mix, Price Ceiling
Document Summary
Definition of marketing-satisfying customer needs while meeting organizational goals. External (macro) environmental factors politics, demographics, natural environment, economic, technology, culture. Substantial: majority fallacy, strategy error which leads to the mistaken belief that the largest segment of a market is the most lucrative. In reality, however, it may be the least profitable one. Differentiable: efforts to make a product or brand stand out as a provider of unique value to customers. Ex: gerber baby food and john deer. Product positioning-how customers perceive your product relative to the competition. Changing a brand"s status in comparison to that of the competing brands according to rmarket demand and customer needs. Creating and delivering value to its customers in its chosen field. Product differentiation (used to differentiate your product from the competitor"s product) Process convenience short low routine extensive bread, eggs shopping longer medium limited selective specialty. 1 in lifetime high extended exclusive unsought clothes, small app. wedding dress lawyer, casket.
