COMM313 Lecture Notes - Lecture 1: Market Segmentation, Product Differentiation
12 Mar 2017
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Document Summary
Assumptions of free market economics: self interest, complete information, many buyers & sellers, absence of externalities. Preindustrial age- chinese invent paper; first paper mill in europe; gutenberg printing press; first newspaper and start of printed ads; franklin begins using art in ads. Golden age of advertising (1946-1970s)- introduction of tv; beginning of market segmentation; positioning. Postindustrial age (1980s+)- environmental awareness; demarketing; megamergers; increasing international trade; bubble burst and 9/11 had huge effect on spending and advertising; imc starts. New vs. existing consumers: cheaper to maintain current customers than to pay to gain new ones.
