COMM 131 Study Guide - Final Guide: Customer Relationship Management, Market Segmentation, Value Proposition

• School: Queen's University
• Department: Commerce
• Course: COMM 131
• Professor: Jacob Brower

Document Summary

Chapter 1: marketing: creating and capturing customer value. Marketing management: is the art and science of choosing target markets and building profitable relationships with them. Must decide who it will serve by dividing the market into segments (market segmentation) and deciding which segment they like (target marketing) Value proposition values/ benefits customers will get. Customers need the question answered, why should i buy your brand rather than a competitors? . Customers will favour products that are highly available and highly affordable focus on improving efficiency. Consumers will favour products with the most quality, performance and features. Consumers will not buy products unless it undertakes a large-scale selling and promo effort. Depends on knowing the needs and wants of the target market and delivering these satisfactions better than competitors. After getting their marketing strategy, a company develops a marketing program that will deliver the product to the target market. Marketing mix: product, price, place, promo.