COMM 103 Chapter Notes - Chapter 11: Rifling, Social Media Marketing, Master Sergeant

• School: Queen's University
• Department: Commerce
• Course: COMM 103
• Professor: Gary Bisonnette

Document Summary

The power of brands: companies spend millions on creating brand image, brand which carries emotional ties & strong intrinsic value into a value prop. Identify cost structure components of product/service: 2. Research and identify cost structures of major competitors: 3. Analyze price elasticity of target market (understand price range which consumers will conclude as acceptable for the product/service offered); define consumer price threshold (minimum price point customers willing to pay: 4. & customer buying trends exhibiting non-traditional behaviours, addition of variety of purchase opportunity options is necessary to maintain customer interest and loyalty: ex. Pop-up stores temporary storefronts, stocked with selected merchandise, designed to appeal to university-age demographic: ex. catalogues, ex. online shopping, multi-channel distribution strategy number of different channel connections through which customers can purchase a product/service. Distribute product/service through as many locations/channel outlets as is possible. Maximizes market penetration & offers tremendous potential for achieving significant scale.