COMM 103 Chapter Notes - Chapter 10: Market Segmentation, Target Market, Psychographic

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

Document Summary

Encompasses assessing market dynamics, identifying needs and solutions and determining what price to charge. Ensuring that customers have access to products. Create awareness and preference for the products and/or services offered. Principle # 1: customers don"t buy products or services they buy solutions to. The purpose of marketing is to design, develop and communicate value. Principle # 2: customers will not pay more for a product if they can get a similar problems or needs product for less. Marketing is fundamentally responsible for connecting customers to the products and services offered by an organization. And reinforcing the needs and desires which are being satisfied. To be successful; in the execution of its overall strategy, an organization must be successful at both the product strategy level and the business strategy level. Position is all about developing a unique, credible, sustainable and valued place in the minds of our customers. Market position is built around product and/or services.