COMM 223 Study Guide - Final Guide: Value Proposition, Voice Of The Customer, Value-Based Pricing

• School: Concordia University
• Department: Commerce
• Course: COMM 223
• Professor: Brent Pearce

Document Summary

Part 1: defining marketing and the marketing process. Chap 1; marketing: creating and capturing customer value. Understanding the marketplace and customer needs: 5 core concepts: needs, wants, and demands, market offerings, value and satisfaction, exchanges and relationships, markets. Designing a customer-driven marketing strategy: market management, calculated strategy for clear objectives, gain and increase customer base (target marketing/relationships) Value proposition, promised benefits, differentiate: market targeting, target market. Analyzes firm"s current situation and transforms the marketing strategy into action. Deals with all aspects of acquiring, keeping, and increasing customers strategies (e. g. , earn loyalty) supported with tactics (e. g. , reward programs) Advancing digitized communication online, mobile, social media: uncertain economic environment. Chap 2; company and marketing strategy: partnering to build customer relationships. Stars: strategy: build into cash cow via investment. Cash cows: strategies: maintain or harvest for cash to build stars. Question marks: strategies: build into stars via investment or reallocate funding and let slip into dog status.