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Libitz Class Discussions on Marketing

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Department
Commerce
Course
COMM 103
Professor
Gregory Libitz
Semester
Fall

Description
MARKETING What is it? - The communication link between the marketplace and the organization What is its purpose? - Designs, develops and communicates values TWO FUNDAMENTAL PRINCIPLES 1. Customers buy solutions to problems and needs not just products 2. Why pay more when you can get it for less? - Customers will not pay more if there is something similar for less VALUE PROPOSITION (customer experience) = Service Benefits + Product Benefits + Brand Benefits + Cost Benefits + Emotional Benefits CORE CHALLENGES OF MARKETING Need Identification – Where do opportunities exist? Ansoff Matrix (product opportunity matrix) and McDonald’s Current Product New Product Market Product Penetration Development - Monopoly, - going into coupons Wal-Mart Market Diversification Development -McCafe - healthy -Pret de foods Manger New Market Current Market POSITIONING Developing a unique, credible, sustainable and valued place in the mind of the consumer SEGMENTATION Target markets 1. Sources: o primary (personally developed) o secondary (already existing) 2. Define target market o the level of need o who is willing to pay PRODUCT MARKETING PRICE MIX PROMO PLACE WARRANTY • toll free number of toothpaste SERVICE • "care about your experience" PACKAGING BLENDING • trust in brand • marketing BRANDING • WHY DO PEOPLE BUY IT? CORE • hygiene • teeth whitening TARGET PRICE PRODUCT PLACE PROMOTION SEGMENT MIO Teens (15-25) - -energy -sampling -increased advertisi
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